Monat: Dezember 2021

• BofA strategist Haim Israel says the metaverse space will see widespread use of cryptocurrencies in transactions within the virtual worlds being developed by the likes of Meta.

• He notes that with “right platforms” needed to support the metaverse, crypto as a whole has a massive opportunity for further growth.

Bank of America strategist Haim Israel believes the metaverse offers a massive opportunity for cryptocurrencies, noting that the explosion in interest in virtual worlds and the race to see it developed provides a great springboard for crypto platforms.

He also notes that it’s going to be huge for cryptocurrencies as metaverse users would need digital assets for transactions.

The BofA researcher, who also heads the bank’s thematic investment department, said this in an interview with the Insider.

He told the publication that the metaverse will need to have the right platforms in place, a scenario he predicts could see the entire cryptocurrency ecosystem hit another level of development.

„I definitely believe this is a massive, massive opportunity,“ Israel said.

According to him, it is the metaverse that will see people begin to really use crypto as currencies; an eventuality that means some cryptocurrencies will have a major ecosystem in which to dominate.

While many digital assets linked to the metaverse have soared in value over the past several weeks, the Bank of America strategist says these are likely too volatile to be used. As such, he predicts the space might see stablecoins take the upper hand, he added.

Israel also sees some of the existing payments firms take a keen interest in crypto as their use in the metaverse increases. He opined that it could be another opportunity for these companies to grow, noting that widespread use of digital currencies in the virtual worlds would drive companies towards more partnerships.

Several major companies, including Meta, Google, Microsoft, and Apple are all eyeing the metaverse ecosystem, an industry Grayscale Investments recently said could soon spike to a $1 trillion sector.

The post Bank of America strategist says metaverse is a massive opportunity for crypto appeared first on Coin Journal.

• Nandan Nilekani says proper regulation of the crypto sector could help promote innovation among India’s youth.

Crypto investors in India are anxious to see what direction the government’s regulatory approach to digital assets takes, given a bill before lawmakers touching on the same.

While the bill is unlikely to see cryptocurrencies banned in the country, some commentators have noted that the government could adopt a tough regulatory stance.

Amid this, India remains one of the countries with the largest number of crypto users and Infosys Chairman Nandan Nilekani says crypto could be useful in bringing about financial inclusion.

A well-regulated crypto market will boost innovation

Speaking at the Reuters Next Conference on 1 December, Nilekani said crypto could provide young people a path into the financial markets.

„There is a role for crypto as assets but they obviously will have to follow all the laws and make sure that it doesn’t become a backdoor for money laundering,” the Infosys co-founder said.

According to the veteran investor, what the country needs is “a very well regulated and legal, lawful crypto market.”

In June, the Infosys chair called on Indian authorities to embrace crypto as an asset class, and he reiterated this view in his latest comments. He noted that doing so will allow for  a space where young developers can build applications around which can spring “a wave of global companies.”

Nilekani is a highly respected tech guru and his comments a day after India’s finance minister said there’s a new crypto Bill show how significant the issue of crypto regulation is in the country. According to finance minister Nirmala Sitharaman, the new Bill replaces the earlier draft, which many in the crypto space said was very harsh.

India is already one of the fastest-growing crypto markets, and although not like other major markets such as the US and China, events around digital assets in the country have often investors react in one way or the other.

The post Infosys chair Nandan Nilekani: Crypto can bring about financial inclusion appeared first on Coin Journal.