RCIF II - Five bullet Friday - Issue # 53

      I have been a little under the weather this week as I had a dental surgery done to have new implants placed in my mouth. I have not followed the markets closely. It appears that traditional stock markets are now getting into bear market territory.

1. Joe Biden has signed an executive order to establish the first-ever comprehensive federal digital assets strategy for the United States.This is huge positive step for the country. It is very open towards innovation. It asks all the inter-government agencies to think of the impact of digital currencies. There are number of initiatives that ask the government to be Net zero carbon emissions by 2050. I found this particular proposal very bullish for KLIMA.

2. This week U.S Bureau of Labor reported that CPI is at 7.9%. I think this number is simply understated, as many commodities have gone up much more. It is interesting to see how politicians spin this. First it is "transitory" last year around June. Later it changed to it is "good to have inflation". Then inflation is caused by corporate greed. Now Inflation is caused by Putin. But the truth is it is only because of Federal Reserve's money printing. Number of famous economists like Milton Friedman said, the inflation is monetary phenomenon caused exclusively by money printing.

3. Not withstanding the current inflation, our congress passed another Omnibus bill, spending $1.5 trillion and written into 2741 pages long. If you are interested, you can see it here. They gave 15 hours to congress to read before voting. News media did not mention the total amount, but only talked about $13.6 billion set aside for Ukraine. They increased the Pentagon budget by $32.5 billion dollars to a total yearly budget of $782 billion. Roughly half of the Pentagon budget goes directly to private military contractors.  Bottom line, is that we are going have more inflation, which is good for the crypto markets.

4. Klima has launched a new application called, Klima Infinity which allows corporations and individuals offset their emissions directly on their website. This was launched only few days ago, but already attracted 78 partners from various industries. Klima has absorbed 17 million tons of carbon in its treasury. Klima treasury is growing steadily despite the negative price action. DeltaWave is the first company from the Oil and Gas industry to offset their carbon emissions and many more partners have lined up to integrate with Klima.

5. OHM is about to launch a NFT marketplace similar to Open Sea. This will enable people to purchase NFTs directly using OHM, instead of using ETH. OHM aspires to be the decentralized reserve currency. In order to be successful, it needs to find the true utility where people are using it for all DeFi activities. OHM is growing its treasury by $10 million every week. I came across a good presentation on OHM at ETHDenver conference. It is worth watching to understand the token mechanics.

Have a wonderful weekend!

Sam Ikkurty