It’s been a hectic week (and not just for CoinBurp)! Cryptocurrencies are becoming harder to deny according to Morgan Stanley, Elon Musk selling an NFT song and France looks to XRP as the basis for a Digital Euro.
NFTs
But let’s start with the biggest news of the week, the announcement of the highly anticipated DeFi | NFT app! That’s right, the DeFi and NFT wallet is on it’s way, helping to ease you into the world of NFTs, which we know can be a bit scary at first. We hope to create the simplest method of purchasing NFTs, allowing you to buy into the latest development within the cryptocurrency space — NFTs, directly with fiat, starting with GBP and EUR. Here’s everything you need to know before the revolutionary release. You don’t want to miss out on this one — really!
Partnerships have been secured with some major names on the journey to creating the DeFi and NFT wallet, including The Sandbox, Avastars and NFT Boxes. Traditional gaming companies are also getting excited about the prospects of NFTs with Atari partnering with DeFi site Bondly to launch NFTs integral to their new gaming platform, Atari Multiverse. It will include tokens for gaming, music and more. Will this change the way video games are played?
In other news, the sale of NFTs are becoming more ambitious by the day, with Elon Musk listing a song about NFTs, as an NFT! Bids exceeded $1 million before Musk changed his mind earlier this week, taking the NFT down.
Another interesting NFT sale is that of Tony Hawk’s ‘Ollie 540’, which will now be immortalised as an NFT. The skateboarding legend looked emotional after completing the trick which will be sold on Ethernity in the coming weeks, how much do you think it will sell for?
Mainstream adoption
Cryptocurrencies look to be inching closer to seeing major institutional investment according to investment bank Morgan Stanley. They believe that a “threshold is being reached” which will drastically increase the number of organisations who choose cryptocurrency to store funds.
Meanwhile FOMO looks to be stronger than ever, with a larger and larger demographic acknowledging crypto as a financial asset. More recently, renowned billionaire Howard Marks, has explained that he has educated himself on crypto after previously acting bearish on Bitcoin claiming it had no intrinsic value. He now views Bitcoin as a more sustainable investment over traditional assets, with its growing demand helping it against competitors. Moral of the story: Always DYOR!
Furthermore, Visa CEO Alfred Kelly is looking to allow for Bitcoin to be purchased on its credentials. Buying BTC with your credit card could soon become a reality if this feature is implemented. Kelly sees the potential cryptocurrencies have shown, with the possibility of them becoming new payment methods. With this in mind, Visa hopes to support Bitcoin payments at over 70 million merchants, increasing the likelihood of making day-to-day purchases with crypto.
It’s not all massive companies that are looking to invest. A small pizzeria in Alabama moved $200k into Bitcoin last year. It’s now worth more than 3x that! The owners have now become avid HODLers and are prime examples that anyone can get into crypto.
Regulatory
How many times have you heard people say “they’re unsure on crypto” or that “it isn’t very safe”? Well, are we on the cusp of turning a corner? Deutsche Bank has no such qualms, believes that Bitcoin is too “important to ignore”. After reaching a $1 trillion market cap, it seems that Bitcoin is here to stay and regulations could soon be set in place — according to Deutsche Bank analyst and Economist Marion Laboure. If this is to be the case, any current investors would still be seen as an early adopter with less than 10% of the population investing in crypto.
Meanwhile, the Federal Reserve bank issued a statement with the belief that digital currencies can “coexist” with cash in the coming years. The head of the Federal Reserve bank, Jerome Powell, has come out to say that there is a requirement for a reliable, convenient, cross-border financial system which crypto could be the solution.
From the US to Europe, as the Central Bank of France eyes the possibility of XRP being used as a digital Euro. Although the two most popular cryptocurrencies were considered, they were quickly dismissed due to their inherent instability. However XRP’s infrastructure is considered a strong contender, which could help the Bank of France to keep up with the digital age we find ourselves in.
Important Information
Cryptocurrencies are generally not regulated and investors do not have access to recourse or compensation schemes such as, for example, in the UK, the Financial Ombudsman Service or the Financial Services Compensation Scheme. Investing in cryptocurrencies can be high risk and investors should carefully evaluate their appetite for risk and their understanding of trading cryptocurrencies prior to entering into a transaction.
