Hey crypto, don’t forget Brazil 🇧🇷
Brazil is the unlikely star on the crypto horizon. JPMorgan wants to spin chatbot called IndexGPT. Peter Schiff, critic turned adopter? Beyond Nvidia, the other big winners in the AI chip business.
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While the rest of the crypto world is focusing on frivolous non-issues, Brazil is where developers could actually make a difference.🔍
💡 The Real Potential:
In recent years, blockchain applications have experienced exponential growth globally. However, much of this growth has been driven by venture capital-subsidised user acquisition rather than true innovation and organic value creation.
Meanwhile, decentralised applications (dapps) have been targeting the wrong clients, neglecting real-world use cases.
Why Brazil?
Brazilians are craving crypto solutions to tackle their woes. The demand for this digital revolution has been echoed not only by esteemed institutions but also by savvy retail users who see the potential.
Unlike US's SEC, Brazil's CVM has already taken the leap, crafting transparent guidelines for the space.
Brazil is the fifth country in the world in terms of owners of cryptocurrency and has the largest number of billionaires in the region.
The average Brazilian market participant has two or three cryptocurrencies in their wallet, and 40% of those holding crypto earn below the country's minimum wage.
And they have a solid plan for CBDC.
Lights, Camera, CBDC Action
The Central Bank of Brazil has just unveiled its star-studded lineup! Fourteen institutions, including big-shot local private banks, public banks, and even global giants like Visa and Microsoft, have been carefully selected to participate in Brazil's CBDC pilot.
💡 So, what's the plan? Well, this pilot program aims to put the privacy and programmability functionalities of the digital real platform to the ultimate test.
Starting in mid-June 2023, these participants will dive headfirst into the Real Digital Pilot platform, making waves that'll shake up the world of finance!
📈 The numbers don't lie
In July, Brazil crossed the mind-blowing milestone of having over 1 Million registered crypto users. Crypto adoption is soaring in Brazil - 1.33 Million Brazilians made crypto purchases in July, 68% more than in June.
According to the Brazilian Association of Financial and Capital Market Entities (Anbima), the country's total number of crypto investors exceeded 4.2 Million people in June, representing 2% of the population.
TTD Bot 🤖
JPMorgan Chase has filed a trademark application for a finance-themed chatbot called IndexGPT.
The chatbot is intended for advertising, marketing services, securities value indexing, and providing online financial information and investment advice.
JPMorgan Chase believes that cloud-based systems and digital capabilities are closely linked to AI implementation. The company has dedicated over 2,000 data managers, data scientists, and machine learning engineers to build its AI capabilities.
JPMorgan Chase's CEO, Jamie Dimon, emphasised the importance of implementing new technologies like AI for the company's future success.
In a survey conducted by JPMorgan, institutional traders identified artificial intelligence and machine learning as the most influential technologies shaping the future of trading.
The race to develop AI tools and technologies has gained significant momentum since the public launch of OpenAI's ChatGPT and GPT-4.
The financial industry sees great potential in AI's ability to process and analyze large amounts of data. Concerns about the potential risks and lack of regulation in unregulated artificial intelligence are being raised by experts and industry leaders.
TTD WTF 🫢
Peter Schiff, a well-known crypto skeptic, has surprised the crypto community by unveiling a collaborative NFT art collection called "Golden Triumph."
The collection features a physical painting, prints, and digital versions inscribed as Ordinal NFTs on the Bitcoin blockchain.
Despite Schiff's previous criticism of crypto, he now sees the potential for blockchain technology in verifying ownership of assets like art. The collection will be auctioned off, with bidders vying for the coveted Ordinal NFTs.
The crypto community has erupted with confusion and amusement. They couldn't help but poke fun at Schiff's sudden change of heart.
TTD Numbers 🔢
$23 Million
The amount New York crypto miner Coinmint has sued two California chipmakers for over $150 Million purchase agreement.
What happened?
Coinmint has filed a lawsuit against Katena Computing and DX Corr, alleging an elaborate deception.
Coinmint claims that the semiconductor companies conspired to convince them to purchase $150 Million worth of bitcoin mining machines that Katena couldn't and didn't plan to deliver.
The lawsuit includes allegations of fraud, breach of contract, and fiduciary duty. Coinmint is seeking over $23 Million in damages, including the deposited amount for the sale.
Katena is in binding arbitration and denies the allegations, while DX Corr has filed a motion to dismiss the lawsuit.
Coinmint has been involved in previous legal disputes and denies the existence of an alleged tax fraud case. They sent deposit payments of $23.4 million to Katena without receiving the promised machines.
TTD Chips 🍙
The pandemic has fuelled innovation and accelerated the growth of AI.
AI is now becoming the core of the tech industry. Tech stocks, especially hardware manufacturers like NVIDIA, have benefited greatly from this trend.
Despite facing challenges, NVIDIA has experienced a significant surge in its stock price, recovering from previous losses and showing promising growth prospects in the near future.
AI hardware on fire
Advanced Micro Devices Inc. (AMD) has seen its shares rise by 94% this year, reaching $125. They manufacture high-performance computing and graphics solutions optimized for AI applications.
Taiwan Semiconductor Manufacturing (TSM), the world's largest independent semiconductor foundry, has experienced a 39% increase in stock value since the start of the year. They produce chips for companies involved in AI.
Micron Technology, a leader in the semiconductor industry, has seen its shares grow by 47% in 2023. They manufacture memory and storage products crucial for AI and machine learning systems.
AI software stocks to watch
Meta (formerly Facebook) is shifting its focus to AI and has seen a 116% rise in stock value in 2023. They have made significant open-source contributions, including the Large Language Model LLaMa, and are benefiting from the popularity of generative AI.
Microsoft, known for Windows and Xbox, has become a key player in AI through its association with OpenAI. With investments of $13 billion, Microsoft is incorporating AI models like GPT-4 into its products, driving a 40% increase in stock value this year.
Alphabet Inc., the parent company of Google, is heavily involved in AI. They have developed Tensor Processing Units (TPUs) and TensorFlow, an open-source AI library. Their software offerings, including Bard and LLM models, have been well-received, resulting in a 40% rise in stock value in 2023.
TTD Surfer 🏄
OpenAI has announced 10 grants of $100K to teams worldwide to develop a democratic process for determining AI rules.
China’s capital Beijing has released a white paper for promoting innovation and development of the web3 industry.
Gemini, Genesis file to dismiss SEC lawsuit against Earn product which offered yields to customers against their crypto deposits.
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I'm not saying Peter Schiff is laundering money with his NFT... but I'm not not saying it too. ;)