Is the Libra-disaster finally the end of the memecoin craze? And what does it mean for the future of Solana? Dr. Nisheta Sachdev is bullish, Michiel is skeptical, plus much more like the president of China talking with tech titans which sparked a comeback for the Alibaba stock price, the amazing amount of crypto sponsorships in Formula 1 and who predicts the market right, does not have to eat a green chili next week….
Welcome back to the NFA Podcast newsletter! This week’s episode was packed with major developments in crypto, AI, and finance.
Episode 4 is here on YouTube and here on Spotify!
Here’s everything we discussed:
Mubadala Invests $436M in Bitcoin ETF
Mubadala, the Abu Dhabi sovereign wealth fund with $300 billion under management, has made a significant move into crypto by investing $436 million in BlackRock’s iShares Bitcoin ETF. This signals growing institutional confidence in Bitcoin, despite short-term market fluctuations.
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Libra Scandal: The Next FTX?
The Libra scandal has rocked the crypto world, with allegations of insider trading and fraud surrounding its launch. Kelsier Capital is accused of front-running the token and dumping $200 million worth of assets. Investigations reveal that the founders orchestrated a rug pull via sniping, leaving investors with massive losses. Some are calling this the FTX moment for memecoins.
Coffeezilla investigates:
Full breakdown of the Kelsier case:
https://open.substack.com/pub/lex/p/analysis-is-kelsiers-200mm-insider
Is this the end of the memecoin era? Nish thinks so, while Michiel argues that speculative trading will always find new outlets.
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Microsoft’s Quantum Computing Breakthrough
Microsoft has announced a major milestone in quantum computing with its topological qubits, which it claims will be more stable and scalable than other technologies. While some physicists remain skeptical, this could be a game-changer for encryption, AI, and blockchain security.
Michiel recalls a conversation with Ray Harishankar, an IBM fellow, who warned that once quantum computing reaches a certain level, it could break all existing encryption methods—including crypto wallets.
Watch Ray Harishankar’s talk (after 25 minutes):
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Ex-OpenAI Leaders Raising Billions for Competitors
Two former OpenAI executives are making waves:
– Ilya Sutskever’s Safe Superintelligence (SSI) is raising funds at a $30 billion valuation to develop AI with a focus on security and stability.
– Mira Murati’s Thinking Machines Lab is also in fundraising mode, though its valuation remains undisclosed. Murati has already recruited more than 30 former OpenAI and Anthropic employees.
Safe Superintelligence: https://ssi.inc/
Thinking Machines Lab: https://thinkingmachines.ai/
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Xi Jinping Meets China’s Tech Titans
For the first time in six years, Chinese President Xi Jinping has summoned the country’s top tech leaders, including Jack Ma (Alibaba/Ant Group). This meeting could signal a shift in China’s approach to regulating its tech sector, potentially opening the door for more innovation and foreign investment.
Read more: BBC
https://www.bbc.com/news/articles/c5yvyl710jpo
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Formula 1’s Crypto Sponsorship Boom
Crypto is more present than ever in Formula 1, with major teams backed by leading exchanges and blockchain companies:
– Aston Martin – Sponsored by Coinbase (paid entirely in USDC)
– Red Bull Racing – Now sponsored by Gate.io, replacing Bybit
– McLaren – Partnering with OKX since 2022
– Williams – Sponsored by Kraken
– Alpine – Backed by Binance
– Stake F1 Team (Sauber) – Sponsored by Stake.com
– Formula 1 (officially) – Long-term partner Crypto.com
Full list of sponsors: News GP
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🎧 Listen to or watch the Full Episode Now!
Get the full breakdown and insights by tuning in to this week’s episode on YouTube & Spotify. Episode 4 is here on YouTube and here on Spotify!
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