The hype around cryptocurrencies is on the rise but is it here to stay?
The global cryptocurrency sector will soon account for nearly $35 billion worth of transactions worldwide
When Bitcoin was born in 2009, the word ‘cryptocurrency’ was hardly typed into a Google Search browser.
Fast-forward to 2022, and the vice chair of the Federal Reserve Lael Brainard, has described “serious vulnerabilities” within the crypto financial system.
“Despite significant investor losses, the crypto financial system does not yet appear to be so large or so interconnected with the traditional financial system as to pose a systemic risk,” Ms Brainard said.
According to recent data, 16 per cent of Americans used or owned cryptocurrencies this year.
This is three times more than 2019 figures.
What’s all the fuss about?
The hype surround cryptocurrencies is spreading around the world, according to new analysis by the Statista Global Consumer Survey.
Digital currencies like Bitcoin, Ethereum, and Binance have drawn the interest of more and more people during this time.
In fact, Brazil, Germany and the U.S. reported a jump in crypto users between 2018–19 and 2021–22.
In some cases, like in India, the number of crypto users more than tripled.
Indian crypto users rose from 8 to 27 per cent in the same reporting period.
Ms Brainard said the ‘get rich, quick’ promise of cryptocurrencies is not as attractive as it seems.
“Contrary to claims that crypto-assets are a hedge to inflation or an uncorrelated asset class, crypto-assets have plummeted in value and have proven to be highly correlated with riskier equities and with risk appetite more generally,” she said.
U.S. cryptocurrency users have risen from 5 per cent in 2019, to 15 per cent by 2022.
Meanwhile, Spain and South Africa have seen modest gains, with slight increases to 26 and 23 per cent respectively.
Is this growth sustainable?
While India has the highest number of crypto users, the U.S. is responsible for 53 per cent of all transaction value.
Over $18 billion will be generated in the U.S. market, while Japan, Britain and South Korea all contribute more than $1 billion annually.
As the sector continues to grow, the Federal Reserve is pushing for regulatory action.
Statista believes the adoption of cryptocurrencies will continue growing on a global scale.
In fact, estimates show 257.2 million crypto users worldwide, or 3.2 per cent of the world’s population.
The base of crypto users will expand at double-digit rates through to 2023, despite user growth slowing down.
Statista expects close to 294 million crypto users next year. This is an annual increase 14 per cent.
Is the metaverse the future of social network?
U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.
#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto
Who will win the global metaverse race?
China is looking to invest in the metaverse market as numerous cities rollout policy proposals.
Technology continues to change our lives forever.
As new advancements are released to the public—safety continues to be a major concern.
People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.
While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.
Analysts say it’s the next evolution in social connection and the successor to the mobile internet.
According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.
China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.
This comes after tense year of regulatory scrutiny on the countries tech sector.
The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.
The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.
So, is the metaverse taking the world by storm?
Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech
North Korean hacker groups steal billions in crypto assets
G7 finance ministers are supporting measures to counter growing threats in the crypto space
Hacker groups associated with North Korea have stolen over $700 million worth of crypto assets since 2017 from Japanese firms and businesses.
The amount equates to 30 per cent of the total of such losses globally.
This comes on the back of G7 finance ministers supporting measures to counter growing threats.
In total, hackers has stolen a total of $2.3 billion in cryptocurrency from businesses between 2017 and 2022.
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