Crypto Guides, Knowledge & Insights

Bitcoin Will Replace U.S. Dollar, Jack Dorsey Tells Cardi B

In a recent Twitter exchange with superstar rapper Cardi B, former Twitter CEO Jack Dorsey told the “WAP” singer that Bitcoin is going to replace the U.S. dollar, showing his unwavering support for the largest cryptocurrency once again.　　The Twitter interaction between the Grammy Award-winning rapper and the tech billionaire about crypto usurping the dollar prompted plenty of reactions on Twitter. Bitcoiner Dennis Porter smugly remarked that such a conversation was actually inevitable.　　Other cryptocurrency communities also showed up in Cardi Bs replies, with Dogecoin co-founder Billy Markus posting a meme about how Dogecoin is more stable than the U.S. dollar.　　After stepping down as CEO of the social media giant in late November, Dorsey also renamed Square, his mobile payment company, to Block. He has now taken on a dream job as a full-time Bitcoin advocate.　　In a separate tweet, Dorsey also took aim at “web3,” the term that is used to vaguely describe the next generation of the internet.　　The Block boss says that this is only “a centralized entity with a different label.”　　He‘s not the only billionaire who’s not buying into the new crypto trend. Tesla CEO Elon Musk, the richest person on the planet, called web3 “BS” earlier this month. In

2021-12-22Deep Dive

Jack Dorsey dismisses Web3 as a venture capitalists’ plaything

The former CEO of Twitter and Bitcoin enthusiast Jack Dorsey has taken to the service he co-founded to voice his displeasure with so-called Web3 technology and the involvement of venture capital firms like Andreessen Horowitz. Web3, the still hazy term for blockchain-based, decentralized systems and tech that are meant to replace the internet as we know it, has garnered much attention and funding this year, with Andreessen Horowitz being among its loudest cheerleaders.　　You don‘t own ’web3, Dorsey tweeted.　　Trading of non-fungible tokens, or NFTs, on the Ethereum and Solana blockchains, has been the most visible manifestation. Many companies are now investing in developing decentralized apps and games for those platforms. “You don‘t own ’web3,” tweeted Dorsey. “The VCs and their LPs do. It will never escape their incentives.” The post drew more than 16,000 likes and thousands of retweets. Many pushed back with comments like “highly disagree” and dead wrong, though many others chimed in with support.　　Jack Dorsey continues to advocate for bitcoin.　　Tesla CEO Elon Musk also joined the discussion by asking if anyone has seen Web3, to which Dorsey replied, “it‘s somewhere between a and z,” hinting that it’s held under the control of the VC firm founded by Marc

2021-12-22Deep Dive

Crypto and blockchain deals soared 131% in 2021

The number of mergers and acquisitions in the crypto and blockchain sectors more than doubled in 2021, and transaction volume boomed to more than $6 billion, according to a report from The Block Research.　　Crypto asset manager Galaxy Digital, led by bitcoin bull Mike Novogratz, made the first billion-dollar deal in the sector with its May announcement that it would buy BitGo, a digital asset infrastructure provider start-up, for $1.2 billion.　　The deal contributed to an overall 131% spike up in Ms 2022 Digital Asset Outlook. The value of the transactions saw an even more dramatic surge, soaring 730% to $6.1 billion.　　“2021 was a defining year for the blockchain and cryptocurrency sectors where it matured from a nascent industry,” the report said.　　Coinbase racked up the most amount of deals in 2021, tallied at eight, including its purchase of infrastructure platform Bison Trails. Coinbase has become “the most aggressive participant” in crypto-sector Ms valuation briefly stretched beyond $3 trillion this year for the first time, supported by a wave of institutional and retail investment this year.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2021-12-21Deep Dive

Coinbase defines its role in the Metaverse, saying keeping it free and open is its goal

Last week, U.S crypto exchange Coinbase released a blog post sharing its thoughts and defining its role in the Metaverse.　　Since Facebooks rebranding to Meta in late October, the Metaverse term has been thrust into the mainstream spotlight.　　But crypto projects such as Enjin, Decentraland, and The Sandbox, to name a few, have been working on the Metaverse concept for many years now. However, their efforts have failed to garner the same recognition as Meta to date.　　All the same, unable to shake the data privacy scandals of the past, many have already written off Meta. Phillip Dutton, the co-founder of tech firm Solidatus, said the collection of vast quantities of data by Meta poses concerns.　　“regulators and the public are demanding transparency so they can trust their data is being used and protected appropriately.”　　Many influential people still see the Metaverse as a natural evolution of the internet. Coinbase thinks that the Metaverse can be a trusted space with its contribution.　　What is the Metaverse？　　The convergence of blockchain, NFTs, and extended reality technology will bring about the coming of the Metaverse.　　Programmer Eric Elliott described it as a digital world where the only limitations would be our own imagination.　　“The metaverse, in a nutshell, is the digital

2021-12-21Deep Dive

VCs invest $30 billion into crypto industry

If crypto investments would be used as a metric to gauge if crypto has finally gone mainstream, then one could argue that 2021 was the year that the industry finally gained acceptance from both investors and the general public.Investors pour $30 billion into the crypto space　　According to available data from PitchBook, as of December 15, VCs have invested around $30 billion into the crypto industry in this year alone. The data revealed that ATH of crypto investments was in 2018 when investors poured $8 billion into the space. This means that investors have invested almost 4-times of what they did in 2018 into the space.　　Per Bloomberg, the surge in crypto investments could be tied to the several new innovations that can now be found in the crypto space. The growth of NFTs, DeFi, Web 3.0, alongside others have made the space a very attractive option for investors. 　　This view was shared by PitchBook‘s analyst Rob Le who said that “Investors are funding anything and everything.” The general partner at Blockchain Capital LLC, Spencer Bogart, also referenced the growth in those crypto niches adding that investors now think that they “don’t have enough exposure to the industry.”　　While crypto growth and investments

2021-12-21Deep Dive

Coinbase defines its role in the Metaverse, saying keeping it free and open is its goal

Last week, U.S crypto exchange Coinbase released a blog post sharing its thoughts and defining its role in the Metaverse.　　Since Facebooks rebranding to Meta in late October, the Metaverse term has been thrust into the mainstream spotlight.　　But crypto projects such as Enjin, Decentraland, and The Sandbox, to name a few, have been working on the Metaverse concept for many years now. However, their efforts have failed to garner the same recognition as Meta to date.　　All the same, unable to shake the data privacy scandals of the past, many have already written off Meta. Phillip Dutton, the co-founder of tech firm Solidatus, said the collection of vast quantities of data by Meta poses concerns.　　“regulators and the public are demanding transparency so they can trust their data is being used and protected appropriately.”　　Many influential people still see the Metaverse as a natural evolution of the internet. Coinbase thinks that the Metaverse can be a trusted space with its contribution.What is the Metaverse？　　The convergence of blockchain, NFTs, and extended reality technology will bring about the coming of the Metaverse.　　Programmer Eric Elliott described it as a digital world where the only limitations would be our own imagination.　　“The metaverse, in a nutshell, is the digital

2021-12-21Deep Dive

Ethereum-based liquid staking solution Lido announces the integration of Chainlink Price Feeds

Ethereums largest staking platform, Lido, recently announced adopting stETH/USD Chainlink Price Feed.　　stETH is the platforms tokenized form of staked Ethereum, that combines the value of the staked deposit with staking rewards.The next wave of integrations for Lidos staked asset　　“Lido is excited to announce that we are now sponsoring the first in a series of Chainlink Price Feeds to enable DeFi protocols across leading blockchains to quickly and securely support Lido staked assets,” read the announcement.　　According to the announcement, the integration of Chainlink Price Feeds is expected to expand the utility of stETH.　　While earning staking rewards from Lido, users are enabled to deploy stETH as collateral in DeFi.　　“Integrating Chainlink Price Feeds is an important step in supporting the next wave of integrations for Lidos staked assets, such as within money markets and certain yield farming apps,” commented Vasiliy Shapovalov, P2P CTO and Lido DAO member. 　　“Chainlink effectively serves as a great enabler for DeFi protocols looking to quickly and securely add support for assets like stETH, removing manual process and mitigating security risks around using unproven oracle solutions,” clarified Shapovalov.Expanding the support of Chainlink Price Feeds　　Chainlink‘s blockchain agnostic oracle solution aligns with Lido’s multi-chain expansion agenda.　　Lido revealed its plans to expand

2021-12-21Deep Dive

Banks Offering Crypto Requires Global Regime, Says BoE Official

An increasing number of lending institutions around the world offering crypto trading and custody services to their customers requires a comprehensive regime to protect the global financial system, according to BoE executive director for financial strategy and risk, Sarah Breeden.　　Breeden said that one challenge the monetary authority faced was sourcing reliable data on cryptocurrency holdings by institutional investors. She believes that international cooperation would be necessary to establish a reliable account of these figures. “The ability to get data on what institutional investors are [holding] is a challenge,” she said. “This is not something the UK can solve all on its own.” Breeden suggested the cooperation would take place between members of the Financial Stability Board, a global body of central banks, including those of the United States, Europe, Japan and Australia.　　Risks posed　　Although the BoE lacks official figures, it believes that the cryptocurrency market currently poses little threat to the broader financial system. Within Britain, some 2.3 million own crypto investments, albeit usually rather small ones. A sudden collapse in value would likely sting for these investors, but have minimal residual effects on markets.　　“However, if somebody had borrowed money against that, or if some institutional investors are holding that in

2021-12-21Deep Dive

Three Main Catalysts for Crypto Adoption in 2022

Flori Marquez – Co-Founder of the cryptocurrency custodian BlockFi – expects FOMO to be the main factor, which will drive digital asset adoption in the next year. She concluded that the other two elements will be the talent shifting from traditional industries to the crypto sector and regulatory clarity.　　FOMO Will Be a ‘Huge Driver’　　In a recent interview for Yahoo Finance, Flori Marquez – Co-Founder at BlockFi and Senior Vice President of Operations – opined that the digital asset industry has grown to such a level that many people in the USA will experience Fear of Missing Out (FOMO) in 2022. This will become a significant factor for a lot of investors to enter the market for the first time and thus accelerate crypto adoption:　　“Were going to see more consumers across the US enter the space for the first time. And I think a huge driver is going to be FOMO.”　　Marquez noted that currently, people are much more open towards bitcoin and altcoins compared to five years ago. For example, she claims 1 in 10 Americans plan to give digital assets this year as a Christmas gift to relatives or friends, while 2/3 prefer to talk about cryptocurrencies.　　“And I do think

2021-12-21Deep Dive

Visa Executive: Bitcoin Is a Technological Phenomenon

Cuy Sheffield – Head of the Crypto department at Visa – stated that his firm will keep providing cryptocurrency services to its clients. The top executive described bitcoin and the altcoins as a “technological phenomenon,” while many of the companys users view them as the “future of money.”　　Visa and Crypto Will Go Side by Side　　In a recent interview for the Indian media NDTV, Visa‘s crypto boss – Cuy Sheffield – displayed his favorable stance and presented his firm’s intentions to keep offering digital asset opportunities. More specifically, the company will enable customers to purchase or cash out their cryptocurrencies, bring new infrastructure capabilities and services, and support the emerging NFT sector.　　Earlier this month, the payment processor giant launched an advisory practice in hopes of helping its clients to properly understand the world of crypto. Asked whether Visa could expand this opportunity to the borders of India, Sheffield asserted that the company will reach every country depending on the local regulations:　　“Visa aims to provide our crypto advisory services to clients globally wherever there is interest, and currently, we offer services in markets where the regulations permit such transactions.”　　It is worth noting that the authorities of the second most-populated nation might impose

2021-12-21Deep Dive

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