Are we nearing the end? ☠️ 🚩

Good Morning Switchers 🤗

👋Welcome to Switch Daily.

SBF apologizes again. At the rate of 12 times within an hour’s interview. Keep going, and you may find yourself in the Guinness book for the maximum number of ‘sorrys’ a person can say.🤣

In an interview with Andrew Ross Sorkin at the DealBook Summit, FTX’s ex-CEO SBF spoke a good deal about how he “didn’t knowingly commingle” user funds to Alameda. He’s starting to sound like a school kid saying, ‘I didn't do it knowingly, ma’am,’ right? Also, he claimed that FTX US is now solvent and will open withdrawals soon. 🤨

BTW, if you like reading this newsletter, give us a shout out on Twitter and get your friends to subscribe. It will mean a great deal to us!

Here’s what we’ve got for you:

• Market pulse

• Why do we need crypto?

• Creator’s Spotlight

• Meme of the day

Market pulse 📈

The market is red like most traffic signals in Bangalore🚦

The weekend begins with a bearish start in the crypto market. After a streak of green, most crypto assets are falling slightly. The broader crypto market is trading at a 1.36% discount compared to yesterday.

The main underperformers, BNB and DOGE, are down 3.05% and 5.52%, respectively, at the time of writing. Among the gainers, the oracle platform BAND Protocol (BAND) is taking the lead with a 13.41% day-on-day uptick to its name. FTM—up 5.73% at press time—continues its rally.

🎭Three-faced crypto market🎭

The crypto market is cold, and we cannot help but compare it to that one time when we wore those ridiculously high heels to the club, thinking they made us look all tall and irresistible.

But, 10 minutes into the party, our feet felt like the inside of a death camp — cramped up and helpless. 😖

And what was supposed to be an epic night turned into a neverending nightmare.

Likewise, investors across industries are pondering the thought of whether this is one of those rare buying opportunities or an industry-wide black swan event.

So, why don’t we try navigating if crypto investments could actually open a doorway to what looks like a dead-end right now?

Crypto is currently categorized into three fronts:

Crypto As Store-of-Value, Crypto As Utility, and Crypto In Web 3.0.

Crypto As Store-of-Value

The OG digital asset, Bitcoin is often pitched as a store of value asset parallel to gold.

But why?

BTC is a dynamic monetary asset with the fundamental qualities of a commodity but the use case of a currency. So, does this make BTC a store of value or a medium of exchange? Unsurprisingly, it can do both.

But let us first understand its relevance as a stored asset.

According to crypto exchange Gemini’s Global State Of Crypto report, more than three-fourths of crypto owners view BTC as a store of value and a hedge against inflation

The report surveyed approximately 30,000 adults from 20 countries.

The majority of respondents who defined crypto as the future of money were from countries experiencing long-term hyperinflation, including countries in the Latin American and African regions.

This year we also saw that when a country’s native fiat is devalued, people turn to crypto seeking financial security.

For instance, during the Ukraine-Russia crisis, citizens from both sides shifted to crypto, unveiling its latest and most efficient use case in philanthropy.

Crypto As Utility

Despite the ongoing bear market, the stored asset sentiment for crypto continues to stand its ground. This is further triggering a rise in adoption across industries.

Due to this, crypto’s consumption moved into decentralized finance (DeFi), revealing manifold retail use cases of the avant-garde digital asset.

While the trust in crypto lending platforms trembled amid a wave of black swan events in 2022, it remains a brilliant use case for investors who seek conventional assets’ security with crypto’s profit margins. Simplistically, it allows users to earn interest on their crypto.

Retail industry leaders, along with governments, also gravitated toward adding crypto into regular financial exchanges.

From El Salvador’s BTC legal tender and Colorado’s tax payments in crypto to Fidelity’s 401(K) crypto scheme and Mexican retail giants accepting crypto payments — crypto’s mass adoption into becoming a routine medium of exchange has moved at the speed of light despite the market crash.

Crypto In Web 3.0

The core argument for crypto investments circles back to — they are the base for the up-and-coming Web 3.0 evolution.

But what is Web 3.0?

In layman's terms, Web 3.0 is the next digital evolution, taking us furthermost from the harsh centralized lines of the old-school internet.

From blockchains and non-fungible tokens (NFTs) to decentralized autonomous organizations (DAOs) and the metaverse, the crypto industry offers diverse use cases to determine both — ownership and oversight lie in the hands of the users.

At this point, you ask, what good does ownership do? Not everyone wants a by-line.

But an additional revenue stream? Now that sounds more like it.

So, Web 3.0 ascertains that every activity is a revenue generation stream, further encouraging and enabling the mindset of an employment economy.

Web 3.0 is building on the base of innovative finance to further push the renaissance of financial technology (FinTech) made from the three-tier system — decentralized payment system(Bitcoin), decentralized finance (DeFi), and metaverse finance (MetaFi).

This aims to ensure that ownership is attached to a full-blown financial system for users to retrieve monetary benefits.

So, is crypto at a dead-end? Not really. Maybe it’s just at the stage where a caterpillar struggles to get out of the cocoon to become a butterfly. Maybe, crypto could serve as a doorway to a decentralized world soon.

Creator’s Spotlight 📹

Catch the latest episode of 'Money Mantra' - your go-to personal finance guide! In this episode, we talk to experts Sayali Rai and Niyati Thaker of FinCocktail about Emergency Fund Planning.

Meme of the day!

Before we wrap up, if you have come this far, you are the real deal and we’d like to get to know you better. Please take this quick survey and tell us what you think of Switch Daily. From the newsletter style to the content type, we are all ears for your input!

Thank You,

See you tomorrow, folks. 👋

Loving Switch Daily? Make sure to share it with your friends and spread the love 💙