Crypto Renaissance in China and Twitter’s Million-Dollar Wallets
GM, crypto fam ☕️
It’s time to HODL your coffee mugs and DCA into today’s crypto news.
On the menu today: Beijing’s white paper signaling a crypto renaissance in China and degens on Twitter sending millions in Ethereum to random wallets.
So, let’s dive right in!
Beijing’s Crypto Renaissance
Yat Siu, the chairman of Animoca Brands, believes that a recent white paper published by the Beijing Municipal Science & Technology Commission could mark the beginning of a revival in the cryptocurrency industry in mainland China.
This development could provide a legal avenue for Chinese citizens to participate in the ownership and acquisition of digital assets, possibly through Hong Kong.
Web3 Technology: The Future of the Internet
The white paper acknowledges web3 technology as an “inevitable trend for future Internet industry development.”
Siu sees this recognition and support from Beijing as a significant shift towards embracing web3 technology and its potential applications.
Hong Kong: The Gateway to Crypto Expansion
Hong Kong authorities recently announced that retail trading of larger tokens would be permitted in the region starting June 1.
This move aligns with the city’s plan to transform into a digital asset hub. Siu suggests that Beijing’s white paper and Hong Kong’s plans are interconnected, potentially paving the way for Chinese citizens to engage with digital assets legally through Hong Kong.
The Contrasting Approach to Web3
Siu discusses the contrasting approach between the United States and Asian countries, particularly China, towards web3 technology.
He criticizes the dominance of American tech giants and highlights the opportunity for other sovereign nations to build a more open, inclusive, and sovereign framework with web3 technology.
Animoca Brands: A Leader in the Crypto Industry
Animoca Brands, known for its active investments in the crypto space, is seeking $1 billion from external investors for a web3 and metaverse fund.
Siu mentions that while the company won’t slow down its U.S. investments, it advises its startups to consider opportunities in Asia.
He emphasizes the growing potential in Asia, indicating that the American dream is more alive and well in Asia than in the United States.
The Twitter Ethereum Frenzy
In a bizarre turn of events, Pauly, the founder of Notlarvalabs and a pseudonymous Twitter influencer, has received more than $1 million worth of crypto in exchange for nothing.
This trend started with people trading tokens based on common names, such as Ben or Jeff. Now, degens are handing over their Ethereum to random Twitter users who post their wallets promising exclusive token “presales” — and even someone who’s promised them no returns or tokens at all.
The Meme Coin Mania
Crypto Twitter is deep in the throes of meme coin mania, a wave of speculation sparked by PepeCoin. Traders continue to dive headfirst into tokens based on little more than vibes and hopes of lucrative gains, despite the lack of utility many meme coins offer.
The Performance Art of “You Get Nothing”
While Pauly’s wallet has turned heads on Twitter for the attention and funds it has received thus far, the influencer described “You Get Nothing” as akin to performance art. He described yougetnothing.eth as “a case study” and “an exercise in futility.”
The Avalanche of Obscure Meme Tokens
People are also sending obscure meme tokens to the address. For example, yougetnothing.eth has received over 203 million BEN tokens worth just over $21, and 333 JEFF tokens worth $0.73.
Pauly has reiterated that he has not bought any of thesetokens.
Quick Bites: Your Daily Crypto Scoop
- Royal Navy introduces metaverse for submarine training
- Pi Network launches Web3 social network using Pi to interact on the platform
- Gate.io denies rumors that the exchange has a withdrawal problem because it is related to Multichain
And with that, dear crypto fam, we close another edition of The GOAT Daily News!
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