Cryptocurrency news of the week. – Brian Armstrong,… | By NordFX | Coins | December 2023
– Brian Armstrong, CEO of cryptocurrency exchange Coinbase, published an article containing numerous statistical data. After a significant market correction this year, cryptocurrency values have increased by 90%, with trading volume up 60% in the fourth quarter (Q4). Armstrong emphasized that 425 million people worldwide currently own cryptocurrency. Additionally, 83% of G20 member countries and major financial centers have implemented or are in the process of developing industry regulations.
He highlighted that more than 100,000 merchants and payment systems worldwide currently accept cryptocurrency payments, including companies such as PayPal and Visa. Armstrong also referenced Circle’s report that international payments volume for stablecoins exceeded $7 trillion last year. This indicates that stablecoins are helping fiat currencies like the US dollar exist in digital form.
In countries with underdeveloped economies, such as Argentina, Brazil, and Nigeria, cryptocurrencies are becoming increasingly popular among the population. People living and working abroad use cryptocurrencies to send money. As Armstrong’s article notes, cryptocurrency transfers are on average 96% cheaper than traditional methods and take 10 minutes instead of 10 days. Major financial hubs London, Switzerland, Hong Kong, and Singapore are also turning into cryptocurrency centers to expand employment opportunities in the blockchain and cryptocurrency sectors.
Brian Armstrong emphasized that cryptocurrencies offer people economic freedom by giving them access to their money and allowing them to fully participate in the economy, regardless of the limitations of powerful but outdated financial companies. .
– U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler posted an article on X (formerly Twitter) on December 22nd citing industry violations of regulations. “There are numerous violations in the cryptocurrency space,” the post reads. “This is a breach of trust and has caused harm to many people. “All they can do is wait for the court to declare them bankrupt.”
The community immediately reacted to the SEC chief’s comments, emphasizing that they have long been asking the regulator to clarify the specific rules they must follow. Coinbase, the largest cryptocurrency exchange in the United States, has reportedly been working for several years to secure clarity on industry regulation from the SEC.
Billy Markus, founder of Dogecoin, said the SEC chairman has not established any real rules. Markus went on to describe Gensler as “useless in every way.” Ripple CEO Brad Garlinghouse also commented on Gensler’s post. He called it “egregious hypocrisy” and said Gensler was “politically responsible” for undermining the integrity of SEC requirements.
The same day, the SEC issued a new statement expressing “deep regret” for some of the commission’s mistakes during the enforcement process. Paul Grewal, Coinbase’s chief legal officer, pointed out that the SEC’s “regret” for its mistakes does not negate the fact that the SEC chairman is “threatening an entire American industry.” From a legal standpoint, this remorse means nothing to the taxpayer or the judge.
– Jan van Eck, CEO of the company of the same name, which applied to launch a spot BTC-ETF, was interviewed by CNBC. “I can’t imagine any other asset that outperforms Bitcoin,” he said. Jan van Eck sees the original cryptocurrency as the best savings vehicle and predicts BTC will hit an all-time high in the next 12 months. “Bitcoin has 50 million users. “It is clearly an asset that is growing before our eyes,” he said. VanEck’s representative also dismissed the idea that Bitcoin is a “bubble.” The businessman explained that assets that consistently exceed previous highs in each uptrend cannot simply be considered “inflated.”
– Bitcoin will end the year as one of the most profitable assets due to the excitement surrounding Bitcoin exchange-traded fund (ETF) applications. The leading cryptocurrency, which grew more than 163%, outperformed traditional assets and fell behind semiconductor giant Nvidia, whose shares have more than doubled amid the artificial intelligence wave.
Kaiko Research analysts believe that Bitcoin price dynamics this year could signal the development of a new bull market, divided into three phases: an initial rally from a cyclical low, a mid-term pause, and a year-end rally.
Kaiko points out that Bitcoin has long been viewed as a hedge against inflation, a digital alternative to gold, or an entirely new asset. But for most of history, prices have been largely tied to macroeconomic conditions, the strength of the dollar, and stocks. This year marks a shift as Bitcoin begins to lose correlation with stock indices, including the Nasdaq 100. Analysts note that the fastest decoupling recently occurred when assets passed $40,000.
– According to the predictions of Brandon Zemp, CEO of consulting firm BlockHash, 2024 will be a favorable year for Bitcoin, the launch of cryptocurrency ETFs, and the adoption of cryptocurrency regulation.
Zemp, author of “The Economy of the Future: A Crypto Insider’s Guide to Technologies Dismantling Traditional Banking,” cited the collapse of the FTX exchange, the bankruptcy of cryptocurrency lenders, and the downfall of some stablecoins. He believes that the failure of cryptocurrency projects was fueled by investors themselves, who bought colorful JPEG format NFTs, and trusted developers creating useless software.
“The good news is that cryptocurrencies are here to stay and criminals are constantly being pushed out of the market. The bullish trend is reemerging and could become more stable as bad players are removed from the scene,” declared the head of BlockHash. He hoped that U.S. lawmakers would be able to bring regulatory clarity to the cryptocurrency market in 2024. “I don’t want everything to be decided in court. I hope the cryptocurrency bill will be passed next year. Otherwise, regulators will continue to spur the industry and cryptocurrencies will continue to resist,” Zemp added.
– Analysts at analytics firm IntoTheBlock reported that holders are holding record numbers of Bitcoin and Ethereum. IntoTheBlock classifies anyone who has stored digital assets for more than one year as a holder. According to these data, as of December 24, Hodler owned 70% of Bitcoin and 74% of Ethereum in circulation. According to the chart, Hodler began accumulating coins as early as 2022. In these market conditions, supply shocks may occur. In this case, even if demand remains constant, the value of digital assets will inevitably rise.
IntoTheBlock experts also pointed out that Ethereum is lagging behind Bitcoin in terms of price growth this year. Since January 1, the price of BTC has risen 163%, while ETH has risen only 90%. Considering the growing number of users on the Ethereum blockchain, analysts believe that this altcoin will have a higher valuation than Bitcoin by 2024.
– The Reserve Bank of India (RBI) announced that it has not changed its position and continues to advocate for a complete ban on the use of cryptocurrencies as a means of payment and tradable goods. Senior government officials have pointed out that there is no significant advantage for central banks to issue licenses to cryptocurrency companies. According to the central bank representative, private cryptocurrencies threaten India’s macroeconomic stability, violate the country’s monetary sovereignty, expose consumers to risk, and facilitate illicit activities, including money laundering and terrorist financing. Officials argue that cryptocurrency assets should be viewed as gambling at best.
However, the RBI believes that it would be prudent to launch its own digital currency as a central bank digital currency (CBDC) could be another tool to promote the rapid development of the digital economy. The Reserve Bank of India is confident that the digital rupee will provide consumer protection and serve as an alternative to private cryptocurrencies.
– Robert Kiyosaki, an investor and author of the best-selling book “Rich Dad, Poor Dad,” presented three key predictions for 2024. His first prediction is based on the moves of the BRICS countries (Brazil, Russia, India, China, and South Africa), which are expected to introduce their own gold-backed cryptocurrencies. He believes this will lead to the demise of the US dollar. According to Kiyosaki, Bitcoin and precious metals could benefit from this as investors move their funds into these assets. “The US dollar will die. Trillions of dollars will be brought home. Inflation will soar. Buy gold and silver. Next year, Bitcoin will soar up to $120,000,” Kiyosaki said.
His second prediction suggests that traditional investors, who typically allocate 60% of their funds to bonds and 40% to stocks, will face significant losses in 2024. To protect yourself, he recommended redistributing 75% of your portfolio to gold, silver, and Bitcoin. , the remaining 25% is invested in real estate or oil stocks.
Finally, Kiyosaki’s third and final prediction is a stark warning about the severity of the coming market crash. He rejects his idea of a soft landing and argues that a crash landing is highly likely, which could lead to a full-blown economic depression.
– American venture capitalist Tim Draper speculated that the value of Bitcoin will significantly exceed $250,000 in the coming year. He believes that stablecoins will pave the way for widespread adoption of this leading cryptocurrency. Explaining his confidence in Bitcoin’s potential, Draper recalled his belief in the cryptocurrency even when it was valued at $4,000. He attributed Bitcoin’s slower-than-expected growth to concerns about a rigid U.S. government and acknowledged that he had underestimated America’s conservative stance.
Draper, an avid supporter of smart contracts, envisions a future where all financial transactions, including investments, payments, salary disbursements, and tax transactions, can be conducted with Bitcoin. He expects stablecoins to serve as an important transition tool to drive mass adoption of Bitcoin. “Stablecoins will continue to function as long as the dollar remains viable. However, as the dollar’s influence weakens, we expect there will be a shift in people gravitating towards Bitcoin,” Draper predicted.
Please note: This material should not be considered an investment recommendation or a guide to working in the financial markets. It is for informational purposes only. Trading in the financial markets is risky and may lead to loss of deposited funds.
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