Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: Fixing the DMV w/ crypto

• 🔎 This seems important: The Fed holds rates steady for now

• 🤝 Partner: Enhance your investing strategy with advanced AI technology​

• 🔪 Let's dissect this: $35T in debt (this is why we need BTC)

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
Blockchain, fiat.

💅 This is cool:

Fixing The DMV With Crypto

In one sentence: The DMV’s new partnership with Avalanche is going to streamline the title & registration transfer process, lowering required physical appointments and bringing 42M Californian drivers onchain in the process.

Did you know all the dreary, soulless office scenes from Fight Club were based on the director’s experience at the DMV?

How did we learn that?

We didn’t. We just made it up. But you believed it because everyone knows the DMV is a hellscape (with paperwork).

Good news for those of you in California: those visits to the DMV are about to be heavily reduced, thanks to the department’s new partnership with Avalanche.

Here’s an A/B comparison of the old/new experience:

A) The Old Way

• You buy a second hand car (nice!)

• To transfer the title and registration, you need to visit the DMV or Post Office and provide some or all of the following documents…

• Completed Application for Title or Registration (Form REG 343), vehicle's out-of-state title, vehicle's out-of-state registration, proof of insurance, valid smog certificate, VES statement…

• * Deep inhale of breath *

• California Certificate of Title or an Application for Replacement or Transfer of Title (REG 227), signatures of seller(s) lien holder (if any) and buyer(s), and payment for the transfer fee.

B) The New Way

• Most of that is logged, verified, and updated on the blockchain, so when you want to transfer a title and registration…

• You just fill out a digital transfer form and click a button to sign in the DMV app.

It’s a massive step towards change for Californian drivers; and it will bring 42M new users onchain in one fell swoop.

We love to see it.

🥇 Want the news before anyone else?

🔎 This seems important:

The (Small) Impact of The Fed’s Rate Decision on BTC

In one sentence: The Fed just announced that they weren’t touching interest rates in the US for now, leaving them unchanged at 5.25%-5.50%, which resulted in a dip for BTC, but the overall impact was small.

There ya have it: the Fed just announced that they weren’t touching interest rates in the US yesterday, leaving them unchanged at 5.25%-5.50%.

(Which means people won’t have more money in their pockets to spend on risky-ish assets like crypto).

The decision to hold interest rates was widely expected by analysts!

But what wasn’t widely expected, was Fed Chair, Jerome Powell, giving little-to-no indication that a September rate cut is happening.

(Something he probably would have done if this decision was teetering on the edge of a ‘yes, we’ll make the cut now’).

As a result, the crypto markets dipped slightly (with BTC ~2% down at the time of writing, compared to before the Fed rate decision announcement).

But here’s the good news:

In the past, when interest rates rose or stayed the same (i.e. anything besides an interest rate cut), the crypto markets dropped significantly.

Less volatility related to the news cycle shows a maturing asset class.

(We love to see it).

And in other good news, earlier this week, Jerome Powell did say, and we quote - “inflation has eased substantially” - which sparked a small uptick in the value of BTC.

Whether they hold rates steady in September, or make their first cut since March 2020, is anyone’s guess at this point.

A lot can happen in just a couple of months!

🤝 Partner:

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_{*Advisory services are offered through Magnifi LLC, an SEC Registered Investment Advisor. Being registered as an investment adviser does not imply a certain level of skill or training.}

🔪Let's dissect this:

Yikes! The US National Debt Just Surpassed $35 Trillion (This Is Why We Need Bitcoin)

In one sentence: The US national debt surpassed $35 trillion, equating to over $105k for every living person in the country (which could increase the adoption of BTC and solidify it as a safe haven asset).

Would you look at that! History was just made.

But not in a good way.

For the first time ever, the US national debt surpassed $35 trillion — which equates to over $105k for every living person in the country.

That’s the bad news 👆

This is the good news 👇

The US’ accelerating debt could increase the adoption of Bitcoin and well n’ truly solidify it as a safe haven asset.

The less valuable the dollar becomes → the more dollars it takes to buy BTC → BTC’s growing price is (as it always has been) its own advertisement.

Preferably, we never have to get to the point where Bitcoin’s merits are proven to the world thanks to the collapse of the dollar.

What we will say is this:

We’re glad to have a ‘life raft’ available if such an event were to take place — one that cannot be manipulated and subject to the same fate as fiat currencies.

Polymarket Explained