Blockchain v Traditional Finance? 🍻
Using blockchain slashes transaction costs and speeds: Coinbase. Still bullish on Bitcoin? Genesis plans to sell $1.4B GBTC shares. Thailand wants to be crypto hotspot. Disney's metaverse play.
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What impact can use of blockchain have in traditional finance?
In 2022, American consumers could have saved at least $74 billion in credit card transaction fees.
Merchants spend more than $126 billion in fees on processing credit card transactions.
By using blockchain technology, they could have paid close to nothing.
Changing the traditional ways of payment.
"The State of Crypto: Fairer, Cheaper, Faster Everyday Finance" - the latest blockchain report whipped up by The Block Research and Coinbase.
What everyone wants?
Cheaper transactions - 71%
Faster transactions - 70%
Better access- 63%
What Blockchain can do?
Makes transactions up to 5,000 times cheaper (talking less than a cent).
Speeds up the process to up to 432,000 times faster than the old ways.
The traditional way?
Remittances: $836 billion in 2022
Merchant Fees: 1.5% to 3.5% credit card processing fees.
Cross-Border Payments: Slow and cumbersome
How can Blockchain make the world a better place?
According to the report, the younger crowd, especially Gen Z and Millennials, are all in on making finance cheaper, faster, and fairer.
Where are we at with Bitcoin? 📈
Traders are placing bets on Bitcoin reaching $55,000 to $57,000 by the end of June.
Bull Pennant Breakout: The breakout from a bullish pennant pattern on the 4-hour BTC/USD chart suggests a potential rally towards $55,000.
Some analysts forecast that Bitcoin will not fall below $40,000 again.
PlanB's Analysis: PlanB suggests Bitcoin's consistent trading above key benchmarks indicates a strong bullish signal.
Peter Brandt's Parabolic Move: Brandt predicts a potential parabolic run based on Elliott Wave Theory.
Ali Martinez on BTC Accumulation: Significant accumulation of Bitcoin noted, suggesting strong market confidence and investment by larger entities.
BTC broke above $44,000 for the first time since Jan. 12, the day after the spot ETF debuts👇
In the Numbers 🔢
The worth of GBTC shares that Genesis plans to sell as part of its bankruptcy process.
The sale of 36 million GBTC shares theoretically adds selling pressure on Bitcoin.
Solution: Genesis aims to buy Bitcoin simultaneously as it sells GBTC shares, potentially neutralising market effects.
Court approval is still pending: expected by February 8, according to K33 Research.
Genesis's Financial Struggles: The crypto lending firm faced a liquidity crisis, impacting by market shifts and the collapse of significant crypto entities, leading to its Chapter 11 bankruptcy filing in June.
Hello Metaverse 👋🏻
Disney acquires a $1.5 billion stake in Epic Games.
What? To develop a "persistent universe."
A major move into the metaverse.
Vision: To create a game and entertainment universe interoperating with Fortnite, featuring Disney's extensive collection of content, characters, and stories.
Powered by Epic's Unreal Engine = open, interoperable ecosystem for users to create their own experiences.
This initiative follows Disney's decision less than a year ago to disband its metaverse division, aiming to reduce operating expenses.
Disney's first-quarter 2024 earnings showcase a slight revenue increase and a significant dividend rise.
Thailand wants to be crypto hotspot 💼
Thailand's Ministry of Finance extends the VAT exemption for crypto trading to bolster the country's position as a digital asset hub in Asia.
The exemption is part of Thailand's strategy to revive its economy after experiencing slow growth, focusing on digital assets as a key area.
No VAT on Crypto Earnings: Traders will not have to pay the 7% value-added tax on profits from trading crypto and digital tokens.
The exemption now permanently applicable to transactions on Thailand's licensed digital asset exchanges.
The move aims to promote digital assets as an alternative fundraising mechanism.
Without VAT, the cost of buying, selling, or trading cryptocurrencies is significantly reduced, encouraging more transactions.
Regulatory Framework Strengthened: In addition to tax exemptions, Thailand has introduced crypto-friendly regulations and established a licensing regime for crypto exchanges and brokers to ensure security and compliance.
The Surfer 🏄
Former Starbucks Bitcoin Partner Bakkt has told. the regulators that it may not have enough cash to continue operating over the next year.
The Cyber Security Agency of Singapore has warned that a crypto widget plugin for WordPress has a vulnerability.
The NBA is being sued in a proposed class-action lawsuit over its marketing partnerships with failed crypto lender Voyager Digital.
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