Russia has No Plans to Ban Crypto Unlike China, says Deputy Finance Minister

Russia Has No Plans to Ban Cryptocurrencies Unlike China, says Deputy Finance Minister

A Siberian region, which relies heavily on hydroelectric power and is known for its cheap electricity, also saw its energy consumption surging 159% due to an “avalanche” of crypto-mining.

After the US Federal Reserve Chairman Jerome Powell and US Securities and Exchange Commission (SEC) Gary Gensler clarified in no uncertain terms that they have no plan to ban Bitcoin and cryptocurrencies, Russia’s Deputy Finance Minister Alexei Moiseev conveyed the same thoughts.

Moiseev told reporters this week that Russia does not plan to follow the same path as China and introduce a ban on the purchase of crypto by citizens on foreign exchanges, according to a local publication.

“Russian citizens can have a wallet open outside the Russian Federation, but if they operate within the Russian Federation then they will be subject to bans, I think, for the entire foreseeable future, due to our financial sovereignty,” said Moiseev during a “Digitalization of Financial Markets” lecture at MGIMO.

Last month, China strengthened its crackdown on crypto mining and trading; as a result, a flood of Bitcoin miners are now also moving to Russia besides Kazakhstan and the U.S.

A Siberian region, Irkutsk, which relies heavily on hydroelectric power and is known for its cheap electricity, saw retail energy consumption surging 159% this year, from 2020 levels due to an “avalanche” of underground crypto-mining, Governor Igor Kobzev said in a letter to Russian Deputy Prime Minister Alexander Novak.

“The situation is an unpredictable event for the region and is leading to significant loads on the power grid with the risk of accidents and emergencies,” reads the letter, in which Kobzev said the problem has been exacerbated by China’s ban on mining and called for higher electricity rates for miners.

Close Attention on Crypto

While no plans to ban crypto, the digital currency will not be allowed to be used as a means of payment within the country, as this could result in the loss of the government’s control over the money supply, said Deputy Finance Minister.

Moiseev further said that there is a need to define digital currency and blockchain in the country’s Civil Code and in specialized laws.

“The blockchain will obviously occupy its own niche and will be used where equal rights are needed.”

Last week, Anatoly Aksakov, the head of the State Duma Committee on the Financial Market had said that they are keeping “close attention” on the topic of digital assets and thinking about implementing legislative restrictions on the investment of unqualified investors in cryptocurrencies.

These measures, according to him, are necessary to protect private investors as billions of dollars are currently spent on the purchase of digital currency. But while there is a great risk, there is also great profitability, he noted.

“Here, of course, we need to prescribe in the legislation the norms that will protect an unqualified investor in ill-considered investments in digital currencies.”

In July this year, the Central Bank of the Russian Federation issued an information letter recommending Russian exchanges not to admit instruments linked to crypto and advised professional participants in the securities market to refrain from offering their unqualified clients access to crypto and the management company to include them in mutual funds.

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Author: AnTy

Afghans Embrace Crypto as Fiat Currency Plunges and Banks Severely Limit Withdrawals

The adoption of cryptocurrencies is growing rapidly around the world, especially in developing countries.

Last month, El Salvador became the world’s first nation to adopt Bitcoin as legal tender alongside the US dollar. Following this, many other countries in the LATAM region, like Panama, also started working on adapting cryptocurrency.

As we reported, BitMEX CEO Alex Hoeptner predicts at least five countries accepting the cryptocurrency as legal tender by the end of next year, emphasizing that all of them will be developing countries that are “faced with an inherently unequal financial system” and because they have the “most to lose by continuing the status quo.”

This can already be seen happening in Afghanistan, where banks are severely limiting withdrawals while millions of Afghans currently face food insecurity and severe economic stress set off by cash shortages, rising food costs, and lost income.

“(Bitcoin) was easy to use, cheaper, and more secure than other options,” said Roya Mahboob, founder of the non-profit Digital Citizen Fund.

About a third of almost 16,000 females who learned basic computing skills at her center also learned how to set up a crypto wallet and receive funds. Some of them have left the country after Kabul was captured by the Taliban on Aug. 15, using their crypto wallets to move their money out.

Much like El Salvador, where roughly 70% of them do not have a bank account, the majority of Afghanistan’s population do not have bank accounts either, further accelerating crypto adoption.

According to El Salvador President Nayib Bukele, today, the government’s bitcoin wallet Chivo already has 3,000,000 active users, meaning 46% of the country’s population is using it.

The fiat currency of Afghanistan has also nosedived, and at the same time, Afghan banks and global financial institutions, including MoneyGram, Western Union, and the Central Bank of Afghanistan, lacks enough paper currency to cover withdrawals.

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Back in August, following the takeover by the Taliban, the New York Federal Reserve cut off the country’s Central Bank’s access to its USD assets along with the capacity to settle USD transactions with other banks. Da Afghanistan Bank further lost its ability to purchase paper dollars from the Fed for liquidity and currency stability.

Additionally, the World Bank has stopped the bank from accessing its assets held by the International Monetary Fund (IMF). Mahboob told Reuters,

“I am thinking now – why didn’t we teach about crypto more aggressively, so more Afghans could have crypto wallets and be able to access their money now.”

While regulators around the world point to crypto’s usage in illegal activities despite Chainalysis’ report that the criminal share of all crypto activity fell to a mere 0.34% in 2020, Mahboob, who was named among Time magazine’s 100 most influential people in 2013. said:

“The traffickers and kidnappers will always find a way to abuse a system. But the power of crypto is bigger – especially for women and those who don’t have bank accounts, it is very beneficial and so empowering.”

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Author: AnTy

5th Largest US Bank Is Setting Up Bitcoin Custody, With Other Crypto’s to be Supported Soon

5th Largest US Bank Is Setting Up Bitcoin Custody, With Other Cryptocurrencies to be Supported Soon

US Bancorp (US Bank) has launched a cryptocurrency custody service for institutional investment managers with private funds in the U.S. or Cayman Islands.

The fifth-largest US bank has more than $8.6 trillion in assets under custody and administration and $282 billion in assets under management as of June 30, 2021.

It was this week; the bank announced the launch saying bitcoin service provider NYDIG will act as a sub-custodian.

“Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years,” said Gunjan Kedia, vice-chair of the bank’s wealth management and investment services.

While starting with Bitcoin, it will soon support other cryptocurrencies as well.

US Bancorp is just another bank allowing access to cryptocurrency while the regulatory scrutiny increases.

This week, Bank of America also started covering crypto and released its first report titled “Digital Assets Primer: Only the first inning.”

“Companies aren’t taking the risk of ignoring digital assets and applications and are actively exploring this new technology and its use cases,” reads the report, adding, leading tech companies along with banks, financial institutions, and others have also started to adjust their approach to crypto.

It further noted that an estimated 14% (21.2mn) of US adults own digital assets, with an additional 13% (19.3mn) planning to buy this year. The average age of these potential buyers is 44, and 53% of them are female.

“Despite regulatory headwinds, we are bullish on the prospects for digital assets as it enters the mainstream. We anticipate significant growth as use cases move beyond BTC’s store of value thesis to an industry characterized by product innovation.”

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Author: AnTy

Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time

“There is a small chance that these cryptocurrencies could become very, very valuable, and you don’t wanna not be exposed to them,” said Thomas Peterffy, who has been a Bitcoiner since the 2018 bear market.

While the brokerage service provider started offering crypto trading services just now, the firm’s founder has been involved with Bitcoin in a personal capacity for the past three years.

In an interview with CNBC, Thomas Peterffy, the founder of Interactive Brokers, revealed that he has been a Bitcoiner since 2018. This means, Peterffy bought Bitcoin during the bear market, showing his conviction in the leading crypto asset.

“I have had Bitcoin for three years in my portfolio,” said Peterffy on Thursday.

Earlier this week, Interactive Brokers, which manages $360 billion worth of assets, partnered with New York-based crypto broker Paxos — which was also chosen by payment giant PayPal to enable their digital asset services — to start offering its 1.5 million customers the option to trade Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

In the interview, Peterffy also revealed that he wanted to do this for some time now and finally took the step.

“I’ve been itching to do this because many of our customers have been asking for this, especially registered investment advisors whose clients are asking for some crypto exposure so we’ve been wanting to do this for quite some time.”

“Great Compression” Coming

The founder of one of the leading traditional brokers also shared that they are offering crypto trading services at low prices, at 0.12%, which he said is about half as much as the next lowest platform Gemini and one-third of Coinbase.

“So yes we have been itching to do this for a long time and we’re really happy to be able to do it.”

He actually believes that there is “great compression” coming in trading cost, which is going to go down in cryptos just as it has gone down in securities.

As for crypto being used as a payment mechanism, AMC Theaters CEO tweeted this week that they will be accepting Bitcoin, Ether, and other cryptos as payment for online tickets and commissions; Peterffy doesn’t really see crypto that way.

“Frankly, it doesn’t make sense to me because what is the advantage of these cryptocurrencies visibly,” said Peterffy, adding stablecoins are stable “just like the dollar” while being “better, easier regulated,” and the mechanism of using it for payment equally as simple.

“So, I don’t see it as but you never know so I think there is a small chance that these cryptocurrencies could become very very valuable and you don’t wanna not be exposed to them.”

Call for Clarity

When it comes to regulation with the SEC Chair working overtime to regulate the crypto industry and saying the space is troubled with fraud, hype, and abuse, Peterffy said these “criticisms are fine” but called for clarity.

“We really need to know what to do, and nobody is telling us,” but at the same time, the regulators come after companies two to four years down the road, and they accuse them of not doing things right, but they didn’t ever clear what to do in the first place, he said.

Commenting on the crypto offering high-yield, Peterffy does not understand how they can be so high yield, especially for a stablecoin. While it can be so long as people want to borrow the crypto and are willing to pay a lot for it, “otherwise I don’t see where the yield is coming from, and then I don’t see where the money comes from, it usually doesn’t come from a good place,” said Peterffy.

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Author: AnTy

ECB President Says, Cryptocurrencies Are Highly Speculative Assets That Claim Their Fame As Currency

ECB President Says, Cryptocurrencies Are Highly Speculative Assets That Claim Their Fame As Currency

Christine Lagarde says, “we have to stand ready” for CBDC, which will be available side by side with paper currencies while calling for stablecoins to be regulated.

“Cryptos are not currencies. Full stop,” said Christine Lagarde, President of the European Central Bank (ECB).

In an interview with Bloomberg this week, when asked if she thinks cryptocurrencies are a plus for the global economy or if it’s too early to tell, Lagarde blasted cryptos, saying while they possibly can be, cryptocurrencies are not currencies.

“Cryptos are highly speculative assets that claim their fame as currency.”

She then talked about the need to distinguish between cryptos that are highly speculative, even suspicious occasionally, and have high intensity in terms of energy consumption.

Lagarde also talked about stablecoins during the interview, which she said are “beginning to proliferate.” The total market cap of stablecoins has now surpassed $124 billion, with USDT, USDC, and BUSD leading the market with their respective market share at 58.5%, 23.65%, and 10.27%. Stablecoins, she said,

“need to be regulated where there has to be an oversight that corresponds to the business that they are actually conducting irrespective of how they name themselves.”

Lagarde also noted that some big techs are also trying to promote stablecoins and push along the way, which she said are “a different animal.”

Tech giant Facebook first announced its stablecoin Diem in 2019 with a plan to be backed by a wide mix of fiat currencies and government debt and instantly ran into regulatory scrutiny. Last month, David Marcus said they seek necessary regulatory clearances and have already secured approvals for its digital wallet Novi in nearly every state in the US.

Central banks are also “prompted” by the demand of customers to produce digital fiat money, “something that will make the central bank and central bank currencies fit for the century we’re in,” she said.

This is why every central bank, including the ECB and the Federal Reserve, is looking into central bank digital currency (CBDC) so that instead of having banknotes and cash, “we can have exactly the same thing. But in a digital form.”

“So all of us are working on this and certainly always keen to push the CBDC issue on our agenda because I believe that we have to stand ready for that.”

When launched, they will be available side by side with paper currencies,

“because we want customers to have their preference. If they still want to hold those banknotes and cash, fine. And it should continue to be available in the long run.”

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Author: AnTy

Jack Dorsey’s Square Chooses Non-Aggression Patent Pact With OIN Membership

Continuing in its stride to engender the adoption of blockchain and cryptocurrencies in general, payment facilitator Square has joined the Open Invention Network (OIN).

Square To Engender OSS Growth

In a Tuesday release, Open Invention Network (OIN) – an organization focused on ensuring open-source software (OSS) – announced the recent addition of Square to its community.

According to OIN, Square’s interest in the foundation shows that it is committed to patent non-aggression in OSS.

The cross-licensing platform boasts major backers like Google, IBM, NEC, Philips, Sony, Toyota, and SUSE, enables community members to access patented tech inventions without paying and without the lawsuit.

Commenting on its decision in a Bloomberg special, the US payment giant noted that the step was necessary to avoid the legal challenges that almost toppled the smartphone industry some years earlier.

“We’re in just such a rapid time of growth, so many amazing things are happening without patents,” counsel at Square Max Sills noted.

“We want to avoid long-drawn-out legal battles.”

Square is not new to patent alliances and is a front-runner in the blockchain industry’s first Cryptocurrency Open Patent Alliance (COPA) formed a year ago. Similar to OIN, member platforms and companies promise not to go the legal route if a fellow member peruses their technology.

Crypto big wigs like Coinbase, Kraken, ARK Investment, SatoshiLabs, and several others have pledged their support for the initiative with the foundation solely focused on engendering blockchain technology.

Square Leaning Towards Crypto, Especially Bitcoin

Although Square has been forthwith in its intent to enable a blockchain-driven society of the future, principal founder and CEO Jack Dorsey has been leaning more on the top premier digital asset. A Bitcoin maximalist, Dorsey has not been shy in publicly supporting the high volatile asset and has added Bitcoin to Square’s corporate treasury.

Not satisfied, the social media owner of Twitter has also sought to engender enterprise adoption via conferences, with the most popular being the B-Word which took place last month.

Also, Square is reportedly weighing up launching a Bitcoin decentralized exchange (DEX) platform. According to the payments giant, users will choose from multiple payment options and exchange their traditional fiat for Bitcoin.

The DEX platform is expected to be managed by the company’s Bitcoin division called TBD. Commenting on the company’s DEX plans, project lead Mike Brock noted that stablecoins – digital assets meant to track fiat currencies – would play a crucial role in supplementing payments on scaling solutions like the Lightning Network.

Also, Square is planning to build a Bitcoin hardware wallet. Following a tweet by head of product development Jesse Dorogusker on making Bitcoin custody more mainstream, Dorsey retweeted with a short reply that Square will build a Bitcoin hardware wallet.

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Author: Jimmy Aki

Former RBI Regulatory Chief Advocates for Crypto Regulations in India

India’s relationship with cryptocurrencies has continued to be murky at best. The situation is made markedly worse by regulators, who have made a habit of being coy on the subject.

However, one former policymaker has called on the Reserve Bank of India to adopt crypto and go deeper into the digital currency age.

Building the Right Environment for Assets to Thrive

Earlier this week, Rama Subramaniam Gandhi, a former governor at the Reserve Bank, spoke at the inaugural Hodl 2021 virtual conference. Gandhi had tried to push the agency into adopting cryptocurrencies and creating an enabling environment for the assets to thrive in India to no avail.

The inaugural Hodl event, which was organized by the Blockchain and Crypto Assets Council of the Internet and Mobile Association of India, included several notable people across India’s crypto industry. They had reps from companies like top exchanges WazirX and CoinDCX, trading service ZebPay, and blockchain developer Polygon. While many of them gave opinions about the potential for blockchain and crypto to improve lives across India, Gandhi’s speech focused more on the regulatory angle.

Gandhi had led the Reserve Bank from 2014 to 2017. As the former policymaker pointed out, cryptocurrencies should be treated in the country as a commodity or an asset – and appropriately taxed. He added that a stable regulatory framework would make it easier for Indians to invest in and hold cryptocurrencies.

“Cryptocurrencies should be paid for through normal payment channels. If they are not, it should be deemed mined, and capital gains tax must be levied. That is like voluntary disclosure.”

Murky Crypto Stance Won’t Affect CBDC Development

India’s stance on crypto has continued to be highly controversial. The Reserve Bank banned commercial banks from transacting with crypto companies in 2018, but the decision was overturned last year following a landmark ruling from the Supreme Court.

But, regulators still weren’t done. Legislation tagged the “ Cryptocurrency and Regulation of Official Digital Currency Bill 2021” was introduced earlier this year to ban crypto, although it hasn’t been signed into law. The Economic Times reported in May that the government might consider overturning the ban to regulate digital asset trading instead. But, not much action has been made in either direction.

Despite the murky stance on crypto, India’s government remains resolute in its mission to build a central bank digital currency (CBDC). Speaking to CNBC recently, Reserve Bank governor Shaktikanta Das explained that CBDC trials could commence before the end of the year.

Das pointed out that the Reserve Bank is very careful in handling a possible digital rupee, even as several other countries worldwide progress with currency digitisation. He explained that the regulatory watchdog is more concerned with examining the CBDC’s impact on the financial sector, especially with affected monetary policy.

On the technical front, the Reserve Bank is also looking into the merits of using blockchain for the proposed CBDC. With all of this, Das expressed confidence in the Reserve Bak’s ability to get a framework ready to start tests by December.

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Author: Jimmy Aki

World’s Largest Index Provider Is Looking Into “Direct Exposure” to Cryptocurrencies says CEO

World’s Largest Index Provider Is Looking Into “Direct Exposure” to Cryptocurrencies says CEO

Henry Fernandez, Chairman, and CEO of the world’s biggest index provider MSCI Inc. which is also developing some cryptocurrency indices and products, said in an interview with Bloomberg that they are actively looking into the crypto space.

“We’re still exploring a variety of options and talking to a number of partners, but we’re very bullish on digital assets on the blockchain technology associated with it, obviously including cryptocurrencies. I think they have a role to play in the world. And we’re looking at that. We’re looking at it from the point of you know about direct exposure to the various types of currencies.”

In June, Fernandez had said that the global securities index publisher is considering offering indices based on crypto assets and has been talking to experts about it.

MSCI publishes popular indexes for equities and other securities, which helped asset managers and investors allocate $14.5 trillion in assets globally by the end of last year.

In its recent expansion of offerings, MSCI launched 20 thematic indexes on “megatrends” in China this year to help investors guide their capital into projects in alignment with the Chinese government’s policy goals.

In this week’s interview, besides talking about crypto, Fernandez also shook off concerns about the “investability” of Chinese stocks following Beijing’s recent regulatory crackdown, pointing to previous instances where markets rebounded in the aftermath.

Regulatory compliance has weighed on China “every three, four, five years and obviously the markets have sold off at the time. But very quickly afterward, the markets have recovered and gone through to new heights,” he said.

“There is a lot of criticism on China in terms of lack of compliance,” and it is now going through a corrective phase, Fernandez said, adding: “Countries go through periods like this.”

China also cracked down on cryptocurrency mining and leverage trading in the country that led to a deep sell-off in the crypto asset prices in May and June; however, since then, they have rebounded sharply and are now making moves towards their all-time highs.

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Author: AnTy

99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them

99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them

Digital Currency Group, the parent company of the world’s largest digital asset manager, Grayscale Investments, announced this week that it would be purchasing $50 million worth of shares of Grayscale Ethereum Classic Trust (ETCG).

The company will be using cash on hand to fund the purchase that will be made on the open market.

This announcement came after DCG CEO Barry Silbert said early last week that “99% (of cryptos) are overpriced.”

This comment was made after he explained his reasoning for why he went long on VIX in preparation for the macro fireworks. He said at the time,

“No clue what will be the spark, hence the volatility hedge. but food prices, oil prices, investor complacency, speculative excess, lack of trust in the fed, interest rate normalization, meme stocks, overpriced cryptos, etc., are all on my mind.”

Now, he has announced that his company is buying the shares of an altcoin, Ethereum Classic (ETC), which is the hard fork of the second-largest cryptocurrency Ethereum and has been 51% attacked several times.

With a market cap of $5.1 billion, ETC is currently the 20th largest crypto trading at $37.51, down 77.5% from its all-time high above $167 in early May.

ETCG, meanwhile, is trading at a 33% discount, the same as GBTC and ETHE. Grayscale currently has a total of 12.35M ETC with it. BTC 2.68% Bitcoin / USD BTCUSD $ 32,471.09
$870.232.68%
Volume 58.95 b Change $870.23 Open $32,471.09 Circulating 18.74 m Market Cap 608.53 b
7 h Bitcoin and Ether Options Market Experiences a Boom 8 h Strike Dumps Tether, Set To Partner With Banks for El Salvador Remittances 8 h Skittish Investors Wipe Out All 2021 Gains, Sending Bitcoin Crashing to a New Low & Ether Back at $1,700
ETH -0.73% Ethereum / USD ETHUSD $ 1,873.29
-$13.68-0.73%
Volume 35.54 b Change -$13.68 Open $1,873.29 Circulating 116.4 m Market Cap 218.05 b
7 h Bitcoin and Ether Options Market Experiences a Boom 8 h Skittish Investors Wipe Out All 2021 Gains, Sending Bitcoin Crashing to a New Low & Ether Back at $1,700 10 h FONGO is Creeping into The Crypto Market Just as the Shape of the Curve Changes

Just last week, Grayscale added 13 tokens, including Bancor, Curve, Polygon, and 0x, to the list of coins under consideration for investment products, most of them belonging to the decentralized finance (DeFi) sector. BNT -1.03% Bancor / USD BNTUSD $ 2.93
-$0.03-1.03%
Volume 125.25 m Change -$0.03 Open $2.93 Circulating 214.67 m Market Cap 628.94 m
10 h 99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them 1 w Financial Institutions ‘Should be Concerned’ of Competition from Crypto/DeFi Businesses: Mark Cuban 1 mon Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards
CRV -3.50% Curve DAO Token / USD CRVUSD $ 1.40
-$0.05-3.50%
Volume 187.38 m Change -$0.05 Open $1.40 Circulating 374.93 m Market Cap 524.31 m
10 h 99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them 5 d Kyber Network To Launch On Polygon With $30 Million Liquidity Mining Program 5 d DeFi Protocol Curve Proposes Enforcing IP Rights against Infringers Including Saddle Finance
MATIC -2.54% Polygon / USD MATICUSD $ 1.07
-$0.03-2.54%
Volume 2.5 b Change -$0.03 Open $1.07 Circulating 6.29 b Market Cap 6.73 b
10 h 99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them 11 h Despite Crashing 72% Since Elon Musk’s SNL Peak, DOGE Is Still The Best Performing Coin of 2021 4 d Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin
ZRX -4.44% 0x / USD ZRXUSD $ 0.58
-$0.03-4.44%
Volume 87.69 m Change -$0.03 Open $0.58 Circulating 845.23 m Market Cap 486.03 m
10 h 99% of Cryptocurrencies are ‘Overpriced’ per DCG’s Barry Silbert, But ETC Isn’t One of Them 1 w Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers 3 w DEX Aggregator, 0x (ZRX), Expands to Multi-chain Scaling Solution Polygon (MATIC)

With this update, Grayscale is now considering a total of 31 coins. But not all will be turned into investment products which requires a significant due process and would be subject to custody arrangements and regulatory considerations.

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Author: AnTy

Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey

Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey

Cryptocurrencies have seen wide adoption in the Australian continent, as reflected by a new survey.

Volatility Deterring Widespread Adoption Of Crypto

In a previous survey by The Finder of 1,004 participants in January, about 1 in 4 respondents revealed that they invest in or plan to buy cryptocurrencies.

The number has nearly doubled according to new findings, per reports by The Australian. Of the unknown number of surveyed respondents, about 1 in six Australians (about 17%) said they now own cryptocurrencies. A further 13% said they are interested in cryptocurrencies and would place a stake in the nascent industry as the months go by.

But most of those who participated in the new survey noted that volatility was a huge deterrent. About 43% said that the erratic price swings were a barrier for them to place a stake in virtual currencies. This reflects a 14% increase from the January survey.

Aside from volatility, the knowledge gap of what crypto does comes in at 19%, and limited utility comes in at 18%. Another barrier is that Australians do not know how to buy it, with 22% of respondents stating this fact.

50% of male participants pointed to volatility as a reason they cannot invest in the nascent sector compared to 37% female respondents.

Speaking on the results, Finder personal finance expert Kate Browne said that risk has continued to undermine the adoption of cryptocurrencies. However, she noted that this is a norm for any investment.

Browne noted that the greater involvement of women in the crypto space was a good sign. According to her, this is because more businesses accept BTC payment, and the use of Bitcoin automated teller machines (ATMs) and debit cards was further aiding the growth of the digital asset.

Crypto Is Overvalued

Bitcoin is still the top dog despite volatility with a 9% market share. However, it has lost 4% from the 13% market share it enjoyed in the Jan. survey. Ethereum follows with 8% while parody coin DOGE comes in third 5%. Finally, Bitcoin Cash takes up the rear with 4%. BTC -5.90% Bitcoin / USD BTCUSD $ 35,777.75
-$2,110.89-5.90%
Volume 36.12 b Change -$2,110.89 Open $35,777.75 Circulating 18.74 m Market Cap 670.41 b
2 h NASCAR Driver Becomes the Latest Athlete to Accept Payment in Cryptocurrency In Voyager Sponsorship 3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 5 h There’s “Significant Desire” for Crypto Among Investor says BBVA as it Launches Bitcoin Trading Service
ETH -5.72% Ethereum / USD ETHUSD $ 2,234.15
-$127.79-5.72%
Volume 22.7 b Change -$127.79 Open $2,234.15 Circulating 116.35 m Market Cap 259.94 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 7 h Bitcoin, Gold, Stocks, and Yields Take a Beating as Fed’s Bullard Talks of Tapering 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin
DOGE -4.53% Dogecoin / USD DOGEUSD $ 0.29
-$0.01-4.53%
Volume 1.84 b Change -$0.01 Open $0.29 Circulating 130.08 b Market Cap 38.05 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin 1 d CoinFlip to ‘Demystify’ Crypto With Actor Neil Patrick Harris who Reveals Himself a Bitcoiner
BCH -5.91% Bitcoin Cash / USD BCHUSD $ 563.24
-$33.29-5.91%
Volume 1.64 b Change -$33.29 Open $563.24 Circulating 18.77 m Market Cap 10.57 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin 1 d 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report

The survey also noted that one-quarter (about 25%) felt that cryptocurrencies were overvalued. This number has grown 9% higher from the earlier survey. In addition, 32% said they would rather buy shares or place their money in savings than purchase crypto assets.

The crypto market has seen negative price action after concerns about BTC mining protocol were aired by Tesla boss Elon Musk. In addition, following China’s ban of digital assets for payment, the crypto market lost 50% of its value and is still struggling. BTC trades at $35,600 on the 24hr chart.

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Author: Jimmy Aki