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Fintech Specialists Predict Ethereum Price Hitting $6,500 This Year Before Rising to $26,338 by 2030

Fintech Specialists Share Ether Forecasts　　Price comparison portal Finder updated its price predictions for ether (ETH) Tuesday. The company detailed:　　Ethereum (ETH) will jump to US$6,500 by the end of 2022, according to Finder.coms panel of fintech specialists.　　In addition, “Ethereum is expected to hit $10,810 by 2025 before more than doubling to $26,338 by 2030, according to the average of the panels forecasts.”　　The company explained that the panel of 33 fintech specialists was surveyed from Jan. 6 to Jan. 17 this year, adding that of the 33 panel members, 26 gave their ETH price predictions.　　The fintech specialists are more bearish in their ETH price predictions than they were in October last year.　　At that time, the panel predicted that the price of ether would hit $5,144 per coin at the end of 2021. It would then rise to $15,364 by the end of 2025 and $50,788 by 2030.　　Commenting on the differences in price predictions this year and October last year, Finder wrote:　　The panels prediction of the value ethereum may reach by 2030 has been dialed back significantly. The positive outlook for price growth in the cryptocurrency market was heavily affected by increasingly tightening international regulations and tumbling current values in early 2022.　　At the

2022-02-11Deep Dive

UK Parliament member M. Hancock ‘would consider’ investing in Bitcoin owing to its ‘potential’

In recent weeks, there has been a lot of discussion in the United Kingdom on the potential economic benefits of Brexit.　　However, there is one area of the economy that hasn‘t received much attention until now: cryptocurrency. British politician Matt Hancock told The Express that Brexit provides the United Kingdom with the chance to establish a “dynamic” regulatory framework for cryptocurrencies rather than being compelled to adopt the EU’s “restrictive” structure.　　The Member of Parliament also believes that the technology might open up new opportunities for the United Kingdom. When Hancock was explicitly asked whether crypto may play a role in a post-Brexit economy, he responded affirmatively: 　　“Yes. We now don‘t have to just take the EU’s restrictive regulatory regime and instead can design our own that is more dynamic.”　　Questioned on whether he has invested in Bitcoin himself, Mr. Hancock said: “I haven‘t yet, but I’d consider it,” he added: 　　“Clearly cryptocurrencies are an investment for some, and the underlying technology has lots of potential, for example in helping make payments, and in smart contracts that have transparency built-in.”Regulation needed in crypto 　　Cryptocurrency advocates claim that it can help democratize the economy by establishing an open market. 　　Aside from this, they think

2022-02-11Deep Dive

Over 5,000 ‘Bitcoiners’ contribute to Canadian truckers as donations approach $1 million

Over 5,000 contributors have raised money for the Canadian truckers protesting COVID-19 restrictions via Bitcoin (BTC) following GoFundMes decision not to distribute the remaining $9 million to the Freedom Convoy 2022 campaign.　　Indeed, as of Friday, February 11, 5,061 donors have given Bitcoin for the truckers on Tallycoin, with a total of over 21 BTC gathered worth roughly $925,340 at the time of publication, as the amount of contributions closes in on $1 million.　　Bitcoin for Canadian truckers. Source: Tallycoin　　The campaign is able to receive all Bitcoins directly into crypto wallets in which they keep custody of the keys since they are using Tallycoin to facilitate the process.　　Whatsmore, Tallycoin, in contrast to GoFundMe, does not have the ability to withhold any of the funds that have been raised. While also allowing Bitcoin contributions to be made both on-chain and across the Lightning Network, resulting in greater efficiency overall.Why the truckers are receiving donations in Bitcoin　　Campaigners turned to Bitcoin after the suspension of a GoFundMe fundraiser, in which more than $9 million in contributions had already been received for the campaign. 　　Shortly after the suspension, GoFundMe revealed it would not distribute the $9 million to the Freedom Convoy 2022 campaign as, apparently, it

2022-02-11Deep Dive

Luxury Auction House Sotheby's Plans to Auction 104 Cryptopunks Worth an Estimated $20M

Sotheby‘s ’Punk It!‘ Auction to Sell 104 Cryptopunks　　The luxury auction house Sotheby’s plans to auction 104 Cryptopunks on February 23, according to an announcement from the company‘s official Twitter account. “Cryptopunks get the Sotheby’s treatment,” the company tweeted. “Our next Sotheby‘s Metaverse sale ’Punk It! 104 Cryptopunks. 1 Lot. will be a landmark LIVE Evening Auction on February 23. A truly historic sale for an undeniably historic NFT project.”　　The lot of 104 Cryptopunks was originally purchased in July 2021 for $7 million in a single Ethereum block. According to reports at the time, the buyer purchased the 104 NFTs by paying the miner a bribe of five ethereum (ETH), and the acquisition bumped up the floor price for the entire collection of 10,000 Cryptopunks.　　The individual who purchased the 104 Cryptopunks discussed the acquisition in a Twitter thread during the first week of August 2021. The buyer dubbed “0x650d” explained it was kind of like buying bitcoin (BTC) below $10 per unit. “Youre wishing you could go back in time and buy Bitcoin below $10, back when you thought it was a fad or there would be dozens of coins like it,” 0x650d said. The NFT collector added:　　But you can‘t. And

2022-02-11Deep Dive

Internet Guru Tim O’Reilly: Crypto and Web 3 are Bubble

Web 3 is being dubbed as the next threshold in the evolution of the internet. Businesses and big entities like Apple, Facebook Meta, Microsoft are all jumping in the Web 3 melee, fearing being left behind in the race. Some NFT companies are already valued in billions. However, is this real, or is the bubble going to burst in the future？ Tech luminary Tim OReilly feels that it will crash, and we must be ready.　　CBS MoneyWatch spoke with tech luminary Tim O‘Reilly, better known for publishing the world’s first website and coining the term Web 2.0. Tim feels that Web 3 has a promising future but is still a long way from fruition. Tim also added that it is hard to convince somebody of a thing when the commercial benefits depend upon believing in it.　　OReilly feels that cryptocurrency, NFTs, and the metaverse, are all valued very highly and reeks of dot-com boom and bust in the breathless boosterism around Blockchain.　　Tim cautions and says that the bust is inevitable　　Tim reminiscences of FTP and Telenet before the web was introduced. Unfortunately, it was highly overvalued, and when the web arrived, it went bust. Nevertheless, the web opened possibilities never thought of before,

2022-02-11Deep Dive

Binance Invests $200 Million Into the Business Magazine and Digital Publisher Forbes

Reports indicate that the worlds largest cryptocurrency exchange by trade volume, Binance, has announced the crypto company has committed to investing $200 million into the American business magazine Forbes. The digital currency company Binance confirmed the $200 million stake into Forbes on the social media platform Twitter.　　Binance Pledges $200 Million to Forbes　　Binance has made a $200 million investment into Forbes, the U.S.-based business magazine and digital publisher owned by the Forbes family and Integrated Whale Media Investments. A report published by CNBC, and shared by Binance on Twitter, explains that the investment “is the first step into a marketplace that has really high potential when it comes to adoption of Web 3.0 based tools” Forbes has plans to go public via a special purpose acquisition company (SPAC) deal with Magnum Opus.　　“Binance‘s strategic investment will be through Binance’s assumption of subscription agreements representing $200 million of commitments in the $400 million private investment in public equity (PIPE) that was previously announced along with Forbes intention to go public via a business combination with Magnum Opus,” Forbes detailed on Thursday. The American business magazine and digital publisher added:“The transactions with Magnum Opus and Binance are expected to help Forbes maximize its brand

2022-02-11Deep Dive

Canadian Conservative MP Pushes for Crypto Framework

Key Takeaways　　Canadian Conservative MP Michelle Rempel Garner has introduced Bill C-249, which aims to create a crypto framework.　　The bill, if put into law, would have Canadas Minister of Finance consult with provincially-designated crypto experts.　　Bill C-249 is meant to promote the growth of the crypto sector and ensure that lawmakers understand cryptocurrency.　　A Canadian Member of Parliament has introduced a bill that aims to make lawmakers interact with cryptocurrency experts.　　Garner Introduces Bill C-249　　Conservative MP Michelle Rempel Garner introduced Bill C-249, titled “Encouraging the Growth of the Cryptoasset Sector Act,” in Canadas House of Commons on Wednesday, Feb. 9.　　If it is approved, the bill would create a framework demanding that Canadas Minister of Finance consult with crypto experts designated by provinces and territories. Garner said in a videoclip that officials and lawmakers are setting policies despite being unfamiliar with cryptocurrency, and that this act could solve that problem.　　The framework would “focus on lowering barriers to entry” in the cryptocurrency sector and would also “[protect] those working in the sector” while reducing administrative burdens.　　Garner also stated that “Canada should be attracting billions of dollars in investment in the fast-growing cryptoasset industry.” The proposal is meant to encourage growth in the sector.　　Bill C-249 has already

2022-02-11Deep Dive

Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks

One of the largest rating agencies in the U.S., Fitch Ratings, has downgraded El Salvadors long-term default rating deeper into junk status, citing risks from adopting bitcoin as legal tender as a key reason. “The adoption of bitcoin as legal tender has added uncertainty about the potential for an IMF program that would unlock financing for 2022-2023,” Fitch detailed.　　El Salvador Downgraded to Junk　　Fitch Ratings downgraded El Salvador‘s Long Term Foreign Currency Issuer Default Rating (IDR) from “B-” to “CCC” Wednesday. The American credit rating agency is one of the Big Three credit rating agencies. The other two are Moody’s and Standard & Poors (S&P).　　For Fitch, bonds rated AAA, AA, A, or BBB are considered investment grade, while those rated BB, B, CCC, CC, C, or D are considered speculative, or junk grade, bonds. The company explained that CCC ratings mean “Substantial credit risk” with “Very low margin for safety,” and that “Default is a real possibility.”　　The rating agency explained:　　In Fitchs view, weakening of institutions and concentration of power in the presidency have increased policy unpredictability, and the adoption of bitcoin as legal tender has added uncertainty about the potential for an IMF program that would unlock financing for 2022-2023.　　The rating

2022-02-11Deep Dive

RBI: Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India

The governor of India‘s central bank, the Reserve Bank of India (RBI), has reiterated his concerns that cryptocurrency is a “big threat” to the country’s financial and macroeconomic stability. He also warned investors of the risks of investing in crypto, stating this type of investment has no underlying value.　　RBIs Multiple Concerns About Crypto　　Reserve Bank of India (RBI) Governor Shaktikanta Das said during a press conference Thursday that cryptocurrency is a major threat to Indias macroeconomic and financial stability.　　Referring to any crypto not backed by the central bank as “private cryptocurrency,” Governor Das was quoted by local media as saying:　　“Private cryptocurrency, or whatever name you call, is a big threat to our macroeconomic stability and financial stability.”　　He explained that any cryptocurrencies with currency-like property will undermine the RBIs ability to deal with financial and macroeconomic stability issues.　　The central bank governor proceeded to warn investors about the risks of investing in cryptocurrencies. Referring to the Dutch tulip bulb market bubble in the 17th century, he cautioned:　　“Investors in cryptocurrency should keep in mind that they are investing at their own risk. They should also keep in mind that the cryptocurrency has no underlying, not even a tulip.”　　Das noted that the RBIs position is

2022-02-11Deep Dive

IRS Reveals Guidelines On How Crypto Investors Can Report Their Purchases On Tax Forms

The IRS releases guides on how to report taxes using form 1040.　　People who purchased crypto with real currency and have been hodling are exempted.　　Cryptocurrency taxation has come underfire in recent months for its supposed lack of clarity.　　The Internal Revenue Service (IRS) has provided guides to help people file their crypto tax returns. It comes after a lack of clarity in the previous phrasing of the question on tax reporting caused some confusion for taxpayers.　　The First Question On Form 1040　　“At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency？” This is the first question on form 1040 when you try to file your tax returns. CNBC‘s Robert Frank joined CNBC’s Squawk on the Street to explain the criteria for answering that question.　　Robert Frank noted that if the answer to the question was in the affirmative, individuals will be required to fill out a separate form and pay their tax. However, the analyst noted that people who had just purchased and held crypto felt obligated to answer in the affirmative. He said that this was so crypto purchased with real currency does not fall into the category of being received. Frank

2022-02-11Deep Dive
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