Trump Doubles Down on Cryptocurrency Skepticism

Hello and welcome to the latest Overbit Weekly Round Up.

According to a Fox News interview on Friday, former President Donald Trump is not a fan of cryptocurrencies and believes they will fall in the future.

“That [crypto] might one day be a massive explosion beyond anything we’ve ever seen before. It will make the massive tech boom appear like child’s play. I believe that is a very dangerous situation”. Trump went on to say that he prefers a strong currency.

“I want a currency called the dollar, I don’t want to have all of these others,” Trump said.

Bitcoin was down around 1% to $48,770 in the afternoon on Wednesday, erasing early morning gains, while ether was down nearly 2% to $3,989.

The remarks by Trump follow Melania Trump’s announcement last week that she will introduce her own NFT, which will live on the Solana blockchain.

“I’m excited to share the news of my new NFT project, which encompasses my love of the arts and will help me continue to empower children through my Be Best campaign. We will equip children with computer science skills, including programming and software development, through this new technology-based platform, so that they may thrive once they leave the foster care system,” Melania Trump’s statement said.

Based on his appearance with Fox News, Donald Trump does not appear to be as enthusiastic about NFTs or cryptocurrencies.

The cryptocurrency market reached a high of over $3 trillion earlier this year before falling to around $2.3 trillion on Wednesday.

We close out today’s edition of Overbit Round Up by taking a look at one of the more interesting pivots in the crypto industry as of late. RadioShack — yep, the same RadioShack that used to sell electronic items — is now a cryptocurrency company. According to reports, RadioShack is currently developing a decentralised cryptocurrency exchange.

After 11 consecutive lost quarters, the company filed for bankruptcy in 2015, bringing its nearly 100-year career to an end. Following that, the previous retail chain’s branding rights were sold multiple times before being bought by Retail Ecommerce Ventures Review (REV). If you go to RadioShack’s website right now, you will see a banner announcing the company’s new purpose to promote cryptocurrencies to the masses.

You will also notice a place where you can sign up to be alerted when its RADIO token goes live.

According to CNET and Tom’s Hardware, RadioShack is collaborating with the Atlas USV (Universal Store of Value) protocol to establish a Decentralised Finance ecosystem.

Alex Mehr and Tai Lopez, the design partnership behind REV, created Atlas. RadioShack’s DeFi ecosystem will begin with a decentralised exchange, which the firm described on its website as “lowest hanging fruit that is full of opportunities.”

When it goes live, the DeFi exchange will allow users to send cryptocurrency directly to each other rather than through an exchange provider like Coinbase. According to what is posted on RadioShack’s website, REV is expecting that the “100-year-old brand” is implanted sufficiently “into the global consciousness” to stimulate mass crypto adoption. It is even hoped that RadioShack would serve as a springboard for huge organisations like Starbucks and Louis Vuitton to become blockchain enterprises. It is a lofty aim, especially for a company that declared bankruptcy twice in the last several years.

That concludes this week’s issue of Overbit Weekly Round Up. Thank you so much for reading, and until next time!

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