Does BlackRock want a Solana ETF?

June 14th, 2024

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Read Time: 10 Minutes

Today’s Menu

  • Apple + OpenAI Partnership Sparks Concerns

  • BlackRock's Next Move or Just Hot Air?

  • Crypto Tribalism: Why It's Time to Move On

TODAY IN AI

Apple + OpenAI Partnership Sparks Concerns

Apple just dropped a massive AI announcement earlier this week…

The tech giant is teaming up with OpenAI to put ChatGPT into its operating system. Elon Musk was not happy...

The X CEO wasted no time responding to the news. If you want to visit Musk's offices now, you'll have to lock up your Apple gear in a Faraday cage first. Why? Musk doesn't trust Apple or OpenAI to keep your data on lockdown. Some say he's just bitter about his rocky history with OpenAI, but others think he's got a point.

Here's the thing: Apple's new AI features can connect the dots about your life in a big way. We're talking family members, daily routines, and travel patterns. That's a lot of personal info in one place, and critics argue it's a privacy breach waiting to happen.

On the flip side, Apple fans are pushing back. They say the new features come with multiple layers of security, both on devices and servers. Plus, compared to other companies, Apple's taking a more cautious approach to AI.

At the end of the day, Apple's playing to its strengths. With over a billion users worldwide, the company has a hardware advantage no one else can match. As Stratechery's Ben Thompson points out, "Apple Intelligence will know more about you than any other AI, because your phone knows more about you than any other device." The key is using that knowledge for specific, useful cases—not just hoarding data for the sake of it.

Love it or hate it, Apple's AI move is BIG news. The question is, will it be a win for users, or a privacy nightmare?

TODAY IN CRYPTO

BlackRock's Next Move?

The SEC finally gave the green light to the Spot Ethereum ETF, and now everyone's playing the guessing game of who's next. While we wait for the S-1 documents to get the stamp of approval, rumors are swirling that Solana might be the next in line. The chatter got even louder yesterday when word on the street suggested that BlackRock is gearing up to apply for a Solana ETF.

If this turns out to be true, it could be a massive boost for $SOL, a token that's still sitting under the $100 billion market cap. But let's not get ahead of ourselves just yet. There's no solid evidence to back up these rumors, so take them with a grain of salt.

So, what are the chances of a Solana ETF actually happening? According to industry experts, the odds aren't great. Historically, $BTC and $ETH had to go through the futures ETF approval process first, which took at least two years before a spot ETF could get the green light. This waiting period is crucial to ensure there's no market manipulation and that everything's running smoothly.

Another roadblock for Solana is the ongoing SEC drama. The token is currently caught up in court cases with Coinbase and Kraken, where the SEC is arguing that it's a security. This baggage could make it tough for a Solana ETF to get approved anytime soon.

But wait, there's a dark horse in this race: Dogecoin. That's right, the meme coin that started as a joke could have a serious shot at being the next ETF. Why? $DOGE has been around since 2013, boasts a market cap of over $20B, and has more than 7M holders. Plus, it doesn't have any of the security concerns that Solana is facing.

Imagine the headlines if a Dogecoin ETF gets the green light. If a guy named Roaring Kitty can take down billion-dollar hedge funds with a few tweets, why can't the crypto community rally behind the people's token? But let's be real, the chances of a Dogecoin ETF happening this year are about as slim as a Solana ETF.

So, when do you think a Solana ETF will actually happen? 2024? 2025? 2026? Hit reply and let us know your thoughts.

TODAY IN WEB3

Crypto Tribalism: Why It's Time to Move On

Crypto isn't a winner-take-all game. It's more like a winner-take-most scenario. So, if you're over the endless debates about Bitcoin vs. Ethereum vs. Solana vs. the latest and greatest like Aptos, you're not alone.

The reason is simple: blockchain projects thrive on network effects. The more people use a particular chain, the more valuable it becomes. The chains that can attract the most users will end up with the biggest slices of the market pie.

Everything in life (especially investing) has trade-offs. If you put $1,000 into BTC, that’s $1,000 that cannot be put into ETH.

Crypto is still in its early stages of mass adoption, but if it follows the path of other technologies with network effects, we'll eventually see a handful of dominant players emerge. Sure, many of the 10,000+ cryptocurrencies out there will die off, but no single blockchain can handle all the world's transactions.

Instead, a select few will rise to the top as users and businesses gravitate towards them. This, in turn, will spur further development and cement their positions as market leaders.

It's not unlike what we see in the social media landscape. Facebook/Instagram, TikTok, YouTube, X/Twitter, and Snapchat dominate the market. They fend off competitors by acquiring them or shamelessly copying their features. Love it or hate it, this process ultimately makes each platform better.

We're already seeing this play out in the crypto world:

- Bitcoin now allows users to create NFTs and memecoins, just like Ethereum.

- Ethereum's user experience has improved to compete with Solana's speed and efficiency.

- Solana's new movement coding language, used by Aptos, Sui, and Sei, now plays nice with Ethereum.

The point is, getting caught up in crypto tribalism won't make you much richer in the long run. It'll just lead to a bunch of pointless online arguments.

So, instead of pledging allegiance to any one project, focus on the bigger picture. Embrace the fact that multiple chains will likely coexist and thrive. And most importantly, don't let the noise distract you from the incredible potential of this technology to change the world.

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