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Crypto Will Eventually Replace Fiat, but How Soon and Where?

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Crypto Will Eventually Replace Fiat, but How Soon and Where?

A recently unveiled Deutsche Bank “Imagine 2030” report boldly puts a date on the eventual fiat–crypto “social consensus flip,” citing the Asian continent and, in particular, China, to have already recognized the trend. If true, then what every cryptocurrency speculator and investor would like to know is, when will it happen? The current landscape is a predictor of the future. 

Analysts talk of the social consensus flip 

The classification of crypto by Deutsche Bank includes central bank digital currencies, or CBDCs, which is worth keeping in mind while results are discussed. Certainly, the analysts behind the research hold a more positive belief that these moves toward centralized cryptocurrency solutions will replace fiat currencies. 

The report concludes that the next step to avoid falling behind in the world’s economy will be a result of the fiat–crypto flip. The concept, while interesting, still comes with its flaws, such as the fact that global adoption, government acceptance, and massive leaps and bounds in cybersecurity technology would need to occur in order to even consider replacing traditional fiat with centralized (or decentralized) crypto assets. 

If a CBDC currency from a major country turns out to be successful and the centralization strategy is implemented by other countries, most of these investors and traders will likely begin to look in its direction. All this movement is likely to drastically affect the blockchain industry, but may not necessarily drive mass adoption in the direction of decentralized currencies. 

China, the frontrunner? 

On the heels of Chinese President Xi Jinping’s announcement regarding the government’s interest in blockchain tech, the country has made clear its strong efforts to implement feasible plans that ensure individuals and businesses can make national and international transactions using this fast-growing technology. 

However, the idea is not to trigger Chinese crypto enthusiasts to invest more in Bitcoin and any other decentralized currencies with an immutable ledger, but rather to mirror a more centralized focus in the direction of the People’s Bank of China, or PBoC, which plans to launch the world’s first national cryptocurrency.

The plan has been in motion for some years, and the PBoC has completed the prototype according to local officials. With the government’s support over the years, the pace of development can increase, scaling the creation and testing of this national currency to become a part of the closed Chinese system.

Gantig Bayarmagnai, CEO of Bitmonex LLC — a digital asset exchange based in Mongolia — discussed the future of the Chinese yuan and prospects of the social consensus flip with Cointelegraph:

“With the Chinese government taking the initiative by introducing their crypto Yuan early next year, we will most likely see other countries following suit. Countries like China, South Korea, and Japan will most likely see a quick transition to a crypto-based payment system because of their existing infrastructures and developed culture in accepting digital payments as the norm, as opposed to using cash for payments. It also gives the government full autonomy in monitoring all transactions with ease.”

Although clampdowns may loom from centralized currencies, the number of potential financial transactions that can be carried out through transitioning the Chinese economy to the blockchain is strong, with over 775 million employed persons in the country. But why exactly does the government want to create a centralized technology?

Aamir Sohail, director of Blockchain Smart Solutions — an international Distributed Ledger Consultancy — discussed the future of CBDC with Cointelegraph:

“Central bank tokens have a potential for mass adoption if done right. Driving a right balance between decentralization and inflationary measures is pivotal for central banks. These stable cryptocurrencies and central bank tokens may exist with fiat by 2030 but I do not think these will completely replace fiat but may coexist.

Rather than allowing the natural progression of decentralized currencies, centralized currencies on the blockchain are being touted as acceptable options for mass adoption. It is a small step, but carries significant risk. 

The warning signs for the future of these pseudo cryptocurrencies is present though, since the PBoC deputy director, Mu Changchun, made the statement at the China Finance 40 forum. He indicated that the new national currency to be launched would be operated in a two-tier system, with the PBoC on top, and commercial banks allowed in the second tier of the centralized system. This allows for full power of currency manipulation between banks, with the government overseeing it all. 

Related: US and China Battle for Blockchain Dominance

During a conversation with Cointelegraph, Miko Matsumura, the co-founder of Evercoin, highlighted that given the power the People’s Bank of China seems to have, the report estimate is accurate. He further believes that the same phenomenon may occur in half of all countries by 2025. He went on to add: 

“Only the top 20 national or regional (e.g., Euro) currencies will survive. As far as internet currencies the Pareto principle will enable the dominant currency to take 80 percent of the internet market. Bitcoin will be the dominant value store but not the dominant Internet currency protocol. It’s not clear who wins [between centralized and decentralized currencies].”

Currently, the Chinese government can monitor all transactions and assets of individuals, similar to what their CBDC would be capable of. This is still very unlike what happens in a decentralized system, where everything that happens in the public ledger, like transactions, can remain anonymous. 

Some point to Facebook’s Libra as the reason behind the increasing pace of China’s blockchain development. Libra itself is centralized through the wallet function, and as Mark Zuckerberg knows, the value is in Know Your Customer data. 

Related: China’s CBDC Showcases Interoperability as Centralization’s Weakness

The Chinese government likely sees the value of knowing and controlling valuable transaction data that can now include the flow of finances for the general population. Regarding this, entrepreneur and managing partner at Morgan Creek Capital, Anthony Pompliano, exclusively told Cointelegraph: 

“The choice currency of drug dealers, money launderers, and terrorists is still cash.”

With all of this in mind, how crypto is classified will need to be more defined as more CBDCs enter the picture because they are (from a decentralized viewpoint) still fiat and centralized, just on the blockchain. 

Assuming the 2030 date, decentralized mass adoption will lag

So, theoretically, what would need to happen for the Chinese CBDC to take over as the national fiat and eliminate the necessity for the original yuan to exist?

In short, the government would have to rid their nation of the yuan, giving citizens access to the resources needed to utilize the new digital currency. Thus, by eventually onboarding their citizens, the blockchain would gain billions of users. So, assuming Deutsche Bank is correct in projecting this to happen by 2030, the transition merely adds a pool of blockchain users which are one step closer to adopting decentralized currencies. 

In analyzing the potential for CBDC, the question arises, Will centralized parties allow users to offboard and invest in decentralized currencies? By allowing fiat onboarding to centralized CBDC, an entirely new market of blockchain users will emerge. So, if the Deutsche Bank prediction is accurate, adoption toward true decentralized currency may still take time beyond 2030, as CBDCs still have fiat protections where decentralized currencies do not. 

In a Cointelegraph exclusive discussion with fintech venture studio Draper Goren Holm’s founding partner, Alon Goren, he discussed the Deutsche Bank report’s prediction:

“Since central bank coins are counted in [the Deutsche Bank 2020] prediction, then I totally agree [on the eventual fiat–crypto social consensus flip]. Just as large financial institutions are experimenting with digitizing securities and creating their own tokens and coins, I think progressive governments will start doing that more and more. It’s a natural progression for everything to be digitized and I think that the cat is now out of the bag and they will have to create their own tokens to (try and) retain control of financial systems.”

Therefore, as blockchain users are onboarded to centralized currencies they become one step closer to decentralized currencies, but still not directly involved. By reducing barriers to access the entire capital market (including centralized currencies), a system may emerge where instead of trading into different centralized currencies, users will begin to utilize more decentralized currencies.

In a situation like this, a currency swap between centralized currencies that can also provide access to the decentralized currency ecosystem on the blockchain will add the most value. Enterprise solutions like XRP or consumer solutions like Element Zero Network serve as the middle ground between currencies at little cost without spreads, unlike the current forex trading model. 

Maintaining the value between the two currency systems — centralized and decentralized — is important in ensuring success of users transitioning from fiat (or centralized currencies). Technologies that follow fair and free decentralized access to blockchain fiat currencies and decentralized currencies will add the greatest value to achieving mass adoption past the 2030 Deutsche Bank prediction. 

On the matter, Cointelegraph spoke to Michael Creadon, the head of institutional sales at DrawBridge Lending. Creadon believes that, “Decentralization is a noble goal but it has its limits.” He went on to clarify that if one wants to engage with Bitcoin in the United States, they would have to deal with multiple governmental agencies and watchdogs. He continued:

“This is not a good thing or bad thing. It’s reality. You can see the pendulum swinging back away from decentralization towards centralization at a blinding speed. Look at Libra; how’s decentralization working for them? But like anything, the answer is probably closer to the middle.”

Apart from this, the CBDC is not intended to be a quiet coin, as PBoC’s director asserted; it is such that in years to come, this centralized cryptocurrency can fullysubstitute fiat. 

PBoC never at any point mentioned that it would ban other cryptocurrencies from functioning in the country once its new currency is launched. This is a positive sign if a decentralized future is resting on the progression of fiat to centralized currency and then onto a decentralized currency. Centralized currencies will exist, but decentralized ones will hopefully not be banned, leaving the choice to the people.

Published at Fri, 20 Dec 2019 04:30:00 +0000

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Yieldly announces IDO

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APAC – Yieldly will be having its Initial Decentralized Exchange Offering (IDO) on TrustSwap from 21 – 26 May. The project will be opening at a 20 million fully diluted market cap with liquidity for Yieldly projected to be available on other exchanges in the first week of June.

One of the most promising projects from the Longhash x Algorand Accelerator, Yieldly has raised USD $1.7 million dollars at a 20 million fully diluted token value. The round was led by Borderless Capital with NGC, LD Capital, OKEx Dream Fund, and LongHash ventures. The upcoming IDO is a milestone for Algorand, as Yieldly works towards launching the first suite of DeFi products on Algorand in early June. 

Algorand has already been providing a strong foundation for blockchain projects across many different industries, experts predict Algorands rise in value to possibly be 10-20x by 2025.

Founded by MIT professor and recipient of the prestigious Turing Award for computer science, Professor Silvio Micali, and led by an experienced team, Algorand solves the blockchain trilemma which has been a major pain point for blockchain technology. Algorands unique Pure Proof of Stake (PPoS) approach promises users scalability for a higher volume of transactions, security on the blockchain against attacks and fraud, and decentralization of the network. 

Sebastian Quinn, founder of Yieldly, and a veteran in the blockchain space having worked on projects such as Bluzelle and Power Ledger, says, Yieldly looks to work with any leading group that shares our vision for a truly borderless interconnected DeFi ecosystem. We are glad to be a pioneering company running the first Algorand IDO ever. TrustSwap Launchpad sits at the intersection of major protocols such as Ethereum, Avalanche, and now we are glad to bring the power of Yieldly and Algorand to trust swap.” 

The stage and milestones set by Algorand are what the team in Yieldly seek to mirror, and possibly exceed. With investors on board, the IDO with TrustSwap provides the catalyst to seal the validation from both institutional investors and the public. 

Jeff Kirdeikis, CEO of TrustSwap has high hopes for the project, Yieldly is creating a key infrastructure for the Algorand chain with which TrustSwap is partnering. The key infrastructure can be used by future projects launching on TrustSwap that want to use the Algorand chain.”

To take part in the IDO, TrustSwap users need to stake at least 4000 SWAP or have a SwapScore of at least 2500 by the time of snapshot to receive a guaranteed allocation. 

David Garcia, CEO & Founding Managing Partner at Borderless Capital says, We are excited to support Yieldly since the time they joined us in the Algorand Asia Accelerator. We believe they are developing one of the core building blocks of the Algorand FutureFI ecosystem.”

With the momentum garnered from the IDO and on the platforms first product, Yieldly Pools is poised to be a nexus for other Algorand projects to be involved and to offer some of the best staking and earn rewards for their communities. Beyond that, Yieldly is working tirelessly to create a robust cross-chain protocol to be the DeFi gateway for the cryptocurrency and blockchain space.

Interested parties who want to get in touch with the Yieldly team, or find out more about the project and IDO details can drop a message to hello@yieldly.finance. Join the Yieldly Telegram chat to engage with the community and get the latest updates on Yieldly. 

About Yieldly

 

Yieldly is an exciting new project on the Algorand protocol that offers a suite of DeFi apps that democratize liquidity.

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Decentraland Price Prediction 2021-2025: MANA $25 by the End of 2025

Decentraland (MANA) is the 3rd-largest NFT coin today. Crypto experts and analysts predict the price will continue to grow from 2021 and $25 by 2025.

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Businesses and stocks started to dive during the Covid-19 pandemic, and institutional as well as retail investors needed an alternative where they can invest their money and get valuable returns. Ever since the world was hit by the Covid-19 pandemic, digital assets started to gain importance globally. Such has been the success of the industry that today the global market cap has crossed $2.5 trillion in just one year.  

Along with the cryptocurrency market, the DeFi space also grew. The total value locked at DeFi today is more than $125 billion. Moreover, millions of Dapps are being launched on various blockchain platforms. This helped to take the price of the DeFi tokens to new heights. So why should the NFT class stay behind? NFTs, according to their supporters, are the future of collectibles and the increasing digital assets’ economy: a way for users to prove ownership of goods, whether physical or virtual, using unique digital tokens registered on the blockchain.

Introduction

One such NFT token which is witnessing a lot of popularity and success these days is Decentraland (MANA). Decentraland is the 3rd-largest NFT token today with a global market cap of $2 billion, and it’s trading at $1.47 at the time of writing. If you look at the graph, you will get a clear idea that the success of the token has been raging. Many investors assume Decentraland has a good chance of increasing its value even more. MANA crypto is viewed favorably by cryptocurrency analysts, who believe the coin has greater growth potential in the future.

MANA Chart

Hence, if you’re considering investing in the coin, this article will provide you with a long-term price forecast for Decentraland. This article will give you a quick rundown of the Decentraland price forecast for the years 2021-2025. The goal is to assist you in determining whether it is worthwhile to invest in Decentraland.

What Is Decentraland? 

Decentraland is an Ethereum-based virtual environment where you can play, discover, and engage with games and activities controlled by the users. You can also buy land and use it to build your landscapes, marketplaces, and applications. MANA and LAND are the two tokens used in Decentraland. To obtain non-fungible ERC-721 LAND tokens, MANA is an ERC-20 token that must be burned. On the Decentraland marketplace, the use of MANA tokens enables users to purchase a variety of avatars, wearables, titles, and other products.

Decentraland is a platform for content creators, companies, and individuals seeking a new creative medium, market opportunity, or source of entertainment. Besides, Decentraland aims to incorporate blockchain technology in the gaming industry. Its creators believe that every possession, even a virtual one, should belong to the rightful owner and no centralized authority should be able to enforce its will on the owner.

In August 2017, Decentraland concluded its initial coin offering raising approximately $24 million in ETH, BTC, and other cryptocurrencies. The platform has developed over time to provide interactive applications, in-world payments, and peer-to-peer networking for users.

Decentraland and the MANA NFT Token

Decentraland’s operations are governed by two types of tokens. LAND – A non-fungible token (NFT) used to determine ownership of digital real estate land parcels. And MANA – a cryptocurrency used to buy LAND as well as virtual products and services in Decentraland. The latter is the subject of this article.

MANA crypto, which also powers the Decentraland virtual network, is required for all transactions in Decentraland. The initial supply of MANA was allocated as follows: 40% was sold in the initial sale, 20% went to the group and partners (allowances that enabled immediate contact with Decentraland), 20% went to the founding team, and 20% went to the Decentraland base.

The maximum supply of MANA is fixed at 2,644,403,343. Changes to the Decentraland program are possible by a network of blockchain-based smart contacts that enable MANA owners to vote on policy updates, land auctions, and new development subsidies.

How Does Decentraland (MANA) Work?

Decentraland is also one of an increasing number of projects that make governance decisions using a decentralized autonomous organization (DAO) framework. As a result, MANA token holders have a voting right on how the Decentraland universe operates, by proposing and voting on policy changes, the details of future LAND auctions, and the types of content permitted in the Metaverse.

The app uses the Ethereum blockchain to monitor ownership of this digital property. It allows users to keep their MANA token in an Ethereum wallet to participate in its ecosystem. Furthermore, developers have the freedom to innovate within Decentraland’s platform by developing the animation and experiences that users encounter on their virtual real estate.

A Security Advisory Board (SAB) monitors the security of Decentraland’s smart contracts, reviews governance proposals, and responds to bug reports in addition to the DAO. The SAB is composed of five members elected by the Decentraland community. The board has the authority to postpone or refuse governance plans that could have a detrimental impact on Decentraland.

Decentraland (MANA) Technical Analysis

Recap: MANA Price in 2020 and Earlier

People from all over the world donated 86,260 ETH (approximately $25 million) when the MANA token was released in 2017. This was made possible by the collaboration of over 2,000 different customers.

2020 was quite a successful year for Decentraland token MANA. The year 2020 has been a significant one for the Decentraland culture. Decentraland’s contributors have made an amazing variety of features, material, and live events accessible, from the open-sourced World Explorer and DAO to the complete decentralization of the platform’s deepest layers of functionality to some awesome crowdsourced creative competitions. It started the year with a trading price of $0.08, which went to become $0.11 in January 2021. 

Factors Affecting Price of MANA 

In addition to being a creative outlet, many Decentraland users currently monetize their LAND by leasing, ads, and paid experiences. Other users make money by making and selling products on the Decentraland marketplace in exchange for MANA tokens. 

With more users and activity notifications, the Decentraland project is likely to mature. And, the MANA product will begin to deliver consumer-grade solutions. However, this will most likely take some time to complete. The network will most likely have to deal with the burden of a high PMR for some time. And with that, the price of the token will affect greatly.

MANA Price Prediction 2021

In 2021, there’s a lot to look forward to. The Decentraland developer group is working on some important additions, such as tools for creating scenes directly in-world, a desktop client to enhance efficiency and introduce native VR support, and a completely integrated L2 (second-level blockchain) solution for developers, users, and scenes. The price of the token was $0.08, and today it stands at $1.47. And that’s quite an improvement. Therefore, if we look at the charts then it won’t be wrong to say the price of the token might easily cross $2.00 by the end of this year. 

MANA should focus on improving its functionality for seamless services, and some social media factors could contribute to the token’s development.

MANA Price Prediction 2021

MANA Price Prediction 2022

With the NFT market already flourishing and people understand the potential of crypto tokens, to invest in them, one can expect a lot from this token in 2022. The upward trajectory of the token expects to continue. MANA will launch in 2022 for $4.00, and the token’s value is likely to increase if it attracts advertisers with its specifications and makes it more user-friendly. By the end of 2022, the token will be worth $9.75.

MANA Price Prediction for the Next 5 Years

When it comes to forecasting the long-term price of the MANA token, fundamental analysis of Decentraland is critical. Long-term patterns derived from years of historical price data will aid in forecasting the coming years, but the fundamental analysis is crucial. Users may increase as a result of such collaborations and innovations, and investors may be more interested in investing in it.

As the Decentraland team continues to refine their products and those products receive acceptance from the target audience, one can believe the price of MANA will drop to the $10-$25 range between 2022 and 2025. This MANA price forecast is based on multiple data sets and statistical modeling, with the assumption that the current long-term trend driving the price of MANA continues to rise with no significant setbacks.

Decentraland (MANA) Price Prediction by Market 

Decentraland, like every other cryptocurrency, has a high level of uncertainty. This is why it’s useful to be able to forecast MANA’s price and trade accordingly. And, as investment pours in steadily, the majority of cryptocurrency market forecasts are optimistic. Here are a few forecasts by some platforms.

DigitalCoin Price

According to the site,  Decentraland (MANA) price will not be downward based on our estimated prediction. In one year, the price of one Decentraland (MANA) could rise to $2.38, nearly doubling from the current price. It also predicts that by the end of 2022, the price of the token will stand at $3.19. They also mention that Decentraland (MANA) is a profitable investment based on our forecasting.

Wallet Investor

The site says MANA can be a lucrative investment choice if you are searching for virtual currencies with a high return. On 2021-05-08, the price of Decentraland was $1.469. If you purchase Decentraland today for $100, you will receive a total of 68.078 MANA. The price estimate for 2026-05-02 is 5.387 US Dollars, based on our projections of a long-term rise. The revenue is estimated to be around +266.71% after a 5-year investment. In 2026, your present $100 investment will be worth $366.71.

READ  Morgan Creek Co-Founder Jason Williams Sells His Chevrolet for Bitcoin

CoinQuora

MANA, according to CoinQuora, is in a bullish uptrend. In the best-case scenario, this might also result in a market breakout. MANA must also break through the Fib retracement stage at $1.8 in the short-to-medium term scenario for their 2021 MANA price forecast. It must first develop further support at the Fib level of $1.59 to do so. Bears will gain the upper hand and drag MANA to their territories if this does not happen.

TradingBeats

By the beginning of September 2021, the Decentraland price is expected to hit $1.89945. The highest estimated price is $2.39405, with a minimum price of $1.62795. The end-of-month price forecast for Decentraland is $1.91524. The site also says that the crypto might close the year at $2.46. 

Conclusion

Since the cryptocurrency market is highly unpredictable and difficult to forecast in the long run, researching the dynamics and development of Decentraland is critical before deciding to invest some amount of money in the long term to keep for months or years. It’s critical to consider risk and reward when determining if Decentraland (MANA) is a good investment for you. We can forecast MANA prices in the short and long term, but expectations for each must be realistic. Based on the fundamentals of the Decentraland project, we believe MANA will soar in the long run.

And if we look at the charts now, we can say that the future of crypto looks quite happening. The market cap is increasing at a good pace. And with almost all analysis and chart experts in favor of the token, MANA can be called a good investment for years to come.

#Decentraland #DeFi #MANA Token #NFT token #NFTs

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/decentraland-price-prediction-2021-2025-mana-25-by-the-end-of-2025

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Opimas estimates that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping

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May 2021. Safekeeping of cryptocurrencies presents a challenge for institutions holding cryptocurrencies on their clients’ behalf. Cryptocurrency transactions are irreversible and anyone with full access to a wallet’s private key controls the cryptocurrencies that reside within it. Frighteningly, a number of institutional participants and even some large cryptocurrency exchanges rely on subpar custody approaches, leading Opimas to estimate that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping.

Luckily, a number of companies have emerged to address this problem. A new research report from Opimas—Crypto Custody: No More Excuses, authored by analysts Suzannah Balluffi and Anne-Laure Foubert—looks at the landscape of cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians as well as the size of the market for cryptocurrency custody and brokerage services.

Some key findings in the report include:

Many of even the largest holders of Bitcoin and other digital assets continue to rely on storage devices meant for individual investors. Although some of these self-custody devices and wallets are secure and reputable, the operational risk posed by this approach is significant for institutional investors. Furthermore, a chunk of institutionals’ cryptocurrency holdings sit in hot wallets on exchanges. In total, about 22% of institutional cryptocurrency holdings are safeguarded in these relatively risky manners (Figure 1).

Figure 1. CUSTODY METHODS UTILIZED BY INSTITUTIONAL INVESTORS 

 

Source: Opimas analysis.

There are no more excuses for lackadaisical safekeeping – institutions can now choose from several reputable cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians. Yet no custody solution is equal – there is still no best practice when it comes to security and governance relating to private keys. For example, some providers may rely on time-tested Hardware Security Modules (HSMs), while others use a newer technology known as Multi-Party Computation (MPC) – see Figure 2.

Figure 2. A COMPARISON OF HSM AND MPC TECHNOLOGY PROVIDERS

Source: Ledger, Fireblocks, Opimas analysis.

Some cryptocurrency custodians have followed in the footsteps of traditional capital markets by adding prime brokerage services to their offerings, including trading and settlement, lending, margin finance, staking, reporting, and capital introduction services. Opimas estimates that the current annual revenues generated by the institutional crypto brokerage and custody market are roughly US$2 billion and will grow to nearly US$8 billion by 2026 – a sizeable portion of this coming from brokerage services (Figure 3).

FIGURE 3. THE MARKET FOR CRYPTO CUSTODY & PRIME BROKERAGE SERVICES IS GROWING 

Source:  Opimas analysis. 

  • Regulations surrounding institutions’ ability to store cryptocurrency have become clearer (and in some cases more favorable) in numerous jurisdictions. Notably, the Office of the Comptroller of the Currency (OCC) ruling in the US has allowed banks to store cryptocurrencies for their customers. This regulatory clarity has led a number of financial institutions around the world to provide trading and custody for digital assets. With the advances in brokerage and custody solutions, Opimas expects institutional cryptocurrency holdings to grow from 20% of the cryptocurrency market cap to over 50% by 2026 (Figure 4).

FIGURE 4. INstitutional cryptocurrency holdings over time 

Source:  Opimas analysis.

Source: PlatoData Intelligence

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“Privacy is a ‘Privilege’ that Users Ought to Cherish”: Elena Nadoliksi

Zac Williamson and Elena Nadolinksi discussed the importance of privacy in the crypto space. According to them “it’s a ‘privilege’.

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How important is privacy to cryptocurrency users? Zac Williamson and Elena Nadolinksi discussed the importance of privacy in the crypto space. According to Elena Nadolinksi, founder and CEO of Iron Fish, “it’s a ‘privilege’ that users ought to cherish.” The statement was made at Ethereal Summit.

Cryptocurrencies and Their Relationship with Privacy As Per Elena Nadolinksi

Elena Nadolinksi of Iron Fish and Zac Williamson of Aztec Protocol discussed crypto’s relationship with privacy. Nadolinksi, in Yesterday’s Ethereal Summit, said that,

“Privacy isn’t a right, it’s a privilege, and it’s a privilege worth keeping.” 

Adding that “privacy adds to innovation because people are comfortable in the knowledge that their innovations are their own.”

While Williamson keeps a different view on privacy. According to him, 

“Privacy ought to be a right, but it isn’t so much these days, particularly on the web.” 

“If you want to avoid third-party advertising or targeted scams against you, privacy can mitigate those risks,” Williamson added.

Zac Williamson, co-founder, and CTO of Aztec Protocol joined hands with Nadolinksi and Robert Drost, head of research and development at ConsenSys, to discuss the role of privacy coins in the wider crypto industry. 

It is surprising to know that despite the complex technology behind the crypto industry’s privacy coins, the most popular digital coins, for example, Bitcoin are not considered to be privacy-focused. 

Privacy is Important for The Cryptocurrency Industry

According to Nadolinksi,

“When we catch bad actors in the real world, you have suspicious activity, you go to an entity like a bank, you subpoena the bank and you get records and you catch the bad guy. And so for cryptocurrencies, it’s actually a very very similar story now,” 

Beyond consumer unresponsiveness, the adoption of privacy coins is potentially being held back by the concern that these technologies give rise to illicit finance. 

Williamson, in turn, said,

“Improvements in technology could solve concerns about bad actors using privacy coins.”

READ  Marijuana Stocks Technical Analysis Chart 5/29/2019 by ChartGuys.com

#“Privacy is a ‘Privilege’ that Users Ought to Cherish”: Elena Nadoliksi #Elena Nadolinksi #Privacy coin #Zac Williamson

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/privacy-is-a-privilege-that-users-ought-to-cherish-elena-nadoliksi

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