Aug 31, 2022
[Foresees itself; it looks at itself and looks back.]
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[Foresees itself; it looks at itself and looks back.]
Binance CEO foresees DeFi outgrowing CeFi in 6 years, despite regulatory hurdles
Binance CEO foresees DeFi outgrowing CeFi in 6 years, despite regulatory hurdles
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Binance CEO Changpeng ‘CZ‘ Zhao predicted that decentralized finance (DeFi) would become more prominent than centralized finance (CeFi) within the next six years in a July 14 statement to celebrate the exchange’s sixth anniversary.
According to Zhao, DeFi activities will continue accelerating as more people use DeFi products and interact directly with blockchain networks. He added that DeFi would offer financial access to people who lack access to traditional financial institutions like banks.
Zhao further noted that the recent wave of institutional interest in crypto validates the industry and its technology. CZ said these firms would ease institutional adoption of crypto, adding that:
“As institutional investors own the majority of the equity market, with hundreds of trillions of dollars, even a single digit % conversion into crypto will easily multiply the size of the current crypto market.”
Binance ready to collaborate with regulators
Meanwhile, Zhao revealed that Binance was ready to comply with regulators despite its recent regulatory struggles around the world.
Over the past month, Binance has faced increased regulatory scrutiny on multiple fronts. The exchange is under investigation in Australia and has been sued by U.S. financial regulators. It has also exited Canada and several European markets.
Zhao stated that regulation was a “cornerstone of a robust, safe, and secure crypto landscape.” He said:
“Globally, we have shown that compliance and innovation can exist hand in hand. We take pride in our licenses and registrations across 17 countries, a testament to our pro-regulation stance and the extensive efforts we have made in compliance and regulatory space.”
Zhao added that regulatory clarity and regulated exchanges would continue to grow, highlighting Ripple‘s recent victory as an indication of how much progress has been made in the industry.
CZ touts Binance’s minimal exposure to last year’s market downturn
Zhao highlighted Binance’s minimal exposure to the “catastrophic” events of the past year, noting how its initial $3 million investment in Terra 2018 turned into $1.6 billion at 2021’s market peak and crashed to zero following its collapse.
Zhao also stated that Binance had no exposure to bankrupt crypto firms, including Three Arrows Capital, FTX crypto exchange, crypto lenders Genesis, and Celsius.
The Binance CEO added that Binance.US’s attempt to save bankrupt Voyager failed despite a $10 million deposit payment that the exchange never got back.
Also today, The Wall Street Journal reported that Binance had laid off roughly 1,000 employees in recent weeks.
The post Binance CEO foresees DeFi outgrowing CeFi in 6 years, despite regulatory hurdles appeared first on CryptoSlate.
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Exchanges News
Billionaire Investor Tim Draper Still Bullish on Bitcoin, Foresees $250,000 Price in the Future – Here's the Timeline
Billionaire Investor Tim Draper Still Bullish on Bitcoin, Foresees $250,000 Price in the Future – Here's the Timeline
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Source: Diarmuid Greene/Web Summit via Sportsfile
Billionaire venture capitalist Tim Draper is standing by his Bitcoin (BTC) price prediction of $250,000 per coin – but he’s pushed it forward to 2025.
“When Bitcoin was $4000, I predicted it would reach $250k (60X) by now,” tweeted Draper at the end of last month. The asset traded for roughly $30,400 at the time, and has remained mostly flat since.
“I guess we have to wait a little longer, (maybe 2 years) but engineers are hard at work,” he added.
In an interview with Bloomberg on Tuesday, Draper explained that he didn’t expect such prolonged hostility toward crypto from the “US bureaucracy” at the time of his first prediction. “I thought that maybe they would be recognizing that they’ve gotta compete with the rest of the world,” he said.
Crypto leaders have long expressed dissatisfaction with the United States’ failure to establish clear rules and regulations surrounding the industry, compared to other jurisdictions.
Blockchain-supportive politicians often criticize the U.S. Securities and Exchange Commission (SEC) for using a “regulation by enforcement” approach against the industry – launching lawsuits against various crypto firms for ‘breaking the law’ without those firms knowing which laws they’ve broken.
According to Draper, this approach is “driving all the great entrepreneurs out,” which has in turn affected Bitcoin’s price.
Major crypto exchanges including Binance and Coinbase were sued by the SEC in June for violating securities laws, driving down the value of various tokens on their platforms named as unregistered securities. BNB – Binance’s native exchange token – is down 14% since before the filings, while Cardano (ADA) is down roughly 15%.
Bitcoin only suffered a brief pullback after each suit, but has since pulled ahead to $30,700, up 18% from last month. Its dominance over the rest of the crypto market also tapped a two-year high above 50%.
Some Bitcoin bulls – including MicroStrategy Executive Chairman Michael Saylor – have claimed that regulation is bullish long-term for the asset, since it will encourage investors to redirect their capital from altcoins back into the leading cryptocurrency. “The next logical step is for Bitcoin to 10x from here, and then 10x again,” he said in a June interview with Bloomberg.
Bitcoin Is Here To Stay, Says Draper
Long term, Draper said Bitcoin is “here to stay”, and is still anticipating a future world where he can use BTC as his everyday currency. He said:
“I can’t wait until I can raise a fund all in Bitcoin, invest it all in Bitcoin, have my portfolio companies paid in Bitcoin, and have taxes all paid in Bitcoin, and have the waterfall all fall into people’s Bitcoin wallets.”
Draper added that he expected retailers to recognize the benefits of excepting BTC-based payments sooner, which he claimed can “save 2%.”
Over Twitter, Draper clarified that he wishes to hold Bitcoin as it appreciates until he can invest in firms that keep a “walled garden” in the asset. “Then I hope to earn more bitcoin,” he said.
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Bitcoin News
Blockstream Infrastructure Firm Foresees Rapid Growth in Bitcoin's Layer 2 Technologies
Blockstream Infrastructure Firm Foresees Rapid Growth in Bitcoin's Layer 2 Technologies
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Source: Unsplash
An engineer at the Bitcoin-focused development firm Blockstream has said she sees a “Cambrian explosion” coming for the development of layer 2 technologies on the Bitcoin network.
The rapid growth eyed for layer 2 technologies will in part be fueled by coming updates such as Bitcoin Improvement Proposal (BIP) 118, known as SIGHASH_ANYPREVOUT, or APO for short, as well as a new programming language for Bitcoin smart contracts called Simplicity, Blockstream engineer Lisa Neigut said at the Consensus 2023 conference.
“APO is going to, hopefully, unlock a Cambrian explosion with these script updates and new covenants,” Neigut said, while expressing optimism about the future for Bitcoin layer 2 technologies:
“I think a lot of new layer 2 stuff will come in the future.”
The remarks were made during Neigut’s State of the Chain presentation at the conference, which was held last week in Austin, Texas.
Mature Bitcoin layer 2 ecosystem already exists
Although less known among DeFi users than Ethereum-based layer 2 networks, Bitcoin already has one of the most developed second layer ecosystems of any blockchain network.
Current Bitcoin-based layer 2 networks include the Lightning Network, which is used extensively for payments, as well as Blockstream’s Liquid sidechain, and new technologies known as Fedimint and Cashu.
Blockstream is a Vancouver-based firm working on infrastructure for the Bitcoin network.
The firm is led by the veteran cypherpunk Adam Back who is known as the inventor of Hashcash, a Proof-of-Work mining algorithm later used in Bitcoin.
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Bitcoin News
This Crypto Strategist Foresees A Bitcoin Price Reversal Soon
This Crypto Strategist Foresees A Bitcoin Price Reversal Soon
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Bitcoin analysts are following up on BTC price trends as the 2022 bear market drags into the beginning of 2023. The crypto market is slightly recovering from the FTX fiasco that caused most of the crypto assets to plunge. According to a famous crypto analyst, Kelvin Svenson, one technical indicator could end Bitcoin’s bear market.
In a video update, Svenson noted that BTC’s weekly relative strength index (RSI) is about to break out from its diagonal resistance. The RSI measures the ratio of ups and downs movements in the crypto market.
As per Svenson, this movement suggests that BTC bulls have started to gather momentum. Furthermore, he noted that the two-year-long market downtrend could end if an RSI breakout occurs.
Svenson explained the importance of a potential RSI breakout in his video update. Following his prediction, there could be a significant trend shift for BTC if the RSI breakout occurs in the next couple of weeks.
Title image: iStock
Svenson’s Prediction And Bitcoin Price Outlook
Svenson cited a weekly RSI breakout towards the end of the BTC bear market in 2018. Pointing at the BTC diagonal resistance line, he added that the market gets bullish once the RSI pops above the resistance level.
Given the momentum with which the weekly RSI is coming up, the crypto analyst says BTC is heading toward a significant bull run.
Bitcoin is currently trading at $16,831, but Svenson predicts that BTC may rally to $21,000 if the RSI exceeds its long-term resistance. Bitcoin’s current price indicates a potential rise of 25% if it reaches $21,000, which Svenson predicted.
BTC Price trends above the $16,800 mark l BTCUSDT on Tradingview.com
The year 2022 marked the beginning of a new bear market for Bitcoin and the entire cryptocurrencies. Bitcoin declined nearly 75% since its all-time high of $69,000 in 2021.
Many analysts made different predictions for Bitcoin prices in 2022. For example, at a tech conference in Amsterdam in 2018, Tim Draper predicted that Bitcoin would reach $250,000 by the end of 2022. However, when 2022 finally came, Bitcoin price turned opposite Draper’s prediction.
The asset plunged below the $20k mark and hit $16,441 in November after the FTX crisis, but it is now moving toward the $17,000 mark and will likely cross it if the bulls stay intact.
Michael Van De Poppe Releases Bullish BTC Price Prediction For 2023
As the new year unfolds, other analysts besides Svesons have projected a new outlook for BTC in 2023. For example, Michael van de Poppe has made a new prediction for BTC prices in 2023. According to the analyst, BTC will experience a massive price surge in the coming months.
De Poppe predicts a rally between $30,000 and $35,000 as the U.S. Federal Reserve pauses interest rate hikes and reduce inflation. He also made peak high predictions for BTC’s 2023 bull cycle between $275,000 and $350,000.
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Crypto News
Foresees itself; it looks at itself and looks back. The first thing that occurs to him is What are we doing with these words? and his response is: A: I have always thought of the soul. What does it mean In short: What we mean by it means we have to take actions and have to be aware and act accordingly. This is the most important aspect of our role as human beings.