Crypto adoption
Report indicates BlackRock plans to bring crypto trading support
The New York-based investment management company will allow its clients to trade crypto assets via its Aladdin platform Some of the moves the firm has made in recent days have been an indication of its interest in the cryptocurrency sector BlackRock, the world’s largest asset management firm, is looking to provide crypto trading services based on a report from CoinDesk that cited three unnamed parties in the know. One source, as CoinDesk detailed, said that the asset manager would leverage its Aladdin investment platform to support the same. The proprietary platform’s name is a contraction of Asset, Liability, Debt and Derivative Investment Network. The firm, which had $10 trillion worth of assets under management as of last month, will also debut a credit facility alongside th...
The crypto industry is still nascent and poised for hyper-adoption, says Wells Fargo
Wells Fargo has advised investors that it is not too late to put their money into crypto The bank is likening crypto’s adoption rate to the internet in the mid-to-late 90s The bank, however, disapproves investment via crypto exchanges, mutual funds, and ETFs at the moment American financial services company Wells Fargo earlier this week said on a note to investors that it’s early but not too early to get into cryptocurrencies. Over the past dozen months, crypto assets have seen it all – from the highest peaks to extreme volatility. Several coins bloomed during the crypto summer, and the sector’s market cap grew from just under $1 trillion to $3 trillion. This rapid industry growth has primarily been attributed to the increasing number of users joining the sector. Still, F...
Weekly Report: Banks in Russia may soon offer crypto services in the latest turn of events
Russia’s fate on cryptocurrencies has recently swung from pessimistic, and it’s now slowly crossing the line into optimistic. The country’s Finance Minister reportedly wrote a pro-cryptocurrency letter to the Prime Minister this week pushing for banks to trade crypto as a financial asset. Here is more on this and other top stories from the crypto sector this week: Local banks in Russia could be allowed to deal in crypto Russian banks could get one better if recent reports are anything to go by. Word out of the country, as reported by news outlet Kommersant, indicates the banks could yet be allowed to deal in crypto. Bank of Russia has been candid in its anti-crypto position as it recently published a report on cryptocurrencies and recommended a ban over risks to Russ...
El Salvador President affirms Bitcoin price surge is inevitable
Nayib Bukele believes that the price of Bitcoin will soon rocket El Salvador’s Minister of Finance has responded to the IMF’s demands to drop Bitcoin as a legal currency El Salvador President Nayib Bukele has once again publicly expressed his bullish view on Bitcoin, predicting that in “just a matter of time,” the crypto asset would see enormous gains in price. Scarcity to fuel Bitcoin price uptrend Yesterday, Bukele posited that Bitcoin’s maximum supply of 21 million coins might not be adequate to serve the demand as adoption rises. He anticipates that Bitcoin’s increased adoption and scarcity would be a catalyst for the predicted upthrust. “There are more than 50 million millionaires in the world. Imagine when each one of them decides they s...
deVere Group CEO Nigel Green notes increasing institutional money in crypto, questions the IMF
The deVere Group CEO said institutional investors are increasing the share of resources they put into crypto. Green also explained that crypto’s use as legal tender in low-income countries would reduce the reliance on ‘first-world’ currencies such as the Dollar. The CEO of financial services and asset management firm deVere Group Limited GmbH Nigel Green has acknowledged Bitcoin as the world’s largest digital asset and earmarked it to play a significant role in the future financial system. Institutions don’t want to be left behind He added that even institutional investors are recognising the status of Bitcoin and other digital assets hence increasingly shifting their portfolios into this nascent space. These entities know that Bitcoin’s attributes are w...
IMF asks El Salvador to reconsider Bitcoin decision amid risk concerns
IMF directors want the scope of the Bitcoin law constricted to strip legal tender status off the digital asset Last year on September 7th, El Salvador, led by a Bitcoin optimistic president, Nayib Bukele, officially adopted the king cryptocurrency Bitcoin as legal currency. Several financial institutions, including the World Bank and the International Monetary Fund (IMF), advised against the move, but El Salvador went ahead nonetheless. The IMF board has now, once again, asked the nation to renounce its position on the matter. The Latin American country has been in discussion with the monetary body to over a $1.3 billion loan. As part of the consultation, the IMF wants it to change the legal currency status of Bitcoin in the country. The IMF has long held a stance against the idea of using...
Here is why Russia wants to ban cryptocurrency mining and trading
Russia has previously outlawed payments via crypto and investment in crypto by mutual fund Last week Thursday, Russia’s central bank released a report proposing a blanket ban on the use and mining of crypto in the country. Russian authorities are worried that the increasingly strong position that crypto is taking could well pose a risk to the stability of the country’s financial and monetary systems. “Potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including in Russia,” the report said. Crypto is a ‘bubble’ and leads to serious environmental effects The report further suggested that cryptocurrencies carry the characteristics of a financial pyramid scheme. It detailed that with the burgeoning grow...
Weekly Report: MicroStrategy chief says firm will hold onto Bitcoin stash amid crypto market tumble
The cryptocurrency market has continued bleeding on the second straight day. Bitcoin has sunk further, hitting a six-month low. It is currently trading at around $35,500, 6.28% down on the day. Ether and other altcoins have also haemorrhaged, erasing a chunk of gains from recent rallies. The crash has been attributed to the global stock sell-off and a looming crypto ban in Russia. Here are other top cryptocurrency headlines that you might have missed this week: Singapore’s top financial regulator goes after cryptocurrency ATM operators Cryptocurrency ATM operators in Singapore were on Monday ordered to halt their operations in accordance with recently published guidelines. The issued ‘request’ outlawed crypto businesses from lending services at physical crypto ATMs. Singa...
Binance CEO doesn’t think crypto ad restrictions will affect user adoption – Here are his thoughts
Changpeng Zhao explained that word of mouth plays a more prominent role than advertisement in ramping up user adoption Binance CEO Changpeng Zhao said in a recent interview shared by CNBC that he does not expect the increasing ad restrictions by regulators to impact the growth of crypto. Zhao explained that it is only recently that crypto ads were embraced, given that word of mouth has been the dominant force behind crypto adoption. As such, he expects the demand for crypto to grow further, and the surging regulatory measures against the ads are evidence of this. “Clampdown on crypto advertising is unlikely to have much of an effect on demand, as most of the crypto users come from word-of-mouth promotions anyway,” he elucidated. Ads haven’t had a significant influen...
Singapore’s MAS updates crypto advertisement regulations
The Singapore regulator has asked crypto service providers not to show advertisements trivialising the high risks associated with these trades Yesterday, the Monetary Authority of Singapore issued guidelines for crypto service providers, asking them to desist from airing advertisements to the general public in the country. A media release published alongside the guidelines confirmed that the regulator aims to inhibit speculation on various assets known to be volatile and thus unsuitable for investors within the general public. Onwards, crypto service providers in Singapore would no longer be allowed to advertise their products on retail-scale platforms. These include physical ATMs in public settings, physical ads, and online platforms. The updated guidelines also required that henceforth, ...
Spain establishes new requirements for influencers advertising crypto assets
New rules will require social media influencers advertising crypto to seek prior approval before publishing their content Spanish regulators have today announced that starting a month from now, they will impose new guidelines around cryptocurrencies. As per the updated guideline policy, promotions by the so-called influencers will be restricted in what is a first for a member country of the European Union (EU). According to a paper published by the National Securities Market Commission (CNMV) today, Spain intends to ensure that advertisements for products and services offer “true, understandable, and non-misleading content, and includes a prominent warning of the associated risks.” Big adjustments are coming along with the new policy When the new policy comes into effect around...
Here’s why Ric Edelman believes a third of US adults will be invested in Bitcoin by next year
The financial author detailed in his latest publication that he is optimistic the US SEC will finally give the green light to a Bitcoin ETF In an interview on CNBC’s Halftime Report, the founder of Edelman Financial Engines backed his projection that a third of American adults will be bitcoin holders by the end of the year. Edelman, author of several books in the personal finance space, penned in his latest book titled The Truth About Crypto his predictions for the crypto sector this year. Edelman weighs in on bitcoin adoption and spot bitcoin ETF decision Notable among his predictions is that the number of American adults that own bitcoin will grow from nearly a quarter to a third. Edelman noted that the bitcoin adoption rate is high, and many people are being drawn to digital asset...
