Crypto adoption
Remittances drive ‘uneven, but swift’ crypto adoption in Latin America
Remittance payments, fiat fears, and profit-chasing have been the three most significant drivers of crypto adoption in Latin America, according to a new report. The seventh-largest crypto market in the world saw the value of cryptocurrencies received by individuals rocket 40% between July 2021 to June 2022, reaching $562 billion, according to an Oct. 20 report from Chainalysis. Part of the surge was attributed to remittances, with the region’s overall remittance market estimated to have reached $150 billion in 2022. Chainalysis noted that crypto-based service adoption was “uneven, but swift.” The firm pointed to one Mexican exchange operating in the “world’s largest crypto remittance corridor” which processed over $1 billion in remittances between Mexico and the Unite...
Taliban had a ‘massive chilling effect’ on Afghan crypto market: Report
The Taliban’s takeover of Afghanistan has had a “massive chilling effect” on the local cryptocurrency market, bringing it to an effective “standstill,” according to a recent report. Blockchain analytics firm Chainalysis in an Oct. 5 report stated the Middle East and North Africa (MENA) region saw the largest crypto market growth in 2022 but noted that Afghani crypto dealers had three options: “flee the country, cease operations, or risk arrest.” The report states after the Taliban seized power in August 2021, crypto value received in August and September that year spiked to a peak of over $150 million, then fell sharply the following month. Before the takeover, Afghani citizens would on average receive $68 million per month in crypto value mainly used for remittances. That ...
Emerging markets lead global adoption index: Chainalysis report
While global adoption slowed down because of the chilling winds brought about by the crypto winter, emerging markets seem to be on fire in terms of crypto adoption as they surpass higher-income countries in an index that measures adoption. In a report titled The 2022 Global Crypto Adoption Index, blockchain data platform Chainalysis analyzed the millions of crypto transactions worldwide, web traffic and other on-chain metrics to determine which countries are on top in terms of cryptocurrency adoption. The results show that in terms of crypto adoption, emerging markets are at the forefront. According to the data, lower-middle-income countries like Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya and Indonesia hold positions in the top 20 countries i...
Canadia’s new opposition leader is a Bitcoiner
Canadian politician and noted crypto advocate Pierre Poilievre has taken the helm of Canada’s Conservative Party, which looks set to give the current administration a run for its money in the next federal election. The pro-crypto politician reportedly won the leadership of the Conservative Party of Canada in a landslide victory on Sept. 10, securing 68.15% of the electoral points up for grabs, and far outpacing his nearest opponent Jean Charest who received just 16.07% of the vote. Poilievre has been a member of the Conservative Party since 2003, first winning office in the 2004 election. He has since served as a Member of Parliament for seven terms and held various roles including Shadow Minister for Finance and Minister of Employment and Social Development. Poilievre has been known...
Women could help drive Bitcoin to $250k, saysTim Draper
Crypto continues to see greater adoption around the world, with a major shift likely to come after the latest market downturn. Some of the upside impetus could actually be triggered from a group of market participants not currently a big part of the space – women. Survey reports have shown that women currently make up only a small percentage of investors in crypto. For instance, an CNBC survey in August last year revealed that male involvement in crypto was more than double that of women – 16% for men crypto compared to 7% for women. The gap is also pretty much the same in the Exchange-Traded Funds market, statistics showing a 14%:7% ration in favor of men. So, what happens if the crypto space saw increased adoption by women? According to venture capitalist Tim Draper, it would...
75% of retailers eyeing crypto payments within 24 months: Deloitte
Three quarters of United States retailers plan to accept crypto or stablecoin payments within the next two years according to a new survey. It also found that more than half of large retailers with revenues over $500 million are currently spending $1 million or more building the required infrastructure to make it happen. The information was revealed in Deloitte’s “Merchants Getting Ready For Crypto” report released in collaboration with PayPal on June 8. A large majority, around 85%, of the surveyed merchants said they anticipate that cryptocurrency payments will be ubiquitous in their respective industries in five years. The survey polled 2,000 senior executives at U.S. retail organizations between Dec 3 and Dec 16, 2021 when crypto prices were still riding high, but the results have only...
United Nations agency boss sees a great deal of potential in blockchain
The agency head in charge of the United Nations International Computing Center (UNICC) expressed a positive outlook on crypto at the World Economic Forum in Davos Bank of America head claims they are not missing out on cryptocurrencies during the Davos Forum In an interview with CoinTelegraph, Sameer Chauhan, a former mainstream finance executive and the current head of the United Nations International Computing Center since 2018, expressed a pro-crypto view. Explaining how it is just like any other technology, Chauhan claimed that blockchain could be used to bear either positive or negative outcomes. The use of crypto for good presents’ massive opportunities’ The UNICC boss noted how crypto could be used to bridge the digital divide already present as well as promote transparency if well ...
A beginner’s guide: 3 questions to ask yourself before buying crypto
Are you still unfamiliar with cryptocurrency, and has your curiosity finally caught up with you? The world of crypto is vast and full of terms and practices that might prove a challenge to any beginner in the growing industry that’s crypto investing. But while that can be the case, it does not mean that it is impossible to dive in – or go on to succeed at it. If you’re willing to do the extensive research needed to invest responsibly and ask yourself some important questions, you are good to go. This brief guide provides three key questions that you need to answer before you embark on your investment adventure. Are you willing to risk financial losses? One of the most important things to know about crypto is that they’re an extremely volatile investment. In a matter of days, an otherwise p...
MasterCard executive insists crypto adoption will grow, but challenges must be addressed
MasterCard VP Harold Bossé is bullish that crypto adoption will come to build on the millions who are already on board However, issues including cost, speed, and regulatory concerns must be addressed first to pull in the big players MasterCard’s vice president of product and innovation, digital asset and blockchain, Harold Bossé, has predicted that crypto adoption will grow into the future, but key challenges must be handled first. During a recent appearance at an Avalanche webinar – Powering Business with Blockchain, Bossé seemed unfazed by recent changes that have seen crypto markets plunge to the lowest levels all year. The MasterCard VP holds a confident stance that investors, executives and other participants in crypto are looking forwards to better days. Further, Bossé noted th...
Ray Dalio acknowledges he holds Bitcoin in his portfolio, albeit a tiny portion
Billionaire hedge fund manager Ray Dalio has recently had a change of heart on the flagship cryptocurrency The Bridgewater Associates founder previously showed scepticism on Bitcoin for its volatility, rooting for gold instead. His stance seems to have changed Hedge fund manager Ray Dalio has moved his tent’s posts closer to the Bitcoin camp, with his recent revelation coming months after a change of tune on Bitcoin. The billionaire investor, known for popularising risk parity, currency overlay and global inflation-indexed bond management, previously preached against Bitcoin and other crypto assets. He held that the leading crypto Bitcoin could be banned by governments should it evolve and emerge as a serious competitor to fiat currencies, therefore, preventing capital flow. Bitcoin ...
Balenciaga to support Bitcoin and Ether payments in select US stores
The French luxury giant’s approval of the digital assets not only addresses a gap in crypto payments but also caters to a growing young population of online users The crypto payments support comes at a time when the digital assets are experiencing extreme levels of volatility in the market Balenciaga is the latest name in the luxury fashion industry to offer support for crypto payments. The Paris-headquartered fashion powerhouse announced this week that it would allow its customers to settle payments in crypto in some of its stores in the United States. Two Balenciaga stores – Rodeo Drive in Beverly Hills and Madison Avenue in New York – have moved to implement the plan. Acceptance of crypto payment is a long-term strategy Despite several digital coins haemorrhaging up to half ...
El Salvador buys the dip to boost government’s coffer with 500 BTC
The Central American nation now holds 2,301 BTC Despite recent Bitcoin additions, its use as legal tender remains unpopular with Salvadorans The president of El Salvador Nayib Bukele, has remained resolute, sticking to his grand Bitcoin adoption masterplan. The Central American nation, earlier this week, boosted its Bitcoin position following another bulk purchase during the recent market dip. The second BTC purchase this year Tweeting out the news on Monday, President Bukele confirmed that El Salvador added 500 BTC for $15.37 million, translating to an average price of $30,744. Notably, this was a more enticing price level than the $36,585 average price for the 410 Bitcoins the country added in January. “El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744,” ...
