Kategorie: Crypto News

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Fundstrat’s Tom Lee: Jack Dorsey’s departure from Twitter is “bullish for crypto”

  • Dorsey, also the CEO of payments firm Square, stepped down on Monday

  • Tom Lee says its people like Dorsey who can marshal support for crypto innovation

  • Square has increasingly set itself as a pro-Bitcoin firm, including unveiling plans for a bitcoin decentralised exchange

Jack Dorsey’s decision to exit Twitter as the firm’s CEO could end up benefiting cryptocurrency, Fundstrat Global Advisors co-founder and managing partner Tom Lee has said.

Dorsey, who stepped down on Monday and plans to focus on payments firm Square, is also a vocal supporter of crypto (more so the pioneer cryptocurrency Bitcoin (BTC)).

Notably, it’s Square that might be at the center of Dorsey’s focus on crypto and Bitcoin innovation, an outlook that sees Lee opine that the ex-Twitter CEO’s exit is bullish for cryptocurrency.

Lee notes that the crypto space doesn’t have “enough capital actually allocated toward crypto innovation.” During an interview with CNBC’s “Tech Check”, the Fundstrat chief explained that its people like Dorsey have the capacity to really invest and marshal support for broader crypto development.

Square taking steps towards crypto innovation

Square, MicroStrategy and Tesla are three of Wall Street’s biggest bitcoin-invested companies, with the addition of BTC on the firm’s balance sheet contributing to increased revenues amid rocketing prices. But that’s not all.

Square’s focus on making it easier for people to invest and spend their BTC has been gaining traction lately and could accelerate now that Dorsey could be fully immersed at the company.

In July, the payments firm announced plans to have the Bitcoin network work with decentralised finance (DeFi) applications. In October, Dorsey revealed that the platform was considering setting up a solar Bitcoin mining operation.

Other than that, Square announced in June that it was working on a Bitcoin hardware wallet targeted at institutional investors and is in the process of developing a decentralised exchange (DEX) as detailed in a recently released whitepaper.

The spike in crypto interest has been driven by major developments in the DeFi, NFTs, and currently Metaverse sectors. Yet, Lee thinks Square’s Dorsey could do even more, telling CNBC that he doesn’t believe the burgeoning cryptocurrency sector “is over-invested yet.”  

Lee’s perspective resonates with that of GK ETF founder and CEO Ross Gerber, who also believes Dorsey’s resignation from Twitter makes sense and could be beneficial to Square Inc.

According to Lee, cryptocurrency provides for the “intersection of financial services and technology,” which means it potentially touches on “literally 60% of the economy.”

Meanwhile, the Fundstrat exec sees Black Friday’s markets sell-off as “horrific” and a massacre largely driven by panic selling. The downside was also heightened by the shortened trading day in the equities markets. But he notes that it offered a window of opportunity to investors.

Bitcoin is trading around $56,986 at the time of writing, about 1.3% down on the day and nearly 18% off since reaching its all-time peak of $69,044 on 10 November.

The post Fundstrat’s Tom Lee: Jack Dorsey’s departure from Twitter is “bullish for crypto” appeared first on Coin Journal.

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Africa holds unique opportunities for crypto adoption, says Binance CEO

Changpeng Zhao says challenges such as currency devaluation, difficulty in making cross-border payments and remittances, and the need for financial freedom are driving crypto adoption in Africa.

As the world’s largest cryptocurrency exchange by trading volume, Binance has continued to attract customers from across Africa, one of the fastest-growing destinations for crypto adoption.

Binance CEO Changpeng Zhao has reiterated that Africa offers unique opportunities, not just for the adoption of cryptocurrencies, but also for broader development of the industry.

Why Binance is bullish on Africa

The Binance chief’s comments in an interview with TechCrunch also revealed why the exchange remains bullish on the continent.

According to Zhao, Africa offers inimitable opportunities and is ripe for crypto adoption. He notes that crypto’s capacity to help solve problems related to cross-border payments and money transfer is seeing more and more people look to buy and use cryptocurrencies.

The number of the unbanked across the continent is also quite big, Zhao added, a fact that provides an opportunity for crypto adoption opportunities. Meanwhile, high unemployment has seen African youths venture into crypto and blockchain projects.

Asked to explain what could be fueling crypto adoption on the continent, Zhao said:

“I think it’s always a combination of many things,” before he went on to explain some of the catalysts towards broader adoption.

Changpeng on what’s fueling crypto adoption in Africa

The Binance boss, one of the most prominent personalities in crypto, believes that challenges such as currency devaluation have contributed to the rising adoption of crypto assets and stablecoins. Many people thus see cryptocurrencies as providing a better hedge against spiraling inflation.

Difficulties in making cross-border payments, or remittances, are another reason crypto is proving attractive to many Africans. Users do not just get to easily send money from abroad or across the continent but to also do so faster and at very low costs.

That’s not all. The need for financial freedom is seeing many people put their money into cryptocurrency investments, Zhao added.

“Much like Southeast Asia and Latin America, millions of people [in Africa] live below the poverty line. So it’s natural that they are interested in innovative, non-traditional ways of wealth creation.”

CZ, as he is known in the crypto space, recently said crypto needed proper regulation, adding that this will help the crypto industry build trust as it moves towards mass adoption. He also holds that effective regulation of the crypto sector in Africa will be critical to protecting consumers as well as spurring further growth.

Zhao also talked about some of the crypto and blockchain projects that could be greatly transformative for Africa. He believes infrastructure and systems in the sectors of GameFi, Sports Fan Tokens, and non-fungible tokens (NFTs) will play a huge role in transforming lives and offering financial freedom to many.

The post Africa holds unique opportunities for crypto adoption, says Binance CEO appeared first on Coin Journal.

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DBS Bank strategist: Watch out for gaming and Big Tech in Metaverse

  • Meta Platforms (formerly Facebook) appears to have injected interest in the concept
  • He notes that almost every facet of life today is going digital
  • Gaming and big technology firms like Google, Apple, and Microsoft could see major gains tied to the Metaverse

We have seen several cryptocurrencies linked to the increasingly interesting Metaverse space make huge gains in recent weeks. Projects such as The Sandbox (SAND), Decentraland (MANA), and Enjin Coin (ENJ) have witnessed an upside driven by investor interest in the concept of a Metaverse.

Crypto and blockchain projects could be among those to benefit massively from the idea, but according to DBS senior investment strategist Daryl Ho, investors could do well to look at two key sectors likely to play a big role as the initiative takes shape.

In an interview with CNBC’s “Squawk Box,” Ho said that companies and platforms that are already deep in the digitisation space could have the front seat when it comes to defining the Metaverse and thus benefitting the most.

 “If you don’t already realize it, we are already moving somewhat towards a digital world, so the Metaverse is simply the next step, the next frontier,” Ho explained.

Meta leads other Big Tech companies in plans for a Metaverse

Recently, Meta Platforms (formerly Facebook), took a giant step in announcing plans for developing the Metaverse, and major companies around the world are looking to follow suit as the reality of a virtual world grows.

It’s with this perspective that the investment strategist says two particular sectors could take the lead and be highly profitable to investors.

He believes the computer gaming industry has the upper hand here, given the sector is already immersed in the virtual world. Notably, it’s in the Metaverse would see people live, work and collaborate and gaming platforms have represented this in many ways in their gaming projects.

“I think these are the companies [investors] should look out for,” he said, adding that the sector is likely to be the one that “shape[s] the metaverse as we know it.”

Ho also believes that big technology companies have all it takes to maintain a leading role in the Metaverse and will be big beneficiaries.

Apart from Meta, other Big Tech companies to watch out for are Google, Apple, Microsoft and game company Valve.

The post DBS Bank strategist: Watch out for gaming and Big Tech in Metaverse appeared first on Coin Journal.

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Microstrategy CEO says Bitcoin is winning, gold is losing

  • Michael Saylor says Bitcoin is unstoppable and will flip gold as the better safe-haven asset
  • BTC will grow 100 times more to become a $100 trillion asset class
  • The cryptocurrency will account for 5-7% of the global economy in the next decade

Microstrategy CEO Michael Saylor says in the end, the battle between Bitcoin and gold will be decided in digital gold’s favour.

In an interview with CNBC’s ‘Squawk Box’, Saylor noted that Bitcoin’s growth is set to see it become a $100 trillion asset class, with the 100x increase in its market capitalisation setting it ahead of traditional store of value gold.

Microstrategy is one of the mainstream companies that hold a significant share of Bitcoin since making its first purchase in 2020. The company is set to add to its current haul of 114,042 BTC, Saylor revealed during the interview.

According to him, the strategy is to “keeps stacking forever”, which implies buy more BTC whenever the opportunity to do so appears. He said that the next ten years will see the flagship cryptocurrency explode amid massive investor adoption, even as monetary indexes across the globe collapse.

A figure that is quickly becoming a respected voice in the Bitcoin community, Saylor believes BTC is on the path to toppling gold.

He added that the trajectory that the cryptocurrency is on will continue in the digital gold’s favour, with the precious metal set to be overtaken this decade.

He said:

“At the end of the decade it will have flipped gold, and then it will flip monetary indexes, a little bit of bonds, a little bit of real estate, a little bit of equity, and emerge as a $100 trillion asset class. So, 100X of where it is right now.”

This, he said, will happen despite the potential for regulatory headwinds. He points to some countries banning crypto or instituting regulations that limit investors.

In his view, there is no other asset class that would beat Bitcoin if an institution wants a safe haven asset. It is Bitcoin that offers the “ethical, technical, and legal safe haven” status that institutional investors want, he added.

Saylor also says the next ten years could see Bitcoin make up 5% to 7% of the global economy. In this time, the US dollar could have replaced most of the world’s national currencies, with the euro and the Chinese Yuan the only other global currencies.

Bitcoin, which plunged to a seven-day low of $55,861 this week, has recouped about 4% of the losses in the past 24 hours. At the time of writing, BTC is changing hands around $59,987, with intraday highs of $60,324 according to data from CoinGecko.

Gold, on the other hand, slipped 0.73% to close at 1,846.02 on 19 November.  

The post Microstrategy CEO says Bitcoin is winning, gold is losing appeared first on Coin Journal.

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Weekly Report: India looking to transform its crypto sector, potential CBDC trial run on the way

The top cryptocurrencies grabbed headlines this week following a market-wide market tumble that saw over $250 billion wiped off the sector

Bitcoin slid below $60,000 early on Tuesday and despites effort to bounce back, the crypto coin continued bleeding and is now trading around $58,000. Ether followed a similar path dropping to around $4,200. Both tokens are currently trading in the red and are 8.31% and 7.75% down in the last 7-days respectively.

Here is a breakdown of other exciting events outside the market.

India officials are bullish on a CBDC pilot program early next year

In a week where a parliamentary panel concluded that cryptocurrencies would not be banned but instead be regulated, it has also come out that India is planning to launch a CBDC pilot program early next year. On Monday, a group of crypto experts from various areas, including the IIM Ahmedabad, the Blockchain and Crypto Assets Council (BACC), and top crypto exchanges, met with the Parliamentary Standing Committee on finance.

The meeting led by BJP MP Jayanth Sinha discussed the crypto situation and concluded that crypto cannot be stopped but will rather be regulated. No specific body was however tasked to manage and oversee the sector.

On Thursday, reports confirmed that India could as soon as Q1 2022 launch a CBDC pilot program. P. Vasudevan, the chief general manager at the Department of Payment & Settlement of the Reserve Bank of India, was quoted saying this, adding that the central bank was also exploring “various issues and nuances related to CBDC.”

Speaking at an online event hosted by the Australian Strategic Policy Institute on Thursday, Prime Minister Modi took a combative approach when talking about crypto. He complained that crypto, more particularly Bitcoin was a threat to the younger population. This was not the first time the Prime Minister was expressing discontent. Just this month, he led a meeting that resolved that the youth should be protected from overpromising and false advertising on cryptocurrencies.

Winklevoss-founded Gemini raise $400 million to build a metaverse

Facebook’s ripple effect is still seemingly being felt in the crypto space. Towards the end of last month, the social networking firm paved the way for a spree of investments by several firms entering the metaverse. The announcement and resultant transformation saw startups raise more than $4 billion in an attempt to rival contemporary big tech in the idea of a metaverse.

For the first time, Gemini’s twin-brother owners received external capital into their company with the $400 million raise that saw the crypto exchange’s valuation rise to a significant $7.1 billion. The pair, Tyler and Cameron Winklevoss, will still retain a huge chunk (75%) of ownership of the firm. Morgan Creek Digital led the round, with other financiers, including the Commonwealth Bank of Australia, ParaFi, and Marcy Venture Partners also taking part.

A fraction of the funding will be aimed at investment into the metaverse with part being used to expand the company’s geographical reach. The Winklevoss brothers have popularly in the past challenged Facebook boss Mark Zuckerberg and will be seeking to go head-to-head with his company’s planned metaverse.

In a Forbes interview published yesterday, Tyler Winklevoss said that the firm’s strategy would be to spread itself across several metaverses. In addition to offering exchange services, Gemini also has $30 million of crypto assets under its custody. The exchange also runs an NFT marketplace and facilitates users to lend their crypto.

Paradigm’s reveals largest-ever VC crypto fund at $2.5 billion

This week saw a series of fundings by venture capital firms, and one of the highlights was Paradigm’s $2.5 billion raise. The investment firm unveiled the fund on Monday, and with the firm having a keen eye on Web3 applications and protocols of the future, it plans to put the money into supporting innovation and incubating ideas. The invested capital is expected to support the next generation of crypto companies.  

Elsewhere, the Anoma Foundation on Wednesday confirmed that it had raised $26 million at a $260 million valuation. The round was led by California-based Polychain with additional participation from Zola Capital, Maven 11 Capital, Electric Capital, Fifth Era, and others. The funding will help the firm acquire the services of Heliax – a group of developers – to help grow the protocol further.

On the same day, blockchain technology company, ConsenSys revealed via a blog post that it had raised $200 million at a $3.2 billion valuation. The firm plans to use the capital in making Web3 applications around Ethereum much more accessible and easier to use. The investors involved in the raise included HSBC, ParaFi, Coinbase Ventures, Animoca Brands, and Dragonfly Capital.

Binance is rooting for compliance in its 10 fundamental rights for Crypto users

This week, Binance published a detailed list of rights for cryptocurrency investors and users. The world’s largest crypto exchange set the rules in what was a remarkable turnaround. Binance was largely surrounded by regulators in various countries over the last few months.

The exchange pulled off what was its first-ever publication on traditional media – a full page of the fundamental rights on the Financial Times, complemented with a web posting. The rights touched on the idea that crypto was good for all, but it still needed to be worked on. Binance advocated for a more regulated crypto space to assure the ordinary user’s protection, which is something the regulators want to hear.

The document, 10 Fundamental Rights for Crypto Users, detailed what Binance believes to be the required market ideals and user rights. It reviewed economic independence, allocated responsibilities, called for user privacy, talked of the inevitability of crypto regulation, among other issues.

Binance CEO Changpeng Zhao, on his part, told Bloomberg that face-to-face meetings with regulators had helped change the regulatory view on his exchange. He further added that the exchange had been engaging with regulators about what is important in regulating crypto, and it was only now sharing the information with users.

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