🔴 What is the next big coin?
Sam Bankman-Fried is found guilty on all counts, Bitcoin bull Cathie Wood is raising deflation concerns, and a global investment manager says there is a digital asset that could deliver 100x returns. Which one? Stick around. This week we bring you these stories and more in cryptocurrency.
SBF found guilty on all counts.
Sam Bankman-Fried, former CEO of FTX, was found guilty on all seven charges brought against him. It is one of the largest financial fraud cases of all time, including wire fraud, securities fraud, and money laundering. A Manhattan federal court jury found him guilty in just five hours of stealing $8 billion from exchange users. SBF is currently awaiting sentencing and could face up to 110 years in prison.
Weekly cryptocurrency inflow record
Digital asset investment products such as Bitcoin futures ETFs have seen their largest weekly inflows since July 2022. As expectations rise that the U.S. Securities and Exchange Commission is ready to approve a spot Bitcoin exchange-traded fund, the fund received $326 million in inflows. The largest influxes this week came from Canada, Germany and Switzerland, with the United States accounting for 12% of these flows.
PayPal Files SEC Subpoena
The U.S. Securities and Exchange Commission issued a subpoena to PayPal regarding its dollar-pegged stablecoin PYUSD. PayPal launched its stablecoin in August and is fully backed by US dollar deposits, short-term Treasury bills and similar cash equivalents. The current market capitalization of this coin is approximately $150 million.
Plans for X revealed
Elon Musk has revealed plans to transform his social media platform, X, into a comprehensive financial hub. Musk envisions a platform that encompasses all aspects of users’ financial lives, including money and securities, and aims to launch new financial services next year. Musk didn’t specify blockchain’s involvement, but said that with X, you don’t need a bank account.
Hong Kong’s cryptocurrency vision in progress
Visa, HSBC and Hang Seng Bank have achieved a milestone through the Digital Hong Kong Dollar Pilot Program, delivering faster payments, improved risk management and improved transaction transparency. Hong Kong’s finance minister said the recent JPEX scandal, in which 2,500 citizens were defrauded of $165 million, would not harm the city’s long-term cryptocurrency vision.
Argentina to Use Energy for Bitcoin Mining
Argentina is considering the idea of ​​integrating Bitcoin and energy management in line with new global trends. Argentine presidential candidate Sergio Massa has proposed using Baca Muerta’s abundant natural gas to fuel Bitcoin mining machines. The plan aims to recycle surplus gas that is currently wasted into electricity to power Bitcoin mining operations.
Cathie Wood: Bitcoin is the new hedge
Cathie Wood, head of Ark Invest, believes that while deflation may be a bigger threat than inflation, Bitcoin can act as a hedge against both. When asked whether he would choose between gold, cash or Bitcoin in the next 10 years, Wood chose Bitcoin emphatically, saying gold is already in demand, and because Bitcoin is new and digital, younger generations will choose Bitcoin over gold. He said he would prefer to have .
VanEck predicts Solana price increase of 10,600% by 2030
Solana’s native SOL token has surged more than 30%, attracting the attention of large asset managers. Global investment manager VanEck has presented a variety of price scenarios ranging from a conservative $9 to a bold $3,200, implying a potential price increase of 10,600% by 2030. This report explores the potential for Solana to accommodate applications with more than 100 million users in the coming years.
This is what happened in the cryptocurrency market this week. I will see you next week.
