Elon Musk & Twitter · Japan & Web3 · Coinbase Doc · Meme of The Day

GM (gorgeous morning), everyone. It's BitDegree Newsletter o'clock. Let's get down to business.

Here's what's up:

• ⚡️Elon Musk's Twitter U-Turn
• ⚡️Japan's Web3 Ambitions
• ⚡️Coinbase Documentary
• ⚡️Ray Dalio Steps Down
• ⚡️Selected Meme of The Day

Elon Musk & Twitter

So the news broke out: Elon Musk, the Mars-loving futurist, and the epicenter of never-ending scandals, has changed his mind over acquiring Twitter.

Such a sudden U-turn comes unexpectedly, since the decision not to buy Twitter was communicater earlier this year.

Tesla CEO will be paying $44 billion ($54.20 a share). The news affected the stock market, as company's stock price jumped more than 12%. Degecoin (sorry Dogecoin) saw a pump as well with its price increasing around 6% in the last 24 hours.

What is Elon up to?

108 million Twitter users who follow Elon Musk opened up the app to see the following tweet:

'Buying Twitter is an accelerant to creating X, the everything app.'

'X' seems to be the next big word of the industry. 'The everything app', as Elon put it. Quite obviously, the first step towards this everything app is to solve the perpetual, and constantly evolving problem of spam bots. And, so it happens, that crypto spam bots are among the worst ones:

'Crypto bots are the worst. Fake Vitaliks are all around me', tweeted Lex Fridman, the suit-loving podcaster. Not surprisingly, he greeted the news about Elon Musk's Twitter buyout positively. Michael Saylor, the champion of Bitcoin Whale olympics, echoed the sentiment.

Japan Focuses on Web3

Fumio Kishida, the Prime Minister of Japan, announced (yeah, it's in Japanese...) that the country is serious about investing in digital transformation. Particular focus on NFTs and metaverse services.

Here's an excerpt from the speech:

'[The government will] promote efforts to expand the use of Web3 services that utilize the metaverse and NFTs'.

Such announcements correspond with the Japan government's ruling Liberal Democratic Party's efforts to mitigate the country's digital transformation. For example, they've released a document titled 'NFT White Paper' (it's not in Japanese). In it, such statements can be found as 'Web 3.0, the new frontier of the digital economy', or ' NFTs as a catalyst in the Web 3.0 era'.

Keep in mind, this is not coming from an overzealous anonymous crypto shiller from Twitter. This is the ruling party of Japan's government.

Coinbase Documentary

Brian Armstrong, the Coinbase CEO, posted a 'big announcement':

'...we've been working with director Greg Kohs on a documentary about cryptocurrency and Coinbase over the last three years, and it will be coming out this Friday on Amazon Prime/iTunes/YouTube etc.'

It's titled 'COIN'. And despite being a 1 hour 28 minutes brand awareness campaign for Coinbase, this thing may serve a broader, and important purpose. With people like Vitalik Buterin, Michael Saylor appearing in it, you can see that it aims to capture a screenshot of how the entire industry feels like.

The trailer reveals that it's a story about Brian Armstrong and his hero's journey. But apart from that - it's a story about understanding crypto and learning how to communicate it to the public.

The documentary itself becomes an explanation (or an invitation) for the general audience into the crypto maze, to understand how things work and what these things are. So if you're interested - October 7 is when it's gonna be out.

Ray Dalio Leaves His Position

The world's largest hedge fund - Bridgewater Associates, has been led by Ray Dalio since it was founded 47 years ago. Today the news broke out about the founder, Ray Dalio, stepping down from the company's leadership position.

It's not a resignation. Dalio will no longer be one of the company's co-chief investment officers, but he remains as a chief investment officer mentor and Operating Board member.

Why is this important for crypto?

Ray Dalio is one of the most influential names in the world of investing and financial markets. Therefore what he does, thinks, and says can make a difference. And Dalio is someone who went from a crypto skeptic to a crypto sympathizer.

And as someone with a net worth of over $19 billion, he knows what's good for money, and what money is.

Selected Meme of The Day