📔 Weekly Journal: Stablecoin win ⚖️🪙🥇
[8 min read] Your guide to getting ahead on the digital frontier (& the weekend!). Today, the usual market news & treats as news on the trojan horse of crypto mainstream adoption....stablecoins
Welcome to this week’s Weekly Journal 📔, your guide to the latest news & innovation in emerging technology, digital assets, and our exciting path to the Metaverse. This is week 39 of the 520 weeks of newsletters I have committed to, a decade of documenting our physical and digital lives converge.
New subscribers are encouraged to check out the history & purpose of this newsletter as well as the archive.
Enjoy your weekend! 😎
Ryan
Here’s what you’re getting today:
📈 Market update: Some reasons by Bitcoin might be struggling to stay above $30k
🗞️ Interesting news: Stablecoin news from Paypal, NFT enabled clothing patches,
👓 Read of the week: The latest McKinsey Global Survey highlighting the rapid rise of generative AI tools
🎥 Video of the week: Using virtual reality (VR) to alleviate chronic pain in people who have suffered spinal cord injuries.
🤖 This week’s AI showcase: The AI system detecting mechanical problems such as wear and misalignment in more than 1,000 manufacturing plants across industries like automotive, oil, and food.
✅ Weekly poll: Help choose the emerging tech topic for Wednesday’s showcase.
🤑 DCA with me: Follow my regular $50 weekly investing in an emerging asset class.
Market Update
Bitcoin Rallies Keep Getting Quickly Sold — What's Up? Bitcoin's recent attempts at rallies are met with swift selling, preventing sustained upward momentum. Despite doubling in price earlier this year, the cryptocurrency is struggling to stay above $30,000. Analysts attribute this phenomenon to waiting for regulatory clarity, with the SEC's decision on a spot bitcoin ETF being a key factor. Miners taking profits ahead of the Bitcoin halving and a lack of new retail participation are also noted as reasons for the lack of sustained momentum.
🔥🗺️ The 7-day heatmap is green for once, but not by much!
🎭 Sentiment levels relatively unchanged:
Interesting news 🗞️
Digital Assets News 🌐💱
PayPal has launched the PayPal USD stablecoin, built on Ethereum and issued by Paxos Trust Co (Primer on stablecoins in my prev post). PayPal's massive user base of over 400 million could bring a substantial number of new users into the crypto space (Coinbase's user base is around 100 million). PayPal's previous adoption of crypto legitimised the asset class, and the introduction of PYUSD adds credibility to stablecoins, encouraging other companies to incorporate regulated stablecoins into their platforms. PYUSD's ability to operate 24/7 and offer universal access to trusted US dollars, fostering utility and accessibility across global borders. A great insight to Paypal’s possible strategy here.
Stablecoins are highlighted as a crucial component in upholding the US dollar's global reserve status, according to an opinion piece in The Wall Street Journal. They emphasise the need for a robust regulatory framework for stablecoins in the US to prevent the dollar's decline in global trade. The authors warn that dedollarisation could harm the US economy, increase borrowing costs, and impact consumers' purchasing power. Stablecoins are seen as a tool to revive the dollar's prominence in international trade and provide access to the dollar for those facing hyperinflation. Interesting times!
XR & Virtual Worlds News
MNTGE, a digital fashion house co-founded by Sean Wotherspoon, collaborator of Gap, has launched a collection of NFC-chipped physical patches in collaboration with prominent contemporary artists. These patches, available as NFTs on OpenSea, can be redeemed on MNTGE's site for physical patches embedded with NFC technology. This allows users to authenticate the digital version with the physical patch using near field communication. The patches also offer access to future events using “token gating” and a digital asset interlinking program. MNTGE aims to blend art, fashion, and technology for unique self-expression and connectivity.
👓Read of the Week
The state of AI in 2023: Generative AI’s breakout year. This latest McKinsey Global Survey highlights the rapid rise of generative AI (gen AI) tools. Within a year of their introduction, a third of respondents state that their organisations are regularly using gen AI in various business functions, across every industry.
This trend has reached even the upper echelons, with almost a quarter of C-suite executives personally utilising gen AI tools. The survey underscores the shift of gen AI from a tech-centric concern to a strategic focus for company leaders. Notably, 40% of those surveyed plan to increase their investments in AI due to gen AI advancements. Despite this, the report points out that risk management in this area is still in its early stages. The transformation and disruption of workforces are anticipated, while the adoption of other AI technologies remains relatively steady.
Video of the week
Researchers in Australia are actively investigating the potential of virtual reality (VR) to alleviate chronic pain among individuals who have suffered spinal cord injuries. This innovative approach aims to provide relief from persistent pain by immersing patients in virtual environments that distract their minds from physical discomfort. By diverting attention and “tricking” the brain into thinking its doing things otherwise impossible, VR technology offers a non-invasive method to manage chronic pain and enhance the quality of life for those with spinal cord injuries. Check out this short video:
This week’s AI showcase🎨🤖🎵✍🏼
AI is disruptive, challenging industries and driving innovation. Each week I showcase something amazing generated by AI-based tools. My vision of the emerging Metaverse predicts the use of many AI tools to enhance how we work, learn, play and socialise.
Tractian, established by Igor Marinelli in 2019, is a prime example of AI's real-world application. This company employs a blend of sensors, edge computing hardware, and AI to monitor complex industrial machines. By analyzing vibrations and frequency patterns, their AI identifies potential mechanical issues like wear and misalignment. This technology isn't theoretical – it's already at work in over 1,000 manufacturing plants across diverse sectors including automotive, oil, and food. Tractian's recent Series B funding showcases how AI can be harnessed to optimize asset uptime, reduce downtime, and minimize maintenance costs for industries worldwide.
Weekly Poll ✅
Help choose what you would like to learn about on Wednesday for my weekly emerging tech showcase:
That’s all for the free version this week! If you have any organisations in mind that could benefit from learning about emerging technology, be sure to reach out. Educational workshops are one of many consulting services I offer.
DCA With Me 🤑
Dollar Cost Averaging is an investment strategy in which an investor regularly invests a fixed amount of money into a particular asset/asset class at regular intervals, regardless of its current market price. By doing so, the investor can reduce the impact of market volatility and potentially earn a better return over time. Motto = time IN the market beats trying to time the market
To experiment with this, I invest $50 NZD into a Digital Asset every week. Each week I will choose an asset that seems underpriced in the short term and has positive long-term potential. My timeframe is 3-5 years. I don’t give financial advice but if you want to follow along with me you can use my easycrypto.co.nz referral link to support this newsletter. Let’s dive into this week’s pick:
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