Weekly Roundup – December 1
Ronaldo’s NFT Game Turns Sour: Fans Seek $1 Billion in Damages
Cristiano Ronaldo finds himself in a billion-dollar legal tribunal after promoting Binance, the crypto giant. Fans allege Ronaldo’s endorsement spurred them into disastrous investments, seeking damages exceeding $1bn.
The footballer collaborated with Binance on an NFT collection, promising to revolutionise the game. However, the cheapest NFT, initially $77, plunged to $1 within a year, fueling discontent.
Claimants argue Ronaldo’s endorsement caused a “500% increase in searches,” pushing investments in Binance’s BNB cryptocurrency, deemed “unregistered securities” by the SEC. Critics blame lax regulations, emphasising a broader problem beyond Ronaldo’s involvement.
Think about it like this…the football superstar is outside the U.S., endorsing an exchange prohibited from serving U.S. citizens, and now U.S. citizens are suing him for utilising a service they’re not permitted to use legally. Can we get VAR to double-check this foul play?!
This legal drama unfolds amid Binance’s $4.3B penalty for sanctions violations, further implicating other entities like Major League Baseball, Mercedes-Benz and Formula 1 in class action lawsuits over FTX promotions.
Michael Saylor Strikes Again: MicroStrategy’s Late November Bitcoin Shopping Spree
MicroStrategy, the crypto powerhouse, flexes its crypto muscles with a last-minute November Bitcoin shopping spree. Co-founder Michael Saylor, proudly reveals the acquisition of a further 16,130 BTC for a cool $593.3 million, expanding MicroStrategy’s crypto coffers to over $6 billion.
Saylor’s crypto odyssey began in 2020, declaring Bitcoin as the company’s treasury reserve asset. With a knack for strategic crypto buys, MicroStrategy now holds 174,530 BTC, making it a heavyweight player in the digital gold arena.
As Bitcoin’s price enjoys a 10% lift in November, MicroStrategy’s crypto stash dances in the green, with a Q3 2023 gain of $900 million. The saga of Saylor’s crypto conquest continues.
Munger leaves behind an investing legacy: Lessons for crypto investors
Beloved Wall St billionaire, Charlie Munger, sadly passed away at age 99 this week. Despite his disdain for crypto, claiming it is “crazier than the dot com era”, Charlie’s wisdom, though not directly addressing crypto, imparts valuable lessons we can onboard as investors and traders.
Firstly, “The first rule is that you can’t know anything if you just remember isolated facts.” Apply this to crypto by gaining a comprehensive understanding, not just of token prices but also of the technology, market sentiment, and global economic factors shaping the crypto landscape in shaping your capital deployment decisions.
Secondly, “The big money is not in the buying or the selling, but in the waiting.” This echoes the importance of patience required in crypto. Avoid impulsive decisions (aka FOMO trading) based on short-term price fluctuations and social hype; successful crypto trading often involves waiting for strategic entry and exit points.
Lastly, “Spend each day trying to be a little wiser than you were when you woke up.” Continuous learning is crucial in the ever-evolving crypto space. Stay informed about technological advancements, regulatory changes, and market trends to make informed and wise decisions in your crypto journey.
Thank you for parting your wisdom with us over the years Charlie, your legacy lives on.