Tag: Futuremash

Vast Majority of Financial Advisors Received Questions About Crypto in 2021: Report

by Dailyhodl

A new report details an increase in the rate at which financial advisors receive questions about crypto assets from their clients.

According to research conducted by crypto index fund provider Bitwise, the overwhelming majority of financial advisors were asked at least one question about digital assets last year by their clients.

“During [2021], 94% of advisors received a question about crypto from clients, up from 81% in 2020 and 76% in 2019. The number reinforces a key takeaway: every advisor needs to be armed to answer client questions about crypto.”

The survey, which questioned 619 professional financial advisors from across the United States, reveals that growing interest in crypto assets is not isolated and is coming from multiple parties.

The data reveals that 40% of advisors reported that at least 10% of their clients asked questions about cryptocurrencies last year, which is more than double the rate of 2020 when only 18% of advisors reported the same number.

Bitwise’s research also found that more clients than ever before are taking the plunge and making crypto investments on their own without seeking any guidance from their financial advisors.

“Greater numbers of clients [have] made crypto investments on their own. According to respondents, at least two-thirds of clients (67%) were investing in crypto on their own going into 2022, compared to just 36% and 35% in the previous two years’ surveys”

You can read the full report from Bitwise here.

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JPMorgan Executive Says Crypto Is in the ‘Napster’ Phase of Its Life Cycle: Report

by Dailyhodl

An executive from JPMorgan says that the crypto markets are at the same point that the music streaming industry was in the 1990s.

Speaking to The Financial News, Umar Farooq, head of the banking giant’s digital asset unit Onyx, says that the crypto markets are in the “Napster” age.

Napster, launched in 1999, was the first big peer-to-peer file sharing platform that people distributed music on before the advent of more regulated platforms like Spotify or Apple Music.

“In the 90s, there was this thing called Napster… It was clunky. Not everyone could do it. And then 20 years later, you have Apple Music and Spotify. I don’t think we would have gotten here without Napster. We are sitting in the Napster age. We just don’t know what Spotify looks like. So I think [crypto] is here to stay. I just don’t know in what shape or form.”

Farooq says that the speed of the innovation in the digital assets space is “dizzying,” and that his branch at the bank is already seeing large waves of interest from clients. According to him, crypto is past its “wild West” days and is now an established industry attracting a large ecosystem.

“Bitcoin has been around for a little more than a decade now. The first few years was literally just, you know, kind of rolling along slowly, then things started to catch up. People realize, ‘OK, I can build some more. Maybe we can program this thing, maybe we can create ecosystems…

Decentralized organization has been defined. It is a Cambrian explosion.”

Earlier in the month, JPMorgan analyst Kenneth Worthington said that crypto technology would become increasingly relevant to financial services this year, and predicted that Coinbase would be one of the biggest beneficiaries of the trend.

“With these projects attached to tokens and Coinbase a leading exchange to buy and sell tokens, we see Coinbase as a leading direct beneficiary of crypto market growth.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Cathie Wood’s ARK Invest Opens Position in Company Merging With Stablecoin Giant Circle: Report

by Dailyhodl

Veteran hedge fund manager Cathie Wood’s ARK Invest is buying up shares of a special-purpose acquisitions company (SPAC) that is merging with a prominent stablecoin firm.

According to a report from MarketWatch, Wood’s ARK Fintech Innovation exchange-traded fund (ETF) spent $705,820 on 69,300 shares of Concord Acquisition Corporation (CND), a SPAC that recently announced it would be merging with stablecoin firm Circle.

The merger between CND and Circle, which will take place during the summer of 2022, puts a value on the newly formed public company at $4.5 billion.

Circle was co-founded in 2013 by chief executive officer Jeremy Allaire as a peer-to-peer payments company and crypto exchange platform. It became the main operator and issuer of stablecoin USD Coin (USDC) in 2018.

USDC is an Ethereum-based crypto asset pegged to the US dollar and the sixth-ranked cryptocurrency by market cap. It is the second-most popular stablecoin behind Tether (USDT). According to Circle, there are 44.6 billion USDC in circulation as of January 2022.

In a new interview with CNBC’s Squawk Box, Allaire says,

“We just see an incredible opportunity to grow rapidly and grow around the world, and we think that this set of transactions and becoming a public company really sets us up to be a trusted platform in this digital currency industry.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Venture Capital Guru Planning $900,000,000 Fundraising Haul To Invest in Crypto: Report

by Dailyhodl

Venture capital (VC) guru Katie Haun is reportedly raising $900 million for two cryptocurrency funds following her departure from Andreessen Horowitz.

Haun is forming the new venture capital firm KRH after splitting from Andreessen, where she served as a general partner for three years and co-led the VC firm’s $2.2 billion crypto fund.

The $900 million fundraising haul represents one of the largest debuts for a new venture capital firm. 

The Financial Times cites three people with knowledge of the matter that Haun plans to raise $300 million for a fund designed to make early investments in cryptocurrency startups. The remaining $600 million will be allocated for a separate fund that seeks to invest in larger companies and digital tokens. Andreessen is also committing $50 million to the funds as an anchor investor, or the first entity to commit to a fund. 

The announcement comes as investments for crypto startups surge. The value of venture investments in the industry surged 384% from $3.1 billion in 2020 to $15 billion through Q3 of 2021, according to intelligence firm CB Insights. 

Although Haun is leaving Andreessen (a16z), she says she will continue to work with the venture capital firm.

Says Haun,

“I’ll of course collaborate with them – they’re like family. As a board partner, I will continue to work on managing the existing a16z crypto portfolio and will keep my board seats.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Large Banks Are Beginning to Launch Crypto Trading Services in Response to Digital Asset Boom

by Dailyhodl

After spending years on the sidelines, large banks are beginning to dive into the world of digital assets.

Commonwealth Bank (CBA), the biggest bank in Australia, says it will be the first in the nation to allow customers to buy, sell and hold crypto assets.

A pilot program offering crypto directly to customers through the bank’s primary app is about to roll out. It’s part of a new partnership with crypto exchange Gemini and blockchain analytics firm Chainalysis.

Meanwhile, a group of savings banks in Germany is reportedly testing a trading network that would allow 50 million customers to buy and sell Bitcoin (BTC), Ethereum (ETH) and other crypto assets.

In addition, the Swiss subsidiary of BBVA now offers digital accounts to its customers to let them trade BTC and ETH.

In the US, financial giants Bank of New York Mellon and Fidelity are offering crypto services to large institutional clients.

Mainstream banks in the US remain the slowest to bring crypto assets to retail customers – but that may also begin to change this year.

A top US regulator, the Federal Deposit Insurance Corporation (FDIC), is exploring how banks can hold crypto assets, according to a recent report from Reuters.

FDIC Chair Jelena McWilliams, says a group of regulators is working to develop a set of guidelines that would allow American banks to support crypto assets.

“I think that we need to allow banks in this space, while appropriately managing and mitigating risk,” she said in an interview on the sidelines of a fintech conference.

If we don’t bring this activity inside the banks, it is going to develop outside of the banks… The federal regulators won’t be able to regulate it.”

According to McWilliams, the FDIC is working alongside the Federal Reserve and Office of the Comptroller of the Currency (OCC) to develop a clear and coordinated set of rules that will allow US banks to enter the realm of digital assets.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Millionaire Millenials Plan on Throwing More Money Into Crypto This Year: CNBC Survey

by Dailyhodl

A new generation of millionaires is holding more crypto than ever and plans to continue doing so well into the new year.

A new survey conducted by CNBC finds that most millennial millionaires have the bulk of their financial investments in crypto.

“Most millennial millionaires have the bulk of their wealth in crypto, and they’re planning to add more in 2022 despite the recent price declines, according to the CNBC Millionaire Survey.”

The survey polls millennials with investable assets worth at least $1 million or more and finds that this next generation of wealth is heavily invested in the digital space.

“Fully 83% of millennial millionaires own cryptocurrencies… 

More than half (53%) have at least 50% of their wealth in crypto and nearly a third have at least three-quarters of their wealth in Bitcoin, Ethereum and other types of cryptocurrency, according to the survey.”

Millennials’ ready acceptance of crypto assets and blockchain-focused investments stands in stark contrast to the older generation of investors, according to the survey.

“While older generations of millionaires are still largely skeptical of crypto and its future, cryptocurrencies have become the primary source of wealth creation and asset growth for many younger investors who got in early and have seen rapid returns.”

Even after the crypto market’s December 2021 dip, the CNBC survey suggests that millennial crypto investment won’t slow down anytime soon.

“About half (48%) plan to add to their holdings over the next 12 months, while another 39% plan to maintain their current crypto levels. 

Only 6% of millennial millionaires plan to reduce their crypto investments over the next year.”

Despite crypto’s apparent status as a millionaire-maker, the survey points to a wholly separate factor as the key to mega-wealth.

“Fully 45% of millennial millionaires credited inheritance as a factor in their wealth, according to a Spectrem survey. 

Among millennials worth $5 million or more, inheritance was the top factor (at 75%) in their wealth.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Coinbase Executive Makes Crypto Predictions for 2022, Says Solana (SOL), Avalanche (AVAX) and Other Layer-1s To Continue Growth

by Dailyhodl

A top executive at US-based crypto exchange Coinbase is unveiling what he believes is in store for the crypto markets in 2022.

In a new company blog post, chief product officer Surojit Chatterjee says that Ethereum (ETH) competitors Avalanche (AVAX) and Solana (SOL) should see significant improvement this year and that new layer-1 (L1) solutions will emerge.

“As we welcome the next hundred million users to crypto and Web3, scalability challenges for ETH are likely to grow…

Traction of Solana, Avalanche and other layer-1 chains shows that we’ll live in a multi-chain world in the future. We’re also going to see newer L1 chains emerge that focus on specific use cases such as gaming or social media.”

Chatterjee also says he believes decentralized finance (DeFi) protocols will begin to embrace regulations and that large institutions will begin to play a bigger role in DeFi because of it. He says that DeFi platforms welcoming regulations along with know-your-customer (KYC) verification standards would pull in hesitant blue-chip investors.

“[Institutions] are still hesitant to participate in DeFi. Institutions want to confirm that they are only transacting with known counterparties that have completed a KYC process. Growth of regulated DeFi and on-chain KYC attestation will help institutions gain confidence in DeFi.”

The executive also predicts that prominent brands will follow in the footsteps of Coca-Cola and Charmin by participating in the metaverse and utilizing non-fungible tokens (NFTs).

“We’re likely to see more interesting brand marketing initiatives using NFTs. NFTs and the metaverse will become the new Instagram for brands.

And just like on Instagram, many brands may start as NFT native. We’ll also see many more celebrities jumping in the bandwagon and using NFTs to enhance their personal brand.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Kraken CEO Jesse Powell Says Crypto Exchange Eyeing Up Metaverse and Virtual World Ecosystem

by Dailyhodl

The CEO of crypto exchange Kraken says that it’s working on creating a new non-fungible token (NFT) platform as it monitors the blossoming metaverse sector.

In a new interview with Bloomberg Technology, Kraken chief Jesse Powell says that the rising popularity of NFTs and virtual worlds this year is something the exchange has noticed and plans to get ahead of.

“We’re working on an NFT platform right now to give investors exposure to the burgeoning NFT market.”

According to Powell, the metaverse is only going to get larger as NFTs become badges denoting memberships to specific virtual clubs.

“We’ve seen a tremendous amount of activity recently around NFTs that are related to various metaverses, basically virtual worlds, so anything regarding land in a virtual world, or items that exist in a virtual world, digital clothing you can take across virtual worlds, they often present proof of membership in a virtual club.

We think this is going to get to be a bigger and bigger thing and we want to be in front of that for people.”

Looking at Bitcoin, Powell says it’s possible that the king crypto dips below $40,000 again, and if it does, it would just be another buying opportunity for BTC bulls.

“A lot of people see anything under $40,000 as a buying opportunity. I was personally buying when we dipped back close to $30,000 a few months ago. I think a lot of people have some dry powder waiting on the sidelines waiting to come back in at rock bottom prices.”

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Payments Giant Visa Announces Launch of New Crypto Advisory Arm in Push for Adoption

by Dailyhodl

Payments titan Visa is launching a new crypto advisory branch to help clients and partners navigate the world of digital assets.

The move comes after Visa released research suggesting that digital currencies are becoming more mainstream, with 94% of adults globally having awareness of crypto.

In a press release, Carl Rutstein, Visa’s global head of consulting and analytics says,

“We’ve seen a material shift in our clients’ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap.”

Key findings of Visa’s research indicate that not only are adults more aware of crypto, but many of them have also already invested in it. About 33% of crypto-aware adults own or use it, while 62% of that group say they’ve ramped up their cryptocurrency activities within the last year, according to research.

Furthermore, Visa says 18% of those surveyed globally say they’d switch their primary banking institution within the next year if they did not offer crypto products. The payments giant says that among customers who already own crypto, that figure jumps to 40%.

According to Visa, the company has the know-how to accommodate the growing awareness and adoption of the crypto space.

“Through their work with more than 60 crypto platforms, Visa’s global network of consultants and product experts have deep expertise to help financial institutions evaluate the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations like crypto rewards programs and CBDC-integrated consumer wallets.”

Terry Angelos, Visa’s senior vice president and head of fintech said,

“Crypto represents a technological shift for money movement and digital ownership. As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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White House Blacklists 8 Chinese Quantum Computing Companies Citing National Security Risks: Report

by Dailyhodl

The Biden Administration has announced that it is blacklisting eight Chinese quantum computing companies over concerns that the technology they possess poses a threat to national security.

The companies have been added to the U.S. Department of Commerce’s Entity List, which is a national security tool used by the Bureau of Industry and Security (BIS).

According to the Commerce Department, 27 new entities were added to the list for various reasons, while the eight Chinese entities were added specifically for risks regarding quantum computing technology.

“Eight technology entities based in the People’s Republic of China (PRC) are being added to the list as part of the Department of Commerce’s efforts to prevent US emerging technologies from being used for the PRC’s quantum computing efforts that support military applications, such as counter-stealth and counter-submarine applications and the ability to break encryption or develop unbreakable encryption.”

Quantum computers have been identified as a potential threat to cryptocurrency technology because of their theoretical ability to crack the cryptography that secures digital assets.

Quantum computing expert Andrew Fursman said in May that he strongly believes quantum computers are a threat to Bitcoin (BTC).

“Whether quantum computers come out tomorrow or in five years or in ten years, they are capable of being cryptographically useful. Those devices are going to be capable of doing something that you might not want if you are somebody that’s keeping a secret…

So it’s worth kind of getting into what are the different ways that the blockchains rely on cryptography, and which of those are specifically relevant to the things that quantum computers of the future might do.”

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Bitcoin (BTC) $ 27,371.33 0.86%
Ethereum (ETH) $ 1,636.96 1.77%
Litecoin (LTC) $ 64.20 3.01%
Bitcoin Cash (BCH) $ 229.62 5.56%