The Bank of Zambia has said it expects to complete its study seeking to determine the feasibility of launching a Central Bank Digital Currency (CBDC), before the end of the last quarter of 2022. Narrowing the Financial Exclusion Gap The Zambian central bank has said it expects to complete a research study that […]

The chief executive of rideshare company Uber has said the firm ‘absolutely’ will accept cryptocurrencies in the future as they become more ‘environmentally friendly’ and less expensive. Notably, Uber co-founder Oscar Salazar forayed into the crypto industry by founding Voyager, a crypto exchange in 2018. In an interview with Bloomberg, Uber Technologies CEO Dara Khosrowshahi stated that his company will ‘eventually’ accept cryptocurrencies ‘at some point’ in the future but not for now because the ‘exchange mechanism is expensive,’ adding it’s also ‘not great for the environment.’ “Is Uber going to accept crypto in the future? Absolutely. At some point. This isn’t the right point, but we will.” This isn’t the first time Khosrowshahi has come out in favor of cryptocurrencies. Earlier last year, he said that the popular ride-sharing app was ‘going to look at cryptocurrency and or Bitcoin in terms of currency to transact.’ Khosrowshahi has also been known as an early Bitcoin advocate. During his 12-year tenure with Expedia, a travel-bookings platform, he turned the platform into one of the first mainstream merchants to accept Bitcoin as a form of payment in 2014. “I think right now what we see with bitcoin and some of the other [cryptocurrencies] is that they are quite valuable as a store of value. As the exchange mechanism becomes less expensive, becomes more environmentally friendly, I think you will see us lean into crypto a little bit more.” he added. Earlier last year, electric car company Tesla added Bitcoin to its balance sheet and started accepting it as a payment method but later canceled citing environmental concerns. However, CEO Elon Musk said that it may start again in the future.

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What is the current setting of nation-state monetary dependency, and where could Bitcoin take us?

An expert has claimed that crypto is trading like risk assets and looking like growth equities, and as the traditional market is likely to continue to see high volatility over the next months, the institutional adoption of crypto is slowing down until global equity markets find stability. Crypto Institutional Adoption The institutional adoption of digital assets is believed to be key to the future maturity and consolidation of the cryptocurrency market. The landscape of cryptocurrencies will likely keep on changing as a response to the ways worldwide regulations, macro environment, and mass adoption develops in the following years. Although many important corporations have started to gradually approach digital coins like bitcoin, there might be still a long way to go for institutional money to massively enter the market. Recently,  Bloomberg reported a JPMorgan strategists’ note in which they claim that “The biggest challenge for bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption.” Similarly, Alex Kuptsikevich, a senior financial analyst at FxPro, explained to Forbes that Bitcoin’s price “is determined not so much by volatility as by crowd interest. Without investor interest, it quickly goes sour, and with it, it picks up just as fast. In bitcoin’s favor is the reduced supply growth rate and its finiteness.” “We should also note that the entry of institutional investors, the increasing acceptance of bitcoin as an asset for portfolio diversification, and the increased trading turnover in cryptocurrencies make the price less volatile over time.” Related Reading | Goldman Sachs: Mainstream Adoption Won’t Boost Bitcoin Price Why Growth Stocks Can Drive Investors In In a Bloomberg Television interview with Adam Levinson, chief investment officer at Graticule Asset Management Asia, the expert noted that the current volatility of growth stocks and the traders’ fear over the Federal Reserve (FED) raising interest rates is slowing down the pace at which institutions decide to invest. Levinson claims that many traditional institutions have already decided to allocate in crypto, but the current volatility has kept them away from investing. “They don’t want their first foray into the space to be a money-losing proposition quickly.[…] Institutional allocations will wait until the global equity markets, particularly growth equities, have stabilized.” The U.S. inflation has increased significantly and consequently so did the Vix ‘fear’ index, which measures the expectation of volatility for the stock market based on S&P 500 index. High inflation numbers create more pressure for the FED to increase rate-hikes and many investors believe the traditional markets are potentially set for a big sell-off. Since bitcoin has been trading more like a stock, this directly affects the crypto market. The total capitalization has been recovering in the past week, but might see more volatility soon. As Levinson noted, “What has happened this year is that you move to an environment where the Fed is being forced to raise rates, as are other central banks, and you are seeing a change in the extremely abundant liquidity environment.” As a result, “Crypto suffered. Crypto is basically traded as a risk asset, looking like a growth equity,” he added. However, Lenson thinks that over the middle of the year there will be a situation “where crypto trades better than growth equities,” which could result in more institutional investors going forward and investing in crypto. Related Reading | Could Crypto Adoption Represent a Compliance Opportunity for Banks?

Uber Technologies has reiterated that it is considering accepting cryptocurrencies as payment. The CEO of the ride-hailing company said the firm was constantly watching the crypto space as it saw a lot of value in cryptocurrencies. However, he added that the time is not yet right for the company to implement crypto payments. Uber is

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Uber is having conversations about leaning into crypto, the firm’s chief executive Dara Khosrowshashi…

The post Uber will accept crypto ‘at some point,’ firm’s CEO says appeared first on Coin Journal.

PayPal brought aboard specialists to establish a crypto advisory council

The post The Latest in Crypto Hiring: PayPal, Crypto.com Add to Digital Assets Headcount appeared first on Blockworks.

DraftKings (NASDAQ:DKNG) stock is experiencing a turbulent day ahead of Super Bowl LVI and ahead of the company’s fourth-quarter earnings report on Feb. 18. Earlier today, the downtrodden stock traded higher by as much as 7.6 percent, providing hope that it might be ready to break out of what’s been a long spiral lower. That […]

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GensoKishi is the blockchain gaming iteration of the traditional videogame, Elemental Knights Online. The Rise of GameFi It is easy for those of us who follow the GameFi and Metaverse spaces closely to feel that we are late to the party. Axie Infinity’s AXS token has provided early investors with a roughly 4,000% return on […]

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Jonny Hart looks back on the week’s business and markets news with OANDA Senior Market Analyst Ed Moya in New York.  This week they discuss the latest inflation report, oil price volatility (recorded before Friday’s reports that US expects Russia to invade Ukraine), and Bitcoin.  They also discuss what the week ahead has in store for […]

A major barrier of resistance The next week could be really interesting for cable, with the Fed and BoE being among the two most aggressive central banks and inflation in both countries continuing to rise rapidly. The pair ran into resistance last month around 1.37, where the 200/233-day SMA band crossed the 50 fib level to provide a considerable […]

Wall Street has an inflation hangover as higher rates continue to drag tech stocks down.  US stocks were trying to stabilize as yields came in. Yesterday’s inflation shocker has many bond traders believing the Fed is behind the curve and will be delivering several rate hikes.  Many Fed members feel inflation will meaningfully decelerate later […]