French Resistance to Libra, Sports + Crypto, Generations have voted, BTC Analysis
Welcome back to yet another edition. We bring you the freshest reports straight from the crypto district. As you’ve realized by now, this is an unbelievably dynamic space. Sometimes it’s quite difficult keeping up with the latest news and innovations from the crypto realm. The speed of development is absolutely astonishing and we keep seeing great projects being born amid this crypto revolution.
There’s been a lot of happenings this week, so without further ado, let’s see what we’ve covered for you this time.
Libra association has encountered slew of obstacles on its rather bumpy journey and it’s just begun.
Just a week ago The Swiss Financial Market Supervisory Authority (FINMA) granted conditional banking licenses to two crypto focused banks.
Bearing this in mind, Facebook most probably wanted to use this window of opportunity and act promptly by applying for similar treatment, seeking Swiss payment license. However, FINMA did not hesitate to imply that given the complexity of the project, Facebook will inevitably become subject to an additional set of requirements. Although this could be considered a major setback, Libra’s spokesperson insisted that predefined guidance would only further stipulate how the system should ideally function.
After all, standards entail raising the bar occasionally. As you might remember, not so long ago the U.S. state officials visited Switzerland to ensure that everything’s running smoothly and that both sides are aligned.
One thing is certain though – as long as they stick to and abide by the guidance book released by FINMA, and comply by the digital asset regulations issued by Financial Action Task Force (FATF), which covers everything starting from KYC (know your customer) process to Anti Money Laundering (AML) measures, Facebook should be in the fast lane.
Speaking of the string of bad luck… As if these hurdles weren’t enough already, France has stood up to express its sharp opinion regarding the global currency. On Thursday, during the opening of the OECD cryptocurrency conference, meeting of some 36 member countries, French Minister of Economy and Finance Bruno Le Maire asserted that in his view it threatens monetary sovereignty of governments and that France strongly opposes all forms of development. This is the same man who spoke in June to the leaders of the central banks of the G7 countries, warning them of the risk it poses to traditional currencies.
Even though France has quite a stern stance on the matter and they explicitly declared not to be in favor of Libra’s expansion and evolution, they still lack jurisdiction and power to overthrow Facebook’s Libra.
On the other hand, it should be noted that France exempted crypto trades from tax policy. So crypto to crypto trades are liberated while fiat to crypto are still subject to taxation. This recent announcement will most definitely put a smile on traders’ faces.
As Bloomberg reports, Facebook did share a list of possible currencies that would appear in the Libra Reserve.
The U.S. dollar, euro, Japanese yen, British pound and the Singapore dollar were included in the letter.
As mentioned earlier blockchain and cryptocurrencies are permeating all sorts of business models. They are basically diversifying. And so, sports and celebrities’ industry were among the ones that decided to submerse and place various use cases on trial.
Let’s take for instance soccer club from England’s Premier League, Watford. They have officially started accepting BTC for merchandise purchases.
And in case you follow their next game, pay close attention to their kits. You might notice a Bitcoin logo on their shirt sleeves. As the club officials stated, the symbol represents partnership between Watford F.C. and Sportsbet.io, which is betting platform that deals in BTC. But that’s not all, there’s more to it than meets the eye. It is actually intended to spread the awareness of cryptocurrencies and educate about their benefits. I am quite positive that the whole crypto-community is rooting for that. Did you know that basketball team Sacramento Kings ventured into crypto back in 2014 when a BTC coin was being traded at 850 dollars? Furthermore, last summer they went on to shock everybody by announcing they would commence an Ethereum mining project in the actual arena.
And now we are seeing another team getting ready to explore the crypto world and try to reap some benefits. The Dallas Mavericks fans can now opt in when it comes to buying the team’s merchandise or paying for the tickets in BTC. BitPay is Bitcoin payment service provider that will be in charge of their crypto-transactions.
Moving on to boxing. Superstar and champion, Manny Pacquiao will launch his own cryptocurrency in Manilla. It must be emphasized that this coin will have no intention of competing in the conventional crypto marketplace, but rather to give fans the opportunity to acquire some goods. However, there is another interesting side to it. A feature that brings interactivity.
Namely he plans on building some type of a platform, which will be fueled of course by his token called Pac and on which fans would be able to connect to the boxing legend and chat. There has been a similar project with the movie star Jeremy Renner, but unfortunately it was a failed experiment. Apparently, bots were to be blamed. Let’s wait and hope Manny’s path sees different outcome.
And were you aware that yet another boxing giant endeavors to get involved seriously? Arguably one of the greatest ever, Mike Tyson will serve as chairman and founder of an entertainment platform that aims to aid young fighting talents to receive a fair share of a pie and help them navigate through different channels like media, movies, video games, betting events, while climbing the success latter. Enterprise dubbed “Fight To Fame” will enable wealth generation from the audience and it will additionally solve the empowerment, according to Farzam Kamalabadi, the CEO.
It’s definitely worth mentioning that blockchain platform Socios.com has already signed multiple partnership deals with some of the top European soccer clubs such as Juventus, Paris Saint-Germain and West Ham United, Atetico De Madrid, AS Roma. They will be orchestrating and overseeing the development of tokens and the overall business strategy. Let’s remind you folks how innovative Socios is – they’ve built a platform that brings fans closer to their club and players. Technically the message screams: “Your vote counts and may contribute”. So, by interactively engaging with the community through polls and different games, one gets access to some kind of rewards and lifetime experiences as they claim on their website.
Last but not least, Benfica football club. Yes, they too plan on implementing blockchain technology in order to facilitate ticket sale and product distribution. But unlike others, they decided to broaden their horizons a bit and test a different approach. Namely they were thinking in a refreshing and stimulating direction. Knowing how the whole sports industry is facing challenges when it comes to anti-doping policies, they wondered what it must be like if one’s health record was to be put on a blockchain and monitored.
Recognizing that blockchain acts a reliable data base and given the immutable nature of its technology, it would be ideal if team’s statistics were to be inserted on it. Practically coaches, managers, officials and others could simultaneously audit at any point of time the performance metrics of a particular player and know his health condition.
Players could also select preferred salary payment method. Meaning now they would have the choice of national currency versus some cryptocurrency.
You see, all these businesses aspire to drive mass adoption. Needless to say that popular sports like football or basketball may raise the much needed awareness on cryptocurrency.
Well there you have it. As it turns out these are pretty fertile industries for crypto affairs and they’ve already demonstrated how appealing it all is to their customers. Rest assured you will be seeing a whole new spectrum of similar cases arising.
What Would The Millennials Do?
One of the most famous, well established trading platforms in the world, eToro determined to conduct a survey that will provide them with an insight into how would specific generations react in the event of a recession, what would they be investing in.
Guess what? Generation Y, a.k.a. the Millennials, voted for hedging with crypto, should harsh times knock on the door. There are variances in regards to the birth date. Some claim that it dates all the way back to 1976, or possibly one of the years through to 1980, but the common belief is 1981 to 1996.
While Generation Z (1997 onwards) opted for real estate and Gen X (1961-1981) mostly for commodities, in case of economic collapse scenario.
“We believe that in the event of a recession, we will see a reduction in stock portfolios, while other asset classes, such as crypto assets, on the contrary, will show positive trends, as well as new equity models. Historically, these investment opportunities have been limited by the high cost of assets and have been available to institutional investors, but innovation will open up these opportunities for ordinary investors,” Guy Hirsch stated, managing director of eToro.
As you can see, we received some colorful results. This experiment vividly portrays the change in generational mindset over the course of time.
Let’s close this week’s column by reviewing a chart that sparked great discussions. What am I alluding to? Bitcoin’s difficulty ribbon chart. Let’s inspect it together.
We may notice that the second 2-year cycle (6500%) is at 38% of the first 2-year cycle (16982%). Therefore if this pattern continues, we might see another parabolic increase which could again be expressed as 38% of the last cycle, which would translate into 2470%. escalation. If we choose variable x to be USD 3933 and we know it will experience a shift in price by whopping a 2470%, then that means the price could potentially reach… well, you do the math ????
There is an endless stream of predictions. This is highly speculative ground and fact of the matter is that things could go either way. Nobody can claim with certainty what the outcome will be like. But if we look at the larger picture and examine events chronologically, we will indeed conclude that there is a tendency for an impetuous bull run.
Disclaimer: The information provided in this post is not legal, accounting, or financial advice. I am not a lawyer, accountant, or financial advisor. I am not registered as an investment adviser with any federal or state regulatory agency. The Information should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies.