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Wall Street Analysts Hint MicroStrategy (MSTR) is Worth Buying Despite a 87% Pullback from Feb. 2021 Highs

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Wall Street Analysts Hint MicroStrategy (MSTR) is Worth Buying Despite a 87% Pullback from Feb. 2021 Highs

Summary:

  • MicroStrategy (MSTR) stock value has undergone an 87% correction from its February 2021 highs of $1,350.
  • However, Wall Street analysts still believe it is a buy with a potential to rise to $950 from current levels of $180.

Since Michael Saylor revealed MicroStrategy’s Bitcoin strategy, the value of MSTR stock has been tied to the hip with BTC’s price action.

As it happens, the latter is undergoing a drawdown from its all-time high of $69k set in November 2021 to a local of $17,600 set on the 19th of this month. This translates to a 74.4% pullback in the value of Bitcoin in roughly eight months.

MicroStrategy (MSTR) Value Has Undergone an 87% Pullback from February 2021 Highs.

Similarly, MicroStrategy’s (MSTR) stock value has undergone an 87% pullback from February 2021 highs of $1,350 to its current value of $181. A glance at the daily MicroStrategy chart below reveals that MSTR is still in bear territory, trading below the 50-day (white), 100-day (yellow), and 200-day (green) moving averages.

Ethereum's Vitalik Criticizes 3AC's Co-founder Alleged Yacht Purchase, Says There are More Honorable Ways to Burn $50M 17

Also, from the chart, it can be observed that the daily MACD hints at a low level of buying of MSTR. Furthermore, the neutrality of the daily MFI and RSI hint at an uncertain future for MicroStrategy stock in the traditional markets for the next few days.

Wall Street Analysts Hint MicroStrategy (MSTR) is a Buy.

However, despite the clear bearish environment facing MSTR, Wall Street analysts still believe that MicroStrategy’s stock is still a buy. According to a recent report by Bloomberg, three out of four brokerages that follow the company recommend buying its shares with an average target price of more than triple its current value.

Mark Palmer, an analyst at BTIG, explained that MicroStrategy provides investors with indirect exposure to Bitcoin, thus giving a $950 share price target for MSTR and a $95k target for Bitcoin by 2023. He said:

MicroStrategy provides equity investors in particular with not only exposure to Bitcoin, which currently they don’t have many efficient ways to access. The company also offers an operating business that generates cash with which to buy more Bitcoin.

The Bloomberg report also reiterated the earlier mentioned correlation between the price of Bitcoin and that of MicroStrategy, given the company’s dedication to holding their BTC stash. Furthermore, MSTR has been hit hard by the ongoing market drawdown, ‘slumping 69% this year’ compared to the ‘Nasdaq’s 29% decline and Bitcoin’s 55% drop.’

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Ethereum

Solana To Venture Into Smartphones With a Focus on Web3 Mobile Apps

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Solana To Venture Into Smartphones With a Focus on Web3 Mobile Apps

Summary:

  • Solana developers have unveiled a flagship Android smartphone dubbed Saga.
  • The phone will be available for pre-orders immediately and delivery in early 2023.
  • Saga will also feature unique Solana functionality integrated within.
  • Solana developers also debuted Solana Mobile Stack, an open-source SDK for Android enabling Web3 apps on Solana.

Solana developers are venturing into the telecoms industry by launching a flagship Android smartphone dubbed Saga. The smartphone is the first product of Solana’s new subsidiary, Solana Mobile.

According to the official Saga website, the smartphone will feature a 6.67″ OLED display, 512 GB storage, and the latest flagship Snapdragon® 8+ Gen 1 Mobile Platform. The latter’s security features will enable the Solana Mobile Stack’s seed vault and an additional Secure Element built into the device, which keeps private keys, seed phrases, and secrets ‘separated from the application layer yet still capable of interacting with apps running on the device or in a mobile browser.’

$100 for Saga Pre-orders, Applied to the Anticipated Final Cost of $1,000.

Saga will also be explicitly built for Web3 functionality such as decentralized exchanges, NFT marketplaces, and much more. The Saga smartphone will be available immediately for pre-order, with deliveries estimated to be fulfilled in early 2023.

The team at Solana has also provided a refundable $100 pre-order fee which will be applied to the final anticipated cost of $1,000. However, developers will be given priority during the delivery of the smartphone to test the Solana Mobile Stack and Saga.

Ethereum's Vitalik Criticizes 3AC's Co-founder Alleged Yacht Purchase, Says There are More Honorable Ways to Burn $50M 17
Sneak peek of the Saga smartphone. Source, Solana.com.

Smartphones are Pivotal to Web3 Adoption.

Raj Gokal, the co-founder of Solana, explained that mobile devices such as Saga were pivotal to Web3 adoption. He said:

We chose the Saga name because the story of crypto is still being written. This is the next chapter of this narrative and we believe opening up crypto to mobile will lead to greater adoption, better understanding, and more opportunities.

OSOM will carry out Saga’s design and manufacturing. It is a leading Android development company with a vast background in building computing hardware for Google, Apple, Intel, and others.

Jason Keats, co-founder, and CEO of OSOM, further reiterated the importance of mobile devices in boosting Web3 adoption. He explained:

Saga starts from first principles to create a mobile experience for individuals, developers, and ecosystem participants that opens a new era of mobility.

The world needs novel hardware to embrace the future that is web3, and building out an ecosystem that looks to the future without being burdened by past legacy ecosystems is hugely exciting for us.

Solana Also Launches Solana Mobile Stack.

Solana Labs CEO Anatoly Yakovenko made Saga’s unveiling during an event in New York City, where he also provided further details of the earlier mentioned Solana Mobile Stack: an Android framework that allows developers ‘to create rich mobile experiences for wallets and apps on Solana and create a Secure Element for private key management.’

The Solana Mobile Stack (SMS) is an open-source software development kit optimized for Web3 and easy to use. It also has a new set of libraries for wallets and apps, thus providing developers the foundations to create rich dApp experiences on Solana.

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Chairman Powell: Digital Dollar Is Something We Really Need to Explore As a Country

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Chairman Powell: Digital Dollar Is Something We Really Need to Explore As a Country

Summary:

  • Chairman Jerome Powell has stated that the US Federal Reserve plans to recommend a Central Bank Digital Currency (CBDC) to Congress.
  • According to Chairman Powell, a CBDC is a crucial financial innovation that will affect all Americans.

The US Federal Reserve Chairman, Jerome Powell, has said that the central bank is looking into recommending to Congress how to go about launching a Central Bank Digital Currency (CBDC).

Chairman Powell shared his insights into a potential CBDC in the United States during a presentation of the Semiannual Monetary Policy Report, and the State of the Economy to the House Financial Services Committee held earlier today.

In his presentation, Chairman Powell stated that a Central Bank Digital Currency was something the United States needed to explore as a country and should not be a partisan issue. He added:

It’s a very important potential financial innovation that will affect all Americans. Our plan is to work on both the policy side and the technological side in coming years and come to Congress with a recommendation at some point.

A Central Bank Digital Currency Will Help Maintain the US Dollar’s, International Standing.

Chairman Powell’s statement on the United States needing to explore a Central Bank Digital Currency as a country echoes similar remarks he made last week, whereby he emphasized the significance of the US dollar remaining the dominant global currency.

He shared his insights on the importance of a dominant US dollar during a speech at a research conference in Washington DC on  ‘International Roles of the US Dollar.’ He started by stating that the US Dollar had been at the center of the international financial and monetary system since World War II. The US Dollar has since become the world’s reserve currency and the most widely used currency for payments and investments.

In addition, Chairman Powell forecasted that a Central Bank Digital Currency would help maintain the dollar’s international standing. He said:

And in light of the tremendous growth in crypto-assets and stablecoins, the Federal Reserve is examining whether a U.S. central bank digital currency (CBDC) would improve on an already safe and efficient domestic payments system.

As the Fed’s white paper on this topic notes, a U.S. CBDC could also potentially help maintain the dollar’s international standing. As we consider feedback from the paper, we will be thinking not just about the current state of the world, but also how the global financial system might evolve over the next 5 to 10 years.

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Ethereum’s Vitalik Criticizes 3AC’s Co-founder Alleged Yacht Purchase, Says There are More Honorable Ways to Burn $50M

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Ethereum’s Vitalik Criticizes 3AC’s Co-founder Alleged Yacht Purchase, Says There are More Honorable Ways to Burn $50M

Summary:

  • Ethereum co-founder, Vitalik Buterin, has thrown some shade into Su Zhu’s alleged $50 million yacht purchase.
  • According to Vitalik, there are better ways of burning $50 million, such as becoming a Gitcoin grants matching partner.
  • Rumors of Su Zhu’s yacht purchase have elicited mixed reactions on Twitter.

Ethereum’s co-founder, Vitalik Buterin, has chimed in on rumors of Three Arrows Capital co-founder, Su Zhu, owning a $50 million yacht despite the hedge fund’s financial woes.

There Are Far More Honorable Ways to Burn $50 Million – Vitalik Buterin.

Vitalik Buterin shared his insights into the alleged $50 million yacht purchase by Su Zhu through the following tweet. According to Mr. Buterin, there are ‘far more honorable ways’ of burning $50 million ‘to impress people than buying a superyacht.’ He suggests a better option would be to become a Gitcoin grants marching partner.

There are far more honorable ways to burn $50m to impress people than buying a superyacht.

Like becoming a @gitcoin grants matching partner! Here are the matching partners for the current round: pic.twitter.com/GgzJh9pxLV

— vitalik.eth (@VitalikButerin) June 23, 2022

Gitcoin Donors Deserve Big Beautiful Statues in the MetaVerse – Vitalik Buterin.

In addition, Mr. Buterin was for the idea that Gitcoin donors should get ‘big beautiful statues in the metaverse honoring their contributions.’ He also added that he had this vision of a world where wealth was used to support the public good. He said:

I want to make our world more like the Yudkowskian dath ilan utopia where instead of rich people’s desire for wealth signaling going into wasteful zero sum crap, it goes into supporting public goods.

As a frontier social movement, we’re supposed to be trying to execute on visions like this, not just repeating unimaginative 20th century crap except with ourselves at the top.

Crypto Twitter Chimes in on Su Zhu’s Alleged Yacht Purchase.

Circling back to Su Zhu’s alleged $50 million yacht purchase, the crypto Twitter community has provided various insights on the topic.

In one theory about the yacht, crypto community member @FatManTerra suggested that the Three Arrows Capital co-founder would show it off to friends and prospective investors to signal his luxurious wealth. However, the yacht was allegedly purchased with borrowed money, and Three Arrows Capital could not pay for it beyond the down payment.

FatMan has since revised his findings to state that the Su Zhu showed off pictures of the yacht, which was due to be delivered next month.

The Block’s VP of Research, Larry Cermak, seconded FatMan’s revised yacht story as seen in the following screenshot.

Ethereum's Vitalik Criticizes 3AC's Co-founder Alleged Yacht Purchase, Says There are More Honorable Ways to Burn $50M 16

The team at Autism Capital also provided additional insights into the yacht story by stating that it was a San Lorenzo 52STEEL worth $43.173 million, as seen in the following tweet.

Here is the only journalism that matters. Su Zhu’s yacht was a San Lorenzo 52STEEL. It cost him $43,173,390 American dollars. It has five decks and is considered Mauro Michieli’s crowning achievement as a designer. It has stunning whites and beiges and smells of fresh eucalyptus. pic.twitter.com/vAr14sMxka

— Autism Capital 🧩 (@AutismCapital) June 23, 2022

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