With the vast majority, if not the entirety of the world, having been forced to largely stay indoors over the last 12 months due to the ongoing pandemic, it is perhaps no surprise that the consumption of news on TV has risen by quite an extent, as people try and find more information about the current state of the world.
Boredom may also be a factor, but whatever the reason may be, we know that more people watched TV news last year than in a long time, whether it be to track the pandemic, or the results of the US presidential election, or simply to understand if the value of their financial investments was going to hold in the current climate. In that regard, one of the biggest developments in the world of finance has been the rise in cryptocurrencies. January actually saw another big upheaval in the markets, through the frenzy around GameStop which was triggered and maintained online on Reddit, but that is a story for another day. Suffice it to say that even in that environment, crypto was not far from the conversation, with Dogecoin going on to post returns of over 1000% over that time period.
One of the reasons given for the rise in cryptocurrencies has been the loose monetary policy being practiced by the Federal Reserve and most other central banks around the world. With central banks pumping money into their economies to try and keep them afloat during the pandemic, it has been inevitable that the value of that money will start to decline. More supply will lead to a lower price, and in this case, that lower price has meant that the dollar has been weakening steadily for some time now, as have various other assets. Thus, investors have been looking for opportunities to earn high returns, and crypto has provided that, with Bitcoin going from 5,000 to over $55,000 at one point in just 12 months. This has also fueled interest from various other sectors and industries in integrating crypto into their own operations, with the online gambling space providing a great example. Here, there are already several online casino operators offering dogecoin gambling i.e. the option to use dogecoin and other cryptocurrencies for placing bets on various casino games. Unsurprisingly, this has proven to be a huge success, with such casinos seeing a lot of traffic and transactions.
There are other factors as well, but what cannot be denied is that crypto has caught the world’s attention like never before, and this has interested the rap music community as well. Several rappers, such as Meek Mill, Lil Yachty and Snoop Dogg to name just three, have publicly called on people to invest in cryptocurrencies. Lil Yachty and Akon have actually released their own cryptocurrencies, YachtyCoin and Akoin respectively, and while these may be seen as just ‘pump and dump’ opportunities, Akoin actually has a decent shot at success since it will be used for transacting at his Kenyan Akon City, while YachtyCoin has no practical use at the moment.
There are several other rappers showing interest in crypto and therefore helping increase demand. Nas offered BTC as a prize for a contest held on theraptest.com, and believes that Bitcoin has the capacity to grow bigger than the internet. Megan Thee Stallion gave away $1 million in BTC to fans back in December 2020, while Snoop Dogg’s tweets played a big role in getting Dogecoin to where it is now, with the rapper having posted memes of his own face superimposed on the token’s ‘doge’ logo. Jay-Z has started an endowment, together with Twitter founder Jack Dorsey, to support bitcoin growth in Africa and India, and the duo has put 500 Bitcoin together into this fund.
These examples show how the rap world has gotten behind the crypto movement, and with the influence and audience that they have, cryptocurrencies are bound to gain an even bigger following in the months to follow.