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Crypto FOMO Will Be Huge Investment Driver, Regulatory Clarity Expected in 2022, Says Blockfi Executive – Markets and Prices Bitcoin News

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Crypto FOMO Will Be Huge Investment Driver, Regulatory Clarity Expected in 2022, Says Blockfi Executive


An executive with Blockfi says that “this year has been a huge year for mainstream consumer demand into crypto.” Noting that fear of missing out (FOMO) will be a huge driver for investors, the executive expects some regulatory clarity next year.

Crypto FOMO Will Drive Investments in 2022

Flori Marquez, Blockfi’s co-founder and senior vice president of operations, discussed the future outlook for cryptocurrency going into 2022 in an interview with Yahoo Finance Live Friday.

Founded in 2017, Blockfi was created to provide credit services to markets with limited access to simple financial products. The crypto-focused financial services firm has institutional backing from investors, including Valar Ventures, Galaxy Digital, Fidelity, Akuna Capital, Sofi, and Coinbase Ventures.

“It’s been a huge year for crypto,” she began. While acknowledging that the price of bitcoin has dipped slightly, she put it in perspective: “If you look at year over year returns for bitcoin, bitcoin has returned, as of today, 112%. And when you compare that to gold and S&P respectively, that’s a negative 4% and 24%. So, year over year, it has been volatile in the last 30 days. But it’s still a great investment for people who were participating a year ago.” The executive described:

I can say that this year has been a huge year for mainstream consumer demand into crypto.

“We’ve seen huge moves in terms of American consumers being interested in this type of asset class,” she added.

Discussing the outlook for the cryptocurrency market going into 2022, she pointed out that “if we look at Blockfi numbers alone, over the last three years, we had 10,000 clients at the end of the [first] year, 100,000 clients at the end of the [following] year, and this year, we’re going to have over 500,000 clients by the end of this year.”

The executive detailed, “Looking into 2022, I really think that we’re going to see three things,” elaborating:

The first is we’re going to see more consumers across the U.S. enter the space for the first time. And I think a huge driver is going to be FOMO [fear of missing out].

“So we’re going into the holiday season. People are going to be talking about the new things that they’ve been investing in this year. And I do think that crypto has become a bit more digestible for the average consumer than it was five years ago,” she opined.

Secondly, she thinks that we are going to see “recycling of talent,” noting that a lot of people are switching jobs because of the Covid-19 pandemic. She added that the crypto and fintech fields have been a huge attractor to people.

Lastly, she believes we are going to see some regulatory clarity in the crypto space next year, stating:

I think we’ll see in 2022 … some regulatory clarity. There’s been a lot of work being done in terms of working with regulators to understand what needs to happen to allow this sector to continue to grow. And I’m hopeful that we’ll see that next year.

“My understanding is that the regulators right now have two main things that they’re focused on,” she continued. “They’re looking at consumer protection, and they’re also focused on keeping innovation in the U.S.”

The executive concluded: “I also believe that regulatory clarity will allow many companies that are building in crypto to build with more clarity, which will help us be hopefully safer for consumers in the long run. And it’ll also help with that mainstream adoption because consumers will feel safer knowing that the regulators are also in this space.”

Tags in this story
bitcoin fomo, Blockfi, crypto fomo, crypto investment driver, crypto outlook 2022, Crypto regulation, cryptocurrency fomo, fear of missing out, FOMO, investment drivers, regulatory clarity

What do you think about the comments by Blockfi’s executive? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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EU Data Act Proposes Shutdown Function for Smart Contracts – Regulation Bitcoin News

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The European Union has published its new Data Act, a law proposal that aims to regulate the generation and handling of data by the actors that harness it. The act, in its large scope, touches on the subject of smart contracts and proposes that every smart contract should have a termination function to stop the flow of transactions when required.

Smart Contracts Might Be Stifled by EU Data Act

The newly proposed EU Data Act, published on February 23, aims to regulate and control the ways in which data is being generated, bringing legal clarity to the data market in Europe. According to a press release, the new Data act seeks to “ensure fairness in the digital environment, stimulate a competitive data market, open opportunities for data-driven innovation and make data more accessible for all.”

However, due to its large scope, this new act touches the subject of smart contracts, which are pieces of software designed to execute certain tasks based on data inputs. The document, in its article 30, titled “essential requirements regarding smart contracts for data sharing,” defines the requirements that smart contracts must fulfill to be deployed in conformity with EU laws.

One of these requirements, called “safe termination and interruption,” states that approved smart contracts shall:

…include internal functions which can reset or instruct the contract to stop or interrupt the operation to avoid future (accidental) executions.

Another requirement for smart contracts to be validated by the EU includes the ability to audit the contracts, with the possibility of obtaining a record of the transactions made in the past by the software.


Limited Applicability

The proposal of interruptible smart contracts and the standardization of these smart contracts to the new requirements imposed by the Data Act were received negatively by some analysts, who criticized the scope and the applicability of the document. This is the case with Thibault Schrepel, Associate Professor of Law at VU Amsterdam, who stated:

Now, this is absolutely huge/controversial. It imposes smart contracts (that make data available) to be stoppable. So… basically, all oracles *shall* be redesigned (but how?), or else they will infringe the law.

Schrepel further stated that the approval of this act would make millions of online smart contracts illegal in the proposed jurisdiction, with no way of adapting them to the requirements presented in the document.

The EU has had its sights on cryptocurrencies recently, with some of its countries lobbying for the creation of a crypto AML watchdog in the region, according to reports.

What do you think about the Data Act and its requirements when it comes to smart contracts? Tell us in the comments section below.

 

sergio@bitcoin.com'
Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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South African Mobile Network Operator MTN Buys Land in the Metaverse – Bitcoin News

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South African Mobile Network Operator MTN Buys Land in the Metaverse – Bitcoin News


Mobile network operator MTN recently staked claim to its status as one of the first South African companies to enter the metaverse, after it purchased 144 plots of digital land in the virtual world Ubuntuland for an undisclosed amount.

MTN Seeks to ‘Amplify Consumers’ Digital Experiences’

South Africa’s mobile network operator, MTN, recently bought 144 plots of digital land in the Ubuntuland metaverse, a report has said. The purchase reportedly makes MTN one of the first companies from South Africa to enter the metaverse.

As the Mybroadband report explained, MTN now owns 144 plots with an area of 12 square meters.

Commending the company’s pivot to the metaverse, MTN’s group executive for marketing, Bernice Samuels, is quoted explaining how this dovetails with its Ambition 2025 strategy. The executive said:

This is exactly what our Ambition 2025 strategy is premised on — leveraging trends that amplify consumers’ digital experiences and engagement. We have always been at the forefront of technological and digital changes and we remain alive to the exciting opportunities the metaverse presents for us and our customers.

The mobile network operator added that its presence in the metaverse demonstrates its support for African innovation.

Also, through this presence in the metaverse, MTN will attempt to increase what the report calls its customer attractiveness. This will be done via a series of experiences that are merged with consumer passion points like gaming and music, the report explained.

What are your thoughts on this story? You can share your views in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Starlink Terminals Arrive in Ukraine as Elon Musk Makes Good on Promise – Bitcoin News

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Starlink Terminals Arrive in Ukraine as Elon Musk Makes Good on Promise


Spacex has managed to deliver Starlink equipment to Ukraine as promised by its founder, Elon Musk. The hardware will provide access to high-speed internet for users in the country, which has been experiencing disruptions in communications as a result of Russia’s military invasion.

Ukrainians Get Starlink Internet Amid Ongoing Russian Offensive

Ukraine has received a batch of terminals needed to connect to the satellite internet constellation Starlink. The network is operated by Spacex, the aerospace manufacturer founded and managed by U.S. tech entrepreneur Elon Musk, and offers high-speed broadband internet across the globe.

The arrival was announced by Mykhailo Fedorov, Ukraine’s deputy prime minister and minister of digital transformation. “Starlink — here. Thanks, @elonmusk,” the Kyiv official tweeted on Monday, posting a photo of a truck full of antennas and routers used to connect to the satellites.

On Saturday, Fedorov took to Twitter to ask the billionaire to provide Ukraine with Starlink stations. The call was issued after media reports revealed that the internet monitor Netblocks had registered “significant disruptions to internet service” in the country since the launch of the Russian military assault on Feb. 24.

“Starlink service is now active in Ukraine. More terminals en route,” Musk replied within hours. “Starlink terminals are coming to Ukraine!” the Ukrainian minister confirmed later, thanking Elon Musk and others supporting his country.

Ukrainian reports on social media have indicated that Starlink equipment is already working in the capital Kyiv. According to a tweet by software and communications engineer Oleg Kutkov, the internet connection’s top speed has exceeded 200 Mbps at some point.

Since the beginning of the Russian military offensive, Ukrainian officials have issued numerous calls for help from the international community. To support its defense and other efforts, the government of the East European nation started accepting donations in various cryptocurrencies.

Russian forces have been advancing from multiple directions, threatening to cut off major urban centers, including the capital Kyiv and Ukraine’s second largest city, Kharkiv. Problems with communication are likely to grow and affect many industries, including the crypto sector which Ukraine has been trying to regulate. Starlink notes on its website that the service is suited for areas with unreliable or unavailable connectivity.

You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.

Tags in this story
communications, Crypto, Cryptocurrencies, Cryptocurrency, dishes, donations, Elon Musk, Entrepreneur, equipment, Hardware, Internet, internet connection, invasion, minister, Musk, routers, satellite constellations, satellites, service, SpaceX, Starlink, stations, terminals, Ukraine, ukrainian, War

Do you think Ukrainian businesses, including crypto companies, will benefit from the availability of the Starlink service? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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