🔥WRAPPED DOGECOIN DEFI BOOM & GOOGLE CLOUD SOLANA (CRYPTO NEWS)
If youre new here, please hit that subscribe Button, as well as the thumbs up button and leave a comment below if youre listening on a podcast platform such as Apple, Spotify or Google. Please leave a five star rating. This content is brought to you by uphold, which is a great platform that makes it easy to buy, sell trade and earn cryptocurrencies Ive been using uphold since 2017., its a really great exchange. They have 10 plus million users, 200 plus cryptocurrencies and theyre available in 150 countries. So if youd like to learn more, please visit the link in the description. Alright, my friends lets start off with a great tweet by Mike Alfred. Many of you know him within the crypto industry and on Twitter. He tweeted out. Carvana is down 96.3 percent year to date. Talking about the stock. Of course, Redfin is down 89.6 year. To date, opened door is down 86 percent year. To date, Facebook is down 73.2 percent year to date. Bitcoin is down 53.9 year today, the SEC will let you own all these stocks, but still wont. Let you own an ETF that holds Bitcoin spot on spot on here by Mike and its what weve been talking about. The Gary gunzer in the SEC are trying to slow, crypto down as much as possible, so the incumbents can catch up and they hate it. That uh, you know these crypto startups have front, run them uh, the retail has front, run them uh since well, I should say for the first time in history because we can hold the tokens and the regulatory Clarity is not there for these institutions to hold the Tokens so genser, unfortunately working for the incumbents and thats why he has not approved the bitcoins body TF its pretty clear as day, because one of you know one of the weird uh or or arbitrary uh excuses he gives.
Is that uh? Oh, the you know the volatility and this and that, but look stocks have volatility. Even the the currency is the dollar the Euro and so forth have had major volatility so its not. That volatility exists in markets um. So this is spot on. I think – and I certainly wanted to share here with you guys – and you know, speaking of uh campaign donations and pay to play here. We got a report today by the Wall Street Journal. The title is: crypto firms executive, Step Up campaign donations, lobbying head of midterms industry seeks to gain influence in Washington as Regulators increase scrutiny of digital assets, so the tldr here many crypto companies started donating more to campaigns uh lobbying more because the incumbents are spending a Lot more and theyre lobbying to try to slow down crypto, so these firms Im glad to see that there they have increased their donations and their spending. So the Washington excuse me. The Wall Street Journal here wants me to pay to read the entire article but Ill. Give you the snippet of what I can see here. The cryptocurrency industry has significantly increased its political spending ahead of the midterm elections, betting, that a friendlier Congress will help she field it from regulatory Crackdown. Crypto firms and their employees have poured for 73 million dollars into the 2022 elections up from 13 million in 2020 in the 2020 cycle. According to a research group, open Secrets which tracks political donations, the industry also spent 15 million dollars on lobbying in the first nine months of this year, more than in the previous eight years, combined so great news, unfortunately, its pay to play so you got ta.
You got ta Lobby, these uh politicians and so forth and unfortunately, as I said, you know with the initial news here from Mike Alfred. The SEC is part of that right. Gary gentzer hes hes being paid to play as well to to do the bidding of the incumbents now lets move ahead here guys. We got some interesting Dogecoin news, so bitco joins Dogecoin frenzy as the crypto custody firm rolls out a wrapped version. The amount announcement comes as Doge surged, 102 percent in October, so many of you may recognize bitco Mike belshy found bitco Ive interviewed him. Hes part of the Netscape gang under um uh, Mark Andreessen and all the guys Im back in the Netscape days and uh bitco is a big crypto custodian. They service, mostly institutional investors, so I was actually surprised by this news. I did not expect they would do this for a meme coin right, so bitco will be introducing wrapped Dogecoin or W Doge to the ethereum blockchain. Through a partnership with W Doge Dao, the crypto custody firm said Wednesday. Rapping Dogecoin will mean that holders will be able to use their wrapped Doge tokens for decentralized applications in the ethereum ecosystem. All wrapped doge is backed by a doge token at a one to one ratio. In addition, bitco will provide hot wallets, qualified custodian and self managed custody for both Doge and wrap those by the end of the month. Here we got a quote from bitco.
Vice president uh Nuri Chang. He said that uh holders, both large and small, are some of the most active in the crypto Community. The rap Doge bridges in excuse me. The rap Doge Bridge enables that activity to spread to ethereum and the decentralized finance ecosystem. So Dogecoin, of course, is up significantly. Uh since Elon bought Twitter because hes a big time, Doge uh Bull and he has talked about making Doge the currency of Mars and uh hes often tweeted about it. We know he holds Doge on his on his uh in his portfolio. So doge is up. 102 percent uh in October saw a pretty nice pump right, um now a couple things. Many of you who have been long term, listeners and viewers of the channel and the podcast know that Im not a big fan of meme coins um, I believe, theyre very risky um. I Ive said that you know I played around with it. You know kind of like going to the casino and throwing it all on black, but thats, not my long term bag right, my long term holes, my long term holes include Bitcoin, xrp, ethereum, algorand chain, link, cardano and so forth. Right where I have a lot of funds behind those bought, the bottoms took profits last year as well, and I have more of them holding long term and Im not planning to touch that. But am I you know, do I have some Dogecoin? Yes, but not a lot, I havent put a lot of money in there and once again, its more of Im going to the casino Im going to do a bit of gambling right Im Gon na Catch, these speculative run ups for Dogecoin and thats.
How I treat it, you may have a different strategy. That is totally fine. I am not a hater of Dogecoin or meme coins. I just feel theyre very risky right and you can make money off of it, but its very risky as well um. So you know this is really good news, though, for Dogecoin, because its creating more use cases more liquidity in the system for Dogecoin, and that could mean good things for the price and you have a big custodian, thats backing it right, bitco. So good news. I think if you hold Dogecoin once again, I hold some but Im more of a swing Trader with Dogecoin versus a long term, holder now heres some more Dogecoin news, though, because Twitter uh we had. We got some updated news this past week, right after the news about bitco that is, Twitter reportedly halts work on the crypto wallet that they were planning. This drove the price of Dogecoin down 10, so it kind of took some uh era, the the bubble here uh for Doge, because uh folks were thinking. Oh, you know, Twitters going to launch crypto wallet service. Maybe the first thing will be Dogecoin or Bitcoin, or those will be number two right, but you know it is what it is. But this is the problem with mean coins is very much about the speculative aspect. Dont get me wrong, Bitcoin and other crypto, those that have you know a lot more use cases also ride the speculative wave but theres more utility behind it more real world utility.
So it seems uh its being reported that a recently revealed plan to build a crypto wallet for Twitter appears to be on pause. That doesnt mean its dead right now. Elon is trying to restructure the whole company. So you, as you can imagine, hes been laying off. Like a 50 percent of the staff uh and the people that work there, the developers and so forth, so now is not the time to work on a crypto wallet. I think once he restructures gets the revenue model in place with you know the eight dollars for uh, the the blue check, mark and so forth, and all that stuff is sorted out. I think thats, when theyre gon na go back to building an integrating um. You know these crypto features so once again, this doesnt really mean nothing anything in the short term long term. I think theyre still on track so um once again Dogecoin it seems like it will move with everything. Elon does and Twitter so uh you may want to ride those speculative waves, so buy the rumors sell the news type of thing right guys. All right lets move ahead today, wow this is so interesting. Google cloud and – and you know, obviously, Google at large is doing some big things with crypto. If you all recalled you know, we reported it on them. Launching the blockchain node engine, which is a fully managed node hosting for web3 development uh. So Google is going to integrate ethereum per their blog post as the first blockchain.
However, today they tweeted that and they tweeted at um uh the co founder of Solano labs. They said hey and they tagged him and they said. Should we tell our followers? The big news – and they elaborated here saying now that we got your attention check this out. Google cloud is running a block producing Solana, validator to participate and and validate the network. Uh, did you think excuse me: do you think we only had one announcement think again, Google cloud is working with Solana to bring blockchain node engine to Solana chain next year and it will be easy for anyone to launch a dedicated Salon, a node in the cloud They said but wait, there is more. Google cloud is indexing Solana, data and bringing it to bigquery next year to make it easier for the Solana developer ecosystem to access historical data. Last but not least, a reminder that Google Cloud will soon begin accepting crypto payments via Commerce CB, which is coinbase Commerce, so youll have more optionality for or of payments for Google cloud services guys. You know Ive talked about Solana and the downtime and how I hate it and Im not taking a big bet on it, but this news this news has me changing my mind: Im turning bullish on Solana heres. Why? Because you have one of the largest tech companies, massive resources, a lot of influence, right, big teams, a lot of developers who can come in and help fix a lot of problems with Solana, so Im making official.
I – and this is not Financial advice, but Im just letting you guys know I I share. You know my movements and what Im doing I will be buying the Solana dip, because this is a massive partnership and Googles. Gon na looks like its gon na help them to fix a lot of their problems, so uh very bullish, in my opinion, for Solana and even ethereum, because once again ethereum they mentioned as the first blockchain theyre going to use for this new product and once again Its Google, it is Google theyve, got the network. Theyve got the money. Theyve got the power to influence the brand, so Im jumping on this train. I dont know how you guys feel about it, but Im jumping on this train. This is great news. In my opinion. All right lets move ahead: uh coindesk covered what Ripple is doing with nfts on The xrp Ledger. Here is uh the headline nfts get a new place to live with ripple, aiming for Mass adoption. Xrpl from Ripple Labs. Uh now supports nfts. The company wants to accelerate the mass adoption of tokenization or represent representing real world assets on the blockchain. Some folks have been talking about how coindesk is now covering Ripple in a positive light uh, which is a you know, good to see. So obviously we covered this news that you know nfts are being launched on The xrp Ledger. I think this is really really big and uh.
Nfts are here to stay its the future uh for those of you who are turned off by the artwork, its more than that its going to go beyond the artwork wait till we have Dynamic nfts, which I believe will be nfts 2.0, which will be programmable nfts. They can do different things and update automatically based on changes on X due to external factors, so Im excited for the future of nfts. I know some of you see the board apes and all that youre like what the hell is this right, and that was my initial thing too, but I think whats going to be important is the utility. So many of you know I Im launching an nft collection, but not just because I want to share some artwork. That is not what it is. These nfts will give uh the the holders exclusive benefits and perks for my podcast, and that is going to be revealed. Um uh and uh in the coming weeks Ill be launching and you guys will see. Oh, so, if I get this nft here are the things I can do here are the options I have and and thats the point build utility and we saw uh Starbucks recently made an announcement theyre doing the same thing, theyre launching an nft collection on the polygon, Uh blockchain and its going to allow people to get access to exclusive things, uh, perks, benefits and so forth. So um and my nfts by the way, will be minted on The xrp Ledger.
So Im excited to do that. Im really really excited to just get these minted and uh. You know just go through that process and have it under my belt that I minted nfts and I I have a collection and the holders will benefit from that uh from holding um. Finally Flair. We know the distribution event has started not directly to the holders, but through the exchanges. However, they said that you know the timeline for a release from the exchanges is going to be till January, but they broke down the tokenomics, so they said the total flare tokens at token uh distribution event is a hundred billion tokens. Part of the community allocation will be 58.3 billion, the team advisors and backers will be 19.2 billion, flare entities responsible for ecosystem and project investment will be 22.5 billion, so um. I cant wait to get my my flare tokens. You know its gon na its free tokens. I know its been delayed and pushed back and and all that, but you know uh its its gon na happen, guys its gon na happen its getting there weve made a lot of progress. The blockchain is now decentralized, so things things are moving along anyway, guys thats. The news, let me know what you think you know – are you in agreement with me here on Dogecoin? What do you think about the Solana news and me turning more bullish on Solana, given the partnership um, I I this.
You know obviously not Financial advice, but I would love to hear what you guys think and what youre looking at doing. Given the you know this update here, I will talk to you all later Music.