The Daily: Sony's blockchain launch faces memecoin backlash, bitcoin analysts rethink Trump inauguration strategy and more

Sony’s blockchain subsidiary launched the mainnet of its Ethereum Layer 2, Soneium, on Tuesday, targeting content creators and their communities, but faced a memecoin-related backlash. Analysts at K33 previously favored selling bitcoin at the Jan. 20 inauguration as heightened expectations from Trump’s pro-crypto campaign promises met the reality of Washington’s often slow-paced political machine. However, selling the news has become less attractive as the inauguration approaches.Bitwise CIO Matt Hougan said companies like MicroStrategy buying bitcoin are an “overlooked megatrend,” with the number of corporate holders “poised to explode” amid reduced reputational risk and new FASB accounting rules.The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.