Morgan Creek CEO Predicts Early Start To Bitcoin’s Bull Run; Here’s Why
The year 2023 has started off relatively well for the cryptocurrency industry. The market appears to be recovering from the unprecedented FTX collapse, with major token prices beginning to rise. BTC, one of the major tokens, is now worth $23,335; significantly higher than $16,547, which was its price at the end of 2022.
The community is optimistic and anticipates further gains in the crypto industry across various tokens. Here’s what Yusko has to say about it.
What is Bitcoin halving and when is the next one?
The Bitcoin halving occurs when the reward for Bitcoin mining is cut in half. Every four years, the amount is halved. The halving policy was incorporated into Bitcoin’s mining algorithm to combat inflation by preserving scarcity. In theory, a slower rate of Bitcoin issuance means that the price will rise if demand remains constant.
Given that new Bitcoins are mined every 10 minutes, the next halving is expected in early 2024, when a miner’s payout will be reduced to 3.125 BTC.
Mark Yusko’s prediction for BTC
According to Mark Yusko, founder, and CEO of Morgan Creek Capital Management, Bitcoin’s bull market will likely begin sooner than expected due to anticipation of the BTC halving and favorable macroeconomic conditions.
Yusko believes that the next crypto bull run, or “crypto summer,” could begin as early as the second quarter of this year due to a combination of dovish central bank policies and the anticipation of Bitcoin halving.
While the Federal Reserve of the United States is unlikely to cut interest rates anytime soon, markets, according to Yusko, tend to anticipate the Fed’s decisions. That means that even a slowing or halt in interest rate hikes would be interpreted as a sign of an impending pivot. This would create a positive dynamic for all risk assets, including cryptocurrency.
What’s Elon Musk’s POV?
Elon Musk, in a separate Twitter post, stated that if the Fed raises interest rates, the chances of a recession intensify. According to the post, “if the Fed raises rates again next week, the recession will be greatly amplified.” Elon Musk predicted that the recession would last until the spring of 2024.
Evidently, this is in stark contrast to Yusko’s opinion.
To conclude
In general, Bitcoin halving is regarded as a good economic model because it exerts disinflationary pressure on the digital currency, allowing it to appreciate in value over time. Yusko predicts that halving can be beneficial for the prices of cryptocurrency and help the market.
It’s exciting to see differing perspectives and potential outcomes for the crypto market. We would love to hear your thoughts and opinions on the matter.
Bitcoin Will Hit $1 Million by 2030, Claims Ark Invest CEO Cathie Wood
Cathie Wood, the visionary CEO of ARK Invest and a prominent advocate of Bitcoin, has re-affirmed her prediction that the price of BTC will reach $1 million by 2030. This forecast comes amidst Bitcoin’s sustained upward trend.
According to Wood, the Bitcoin network has remained unscathed, despite facing various challenges such as the bear market, the crypto winter, and the downfall of several prominent companies. The network has operated as designed – decentralized and transparent.
Wood believes that her forecast is actually modest, as the findings of ARK Invest’s Big Ideas 2023 report indicate that Bitcoin has the potential to reach even higher prices over the next seven years.
Bitcoin As A Solution For Wealth Preservation?
Cathie Wood believes that Bitcoin presents opportunities for wealth preservation for individuals of all financial backgrounds. She cites the global phenomenon of hyperinflation causing currency collapses and the need for a fallback, or insurance policy, such as Bitcoin.
She also believes that high-net-worth individuals will benefit from using Bitcoin as a hedge against the confiscation that can occur from inflation. If successful, this could result in the value of one Bitcoin reaching $1 million by the end of the decade.
The avid Bitcoin supporter highlights that the token has consistently outperformed other assets over the long term, making it the best-performing asset in any class. Its durability and stability make it a strong choice for wealth preservation.
Bitcoin Price Prediction 2030: Here’s What ARK Invest CEO Cathie Wood Predicts
In an interview with CNBC, Ark Invest CEO Cathie Wood restated her optimistic outlook for Bitcoin and the cryptocurrency market. She confirmed that her company still stands by its $500,000 target for Bitcoin. Wood claims that only centralized and opaque cryptocurrency firms, such as Celsius and FTX, lost money in 2021.
Wood believes that the idea of transparency and decentralization is gaining popularity after the FTX exchange’s collapse in November 2021. According to Wood, Bitcoin and Ethereum are the best examples of transparency and decentralization in the cryptocurrency world.
Wood has made bold predictions about the upward trend of Bitcoin. In a Bloomberg interview in May 2021, she predicted that Bitcoin would reach $500,000 by 2026 and later increased the prediction to $1 million by 2030 at the beginning of 2022.
ARK’s recent research on Bitcoin’s prospects described that it may grow into a multi-trillion-dollar market by the end of the decade. Even the most pessimistic scenario for Bitcoin predicts a price of $258,500 in the next seven years, an increase of 1,022% from its current value.
Despite a challenging year in 2022, ARK insisted that Bitcoin’s foundations are strong, citing institutional adoption, increasing hash rates, and long-term holder supply as evidence. The research states that the contagion caused by centralized counterparties has elevated Bitcoin’s value propositions of decentralization, auditability, and transparency. The company says that the Bitcoin network’s fundamentals have strengthened and its holder base has become more focused on long-term investments.
FTX Exchange To Make a ComeBack – CEO John J Ray III Makes Bold New Plans
The fallen cryptocurrency exchange – FTX is on its journey to restart itself under the new leadership of CEO John J Ray III. John stated that he is investigating the plans to restart the exchange which was down since November 2022.
Many high officials have been accused of fraudulent activities at FTX. However, the client base still applauds the company’s technology and suggested that the company still has a potential reboot system that may benefit its clients. John has now established a team to investigate the probability of relaunching FTX.com which is the primary international exchange operated by the company.
John also plans to improve security, and customer experience and expand its asset range available on FTX. He also plans to invest heavily in state-of-the-art security measures and hire risk management to continuously monitor and upgrade the system. In addition to that, new features and tools will be introduced to make the platform more user-friendly and easily access information.
Previously John and SBF had disagreements on whether or not FTX should have filed for Chapter 11 bankruptcy in 2022. SBF has criticized John’s approach while dealing with the situation. John stated that SBF’s remarks were “unhelpful and self-serving”
In a recent development, the team has located $5 billion in cash and liquid cryptocurrencies. John termed this as a “Herculean effort” to sort the business’s finances. The price of FTX’s native cryptocurrency, FTT, is currently being traded at $2.41, representing an increase of 34% in the past 24 hours and a 68% jump during the last seven days.
It remains to be seen whether or not Ray’s plans for FTX will come to fruition, but many in the crypto industry are optimistic about the exchange’s future under his leadership.
Sam Bankman Fried Responds to John’s Statement
Sam Bankman Fried – Ex-founder of FTX – has shared his thoughts on the new CEO John J. Ray III’s recent statement about the potential restart of the exchange. He said that he is happy that John is encouraging the idea of restarting FTX even though he was previously not in terms with it. Sam also stated that he is waiting for John to acknowledge the fact that the FTX US branch is financially stable and can return the money to the customers.
Ripple CEO Reveals $10Mn Exposure To Bankrupt FTX Exchange
While Ripple’s conflict with the SEC persists, it appears that it has also encountered other issues. Let’s see what’s new with Ripple.
Ripple CEO reveals exposure to FTX!
In a recent fireside discussion on CNBC’s Tech Transformers at Davos, Ripple CEO Brad Garlinghouse revealed that the blockchain payments company had exposure to FTX. He disclosed that Ripple leased around $10 million in XRP to the now-defunct crypto exchange.
He said, “… we did have some exposure to FTX,” the Ripple chief said. “I think … we’ve publicly shared before there’s around just over $10 million of XRP we had leased to FTX that they use for various things on FTX… I’m hopeful that through the bankruptcy process, we get some or all of it back but uh it’s not too consequential to the business.”
Last November, FTX and over 130 companies filed for bankruptcy protection after a bank run exposed an estimated $8 billion hole in its balance sheet. In just 24 hours, the company’s value fell from nearly $32 billion to $1.
Ripple frequently gives short-term XRP leases to market makers and XRP participants for sales. These leases are typically returned to Ripple. Given Sam Bankman-alleged Fried’s fraud, the Ripple CEO stated that it is unclear what the company will receive from the lease. Only 1% of Ripple’s liquid assets were represented by the XRP lease.
The crypto community reacts
This statement that Ripple has had some contact with FTX has drawn attention from the community. While some of them point out lies and remind of earlier statements by Ripple where they have claimed that they have never had any exposure, others offer explanations by stating that they do to market makers to ensure orderly trade and liquidity.
Back in November 2022, it was reported that former FTX CEO Sam Bankman-Fried called him two days before the company filed for bankruptcy, the CEO of Ripple claimed that they discussed whether there were any FTX-owned companies that Ripple “would want to own” during the call.
All these interactions between the two companies have raised eyebrows, especially after Garlinghouse claimed that Ripple’s exposure to FTX has been limited.
Monex Group CEO Says They are Interested in FTX Japan
Oki Matsumoto, CEO of financial services company Monex Group, reportedly expressed interest in the Japanese division of troubled cryptocurrency exchange FTX according to a Bloomberg article. “Generally speaking, we naturally are interested,” said the CEO.
According to the report, FTX Japan is being put up for auction as part of the US bankruptcy proceedings. As per a court document, there are about 41 parties interested in the company, 25 of whom have signed nondisclosure agreements with the creditors.
Matsumoto sees potential in the Japanese crypto sector, predicting that the companies may begin investing in digital coins and using non-fungible tokens (NFTs) for advertising. When that time comes, he wants Monex to seize those chances and turn into one of the “few alternatives” for Japanese consumers. To entice more cryptocurrency firms, Japanese officials announced last year that they will relax the listing requirements for virtual coins.
FTX Japan is a Japanese cryptocurrency exchange that provides services for both spot and futures trading. As of Nov. 21, the division had approximately 17.8 billion yen ($139 million) in cash and deposits, and at the end of September, it had approximately 10 billion in net assets. Next month, the business is anticipated to enable consumer withdrawals.
On January 10, a lawsuit made public the 115 organizations that had previously indicated interest in buying the exchange’s assets And last, it’s still uncertain who will submit the highest bid for FTX Japan.
On December 15, 2022, attorneys for FTX started seeking approval to sell the four companies, citing worries about possible value erosion. The licenses of FTX Europe are currently revoked, and business revocation orders have also been issued for FTX Japan. According to FTX attorney Andy Dietderich, the company has reportedly recovered almost $5 billion in cash, digital currency, and liquid securities assets thus far.
Tether Denies Bailout Request From Ex-FTX CEO Bankman-Fried
As investigators around the world try to gather facts about the FTX and Alameda implosion, stablecoin issuer Tether (USDT) has claimed that SBF, the CEO of FTX, requested a bailout in the billions before filing for bankruptcy protection.
According to a report by Forbes, SBF reportedly wanted Tether to return a favor as one of its largest clients. Moreover, FTX had minted over $36 billion in USDT, almost half of Tether’s entire circulating supply, during its peak-performing period.
Nonetheless, Tether officials declined the request after SBF reportedly declined to outline the details of the economic help he needed. According to Paolo Ardoino, Tether’s Chief Technology Officer, SBF sounded uneasy with the request, which was never the case before.
“He suddenly asked for something that he had never asked for before, and he wasn’t talking about $10 million. The way he was talking suggested that he had a big issue. His request was in the billions,” Ardoino said.
The requests by SBF are not outrageous as he publicly requested bailout funds from the Binance cryptocurrency exchange. However, while Binance CEO Changpeng Zhao (CZ) declined the bailout, FTX’s FTT token plummeted drastically in a few hours, liquidating billions of dollars.
Tether intends to clarify its relations with FTX and SBF as investigators close in on blockchain activities that led to the exchange’s collapse.
Moreover, blockchain data suggests that Tether could have minted for SBF’s companies as high as $500 million in a single transaction. As such, calls for a Tether USDT audit have increased lately to ensure that every minted stablecoin is redeemable.
A Call For Transparency
Following the sudden collapse of FTX and its native token FTT, crypto traders have become cautious about holding and trading most altcoins. As a result, calls for greater transparency have increased, despite the fact that most crypto companies operate on public blockchain technology. Furthermore, Coingecko has been listing the availability of crypto exchanges’ reserve data.
However, crypto traders remain skeptical about security even with reserve data publicly available. Additionally, centralized exchanges hold the keys to users’ coins and can potentially withdraw funds without warning. As a result, decentralized exchanges and non-custodial wallets have gained popularity in recent weeks, as seen with Binance-backed Trust Wallet and its TWT token.
Meanwhile, Tether (USDT) is expected to remain on regulators’ watchlist due to its control over minting programs, similar to the Federal Reserve. However, the creation of the digital dollar is expected to bring more stability and reduce irregularities in the stablecoin industry.
More FUD Coming Warns Binance CEO Changpeng Zhao – Here’s What’s Happening
CEO of the largest cryptocurrency exchange Binance, Changpeng Zhao, has taken to Twitter to address the speculations doing rounds on the internet about ‘Binance bleeding assets worth $12 billion.’
The CEO said that he will ignore the report and also advised the media house to get an app to check the crypto market.
He wrote, “Think they may need an app to check the crypto market. Alright, will do 4, and ignore from here.” When someone questioned him about why he gives attention to the FUD, CZ write,
“Working in it (ignoring). But when sweeping Twitter to see what our community is up to, sometimes, can’t hold back to comment. Will try to improve.”
Regarding the 4, he is referring to in his tweet, CZ is talking about his new year resolutions. A few days ago, he took to Twitter and said that he will keep 2023 ‘simple.’
He said, “Will try to keep 2023 simple. Spend more time on less things. Do’s and Don’ts. 1. Education 2.Compliance 3. Product & Service 4. Ignore FUD, fake news, attacks, etc. In the future, would appreciate if you can link to this post when I tweet “4”.
Forbes now erases the report
Forbes reported earlier that Binance was bleeding in assets. The research delves deeply into Binance’s financial situation, covering everything from BUSD stablecoin activities to the BNB token’s overall state of health.
Over $360 million of the exchange’s reported $12 billion in losses over the past sixty days came on Friday, January 6 according to the report.
According to Nomics, BNB token is down about 37% from a year ago. Forbes believes that the exchange lost $3 billion annually as a result of ceasing to charge fees for spot bitcoin trading during the bear market.
In addition, Binance has lost $3 billion in assets over the previous week, or 4% of the company’s total holdings, according to Nansen.
Cameron Winklevoss Says DCG CEO Barry Silbert is ‘Unfit’ to Run the Company
The public spat between Barry Silbert, CEO of the Digital Currency Group (DCG), and Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, hit a new low on Tuesday when Winklevoss demanded that DCG’s board fire Silbert for being “unfit” to lead the company.
He started by writing, “I’m writing to let you know that Gemini and more than 340,000 Earn users have been defrauded by Genesis Global Capital LLC, together with its parent company Digital Currency Group, its founder and CEO Barry Silbert, and other key personnel.”
According to Winklevoss, the fraud was committed with the intention of deceiving lenders into thinking that DCG had assumed Genesis’ losses as a result of the failure of Three Arrows Capital (3AC) so that they would continue to lend money to Genesis.
His lengthy letter accused Genesis of carelessly lending money to 3AC while the hedge fund was using it for a “kamikaze” trade in which 3AC exchanged Bitcoin for Grayscale’s Bitcoin trust product shares (GBTC).
Winklevoss also claimed that Genesis’ issues stemmed from its over $2.3 billion in loans to 3AC, which led to a loss of $1.2 billion when 3AC declared bankruptcy in June 2022. At that moment, Winklevoss asserts that Silbert, DCG, and Genesis were involved in “a carefully crafted campaign of lies” that led to the showcase that DCG had made a $1.2 billion donation to Genesis. He contends that Silbert permitted these transactions because it would prevent the market sale of GBTC shares, safeguarding the price of the shares.
“There is no path forward as long as Barry Silbert remains CEO of DCG. He has proven himself unfit to run DCG and is unwilling and unable to find a resolution with creditors that is both fair and reasonable. As a result, Gemini, acting on behalf of 340,000 Earn users, requests that the Board remove Barry Silbert as CEO.”
Former CEO Of Celsius Network Sued For Defrauding Investors Out Of Billions
New York Attorney General Letitia James filed a lawsuit against Alex Mashinsky, former CEO of the bankrupt crypto lending platform Celsius Network, for defrauding investors – including 26,00 people from NY – out of billions of dollars worth of cryptocurrency.
According to the lawsuit, James argued Mashinsky repeatedly made false and misleading statements about the state of Celsius and its investment products. While promising people heaven, James noted Mashinsky delivered hell to Celsius investors knowingly.
Notably, Celsius lost millions of dollars to risky businesses that included crypto assets and did not reveal the company’s financial statements to the investors until the worst hit. Additionally, the lawsuit argues that the former Celsius CEO failed to register as a securities and commodities dealer let alone as a salesperson.
As such, the lawsuit wants the court to ban Mashinsky from doing business in New York and require him to pay damages, restitution, and disgorgement.
“As the former CEO of Celsius, Alex Mashinsky promised to lead investors to financial freedom but led them down a path of financial ruin,” said Attorney General James. “The law is clear that making false and unsubstantiated promises and misleading investors is illegal. Former CEO Of Celsius Network Sued For Defrauding Investors Out Of Billions.
Today, we are taking action on behalf of thousands of New Yorkers who were defrauded by Mr. Mashinsky to recoup their losses. My office will stay vigilant and ensure that bad actors trying to take advantage of New York investors are held accountable.”
Attorney General Condemns Crypto Companies Operating Like Celsius
According to Attorney General James, most of the Celsius deposits from New Yorkers were from people’s lifetime savings. While continuing to warn cryptocurrency traders to be careful with projects that promise hefty returns, James has urged employees in the blockchain industry to report businesses operating fraudulently.
In the past two years, New York Attorney General James has focused on crypto projects preying on people’s money. For instance, In September 2022, James sued Nexo Inc. for operating illegally and defrauding investors.
In June 2022, James warned New Yorkers about investing in cryptocurrencies after the market lost over $2.2 trillion in unregulated businesses.
In the same month, James reached a nearly $1 million settlement with BlockFi for offering unregistered securities.
The lawsuit comes a day after Judge Martin Glenn, the chief bankruptcy judge in the Southern District of New York, ruled Celsius can liquidate customers’ stablecoins to meet costs associated with case proceedings.
Bitcoin Investors May Be Entering Historic Accumulation Phase – Messari CEO
In an interview with the financial journal Barron’s, the founder and CEO of the cryptocurrency intelligence service Messari, Ryan Selkis, said that on-chain signals are now indicating a buy signal for Bitcoin (BTC).
According to Selkis, the Market Value to Realized Value (MVRV) indicator implies that investors are in the early stages of a long-term accumulation phase. This is because investors’ conduct is comparable to how it was when it bottomed out in past negative cycles.
MVRV is a metric that may be used to determine whether or not a cryptocurrency is currently overpriced. The MVRV-Z Score is applied to the “fair value” of a cryptocurrency, which is calculated by subtracting its market cap from its realized cap. The score then determines whether or not the cryptocurrency is now overpriced or undervalued.
As per Selkis, if the MVRV is over 3, it is time to sell Bitcoin immediately, and if it is below 1, it is time to begin collecting Bitcoin. This applies to the whole history of Bitcoin.
The Messari CEO said:
“Bitcoin is in a historic ‘buy’ range in terms of MVRV – only seen three times in the past decade: January 2015, December 2018, and March 2020. Where are we now? January 2015. December 2018. i.e., Sell-a-kidney-to-buy-more territory.”
The entrepreneur went on to predict that if Bitcoin were to reach parity with gold, investors would see a return of 25 times their initial investment, so there’s a lot to like about taking a 4% stake in digital gold for every ounce of gold they purchase. Bitcoin-gold parity would net us $500,000 at the current exchange rate.
How’s Bitcoin Doing Right Now?
Currently, one bitcoin is valued at around $16,650. The king of cryptocurrencies has been stuck around the $16,000 mark, with no major movement either way. Because market volatility is so low compared to historical norms, this is to be expected. Nevertheless, depending on the actions of BTC whales, we may see some promising rallies for digital assets in the near future.
An examination of bitcoin whale transactions in the month of December reveals a gradual decrease in whale interest in the cryptocurrency. This is in sync with the period’s low BTC price ranges, and the lack of volatility makes it more difficult to turn a profit.
The overall situation for Bitcoin is rather precarious. We have no choice but to keep our fingers crossed that we will soon reach the light at the end of the tunnel.
Dogecoin Price Losing the Grip as Elon Musk May Not Remain Twitter CEO for Long!
Dogecoin price kick-started the monthly trade on a bullish note by gaining more than 50% in its value in just a couple of days. Meanwhile, the bearish action which followed dragged the price back to its initial levels again. This may be due to the reason that Elon Musk is again in rounds but did not mention anything about DOGE. Since then the DOGE price is struggling very hard to withstand the bearish pressure and rise high.
DOGE price is yet again plunging heavily as the asset has plunged by more than 12% in the past 7 days. The bearish momentum was further fueled when the current Twitter CEO, Elon Musk expressed his willingness to step down as Twitter CEO and conducted a poll.
As of now, more than 57% of 14 million votes are in favor of him stepping down as the CEO, while the poll may still run for another 3 hours. Along with this, the bearish sentiments prevailing within the space could be a major reason for the fresh decline in the prices
The Dogecoin price has been trading below the crucial 200-day MA since the beginning of the yearly trade. However, the November push uplifted the price beyond these levels marking the revival of a firm bullish trend. Presently, the DOGE price, despite the bearish action, is trying to sustain at these levels and trigger a rebound. Meanwhile, the buying volume has dropped heavily due to which the fear of slicing down from the 200-day MA levels emerges.
In that case, the DOGE price is expected to test the lower support zone between $0.05 to $0.056 and attempt a rebound. Conversely, if the token triggers a rebound from the current levels after a brief consolidation, then a notable jump towards the interim resistance at 50-day MA levels at $0.095 appears imminent.
Collectively, the Dogecoin price appears to be extremely bearish and if Elon Musk steps down as the Twitter CEO, the token may be negatively impacted. The November surge was fueled by the speculations of Twitter adding DOGE to their payment methods. Therefore, the coming few days could be extremely pivotal for the DOGE price as immense volatility may be expected until the year’s end.
Binance CEO CZ Warns of Rough Ride Ahead! What’s Next For Crypto Market?
The leading cryptocurrencies have been demonstrating a strong trend as we woke up to another piece of good news about SBF being refused bail and required to be imprisoned until February of the next year.
The publication of the Consumer Price Index (CPI) statistics for the month of November may be credited for the unexpected spike in the price of cryptocurrencies. According to recent reports, the annual rate of the CPI has decreased to 7.1% from 7.7% in October. On the other hand, around 7.3% was projected to be the CPI reading for the month of November.
Binance, the biggest cryptocurrency platform in the world, has been having some difficulties as of late. Apparently, the exchange witnessed withdrawals of nearly $2 billion in the previous 24 hours, according to blockchain analytics company Nansen.
The amount of $1.9 billion is the greatest daily outflow since at least June and was responsible for the bulk of the $2.2 billion in Ethereum-based withdrawals that occurred over the course of the last week.
Binance lost $902 million on Monday due to withdrawals. The sudden withdrawal of capital by investors may be the result of government pressure on the exchange. A long-running criminal inquiry into Binance’s compliance with US anti-money laundering rules and penalties has been slowed by disagreements among prosecutors at the US Department of Justice.
What Does CZ Have To Say About It?
Changpeng Zhao, the Chief Executive Officer of Binance Holdings Ltd., issued a response in which he cautioned his team members to expect difficult months ahead and stated that the firm will overcome current challenges. In doing so, the cryptocurrency billionaire attempted to assuage concerns regarding the state of the company’s finances.
CZ said that the cryptocurrency sector is at a historic moment in a message that was given to employees. CZ also stated that Binance is in a good financial position and would survive any crypto winter.
In his words:
“While we expect the next several months to be bumpy, we will get past this challenging period – and we’ll be stronger for having been through it.”
Referring to the widespread exodus of investors, he noted that as a result of the recent collapse of FTX, his company has been subjected to a great deal of additional scrutiny and difficult inquiries.
There is no question that the failure of FTX has shaken the confidence of investors, which has driven some traders to seize control of their tokens and remove them from exchanges.
The failure of FTX has unquestionably resulted in a great deal of havoc across the sector. It was decided this morning not to grant the disgraced founder, SBF, bail, and it is obvious that this whole drama is the reason for the problems Binance is now experiencing.
Final Thoughts
The cryptocurrency industry may be in for additional difficulty as a result of this. All day, every day, people deposit and withdraw funds for a wide range of reasons. Binance has a debt-free capital structure and guarantees all user assets at a 1:1 ratio. Consequently, I believe the investors’ current stance is very reasonable.
Former FTX CEO Sam Bankman-Fried Arrested!
Ex – FTX founder Sam Bankman-Fried, who led the exchange until a liquidity crunch forced the Bahamas-based cryptocurrency exchange to declare bankruptcy, was arrested on Monday in The Bahamas after being criminally charged by U.S. prosecutors.
After getting official confirmation of the accusations against Bankman-Fried, the Bahamas’ attorney general’s office said it went forward with the arrest and added that it anticipates he would be extradited to the US.
Binance CEO CZ and SBF Drop Truth Bombs Amid Their Twitter Spat, Here Are The Latest Developments
The feud between Binance CEO CZ and Sam Bankman-Fried continued after CZ accused SBF of attempting to depeg USDT through Alameda.
CZ also released a long thread on Twitter referencing Kevin O’Leary’s defense of FTX and referring to SBF as “a fraudster.” SBF has now taken to Twitter and has told CZ to stop lying about the FTX buyout.
CZ also revealed that SBF threatened a few of the Binance members after they pulled out of the FTX deal.
“Sam was so unhinged when we decided to pull out as an investor that he launched a series of offensive tirades at multiple Binance team members, including threatening to go to “extraordinary lengths to make us pay” – we still have those text messages.”
SBF responded by declaring that CZ had “won” and asserting that CZ had lied about the specifics of Binance’s acquisition of FTX. SBF continued his argument by claiming that CZ threatened to walk away from the agreement if FTX didn’t “kick in an extra $75m.”
“You won, @cz_binance. There’s no need to lie, now, about the buyout. We initiated conversations around buying you out, and we decided to do it because it was important for our business. And while I was frustrated with your ‘negotiation’ tactics, I chose to still do it.”
After SBF’s agitation on Twitter, CZ immediately replied and advised SBF to focus on himself.
In other news, SBF announced that he would be willing to testify in front of American authorities. He had previously expressed uncertainty that he would show up for the testimony on December 13, but he has now declared that he will testify regardless of his lack of facts and information.
Binance’s ‘Proof Of Reserves’ is Pointless, Claims Kraken CEO
It’s now a couple of weeks since the infamous FTX collapse, in which the firm faced a liquidity problem and stopped processing withdrawals due to the inability to meet demand from investors and end users. Post this, it’s been observed that several other crypto companies are attempting to be more transparent with their users.
Binance’s New Initiative
Binance, a cryptocurrency exchange, has unveiled a new website that explains its proof-of-reserves system. The purpose of a Proof of Reserves (PoR) is to verify that a custodian actually has the assets it says it does on behalf of its clients. It is an independent audit carried out by a third party.
Binance currently has a reserve ratio of 101%. It signifies that the company has enough bitcoins to cover the balances of all users. Binance started by sharing wallet addresses for crypto assets worth billions of dollars. The company demonstrated with this action that it does, in fact, own a sizable asset base and is capable of handling a sizable volume of withdrawals.
Move Toward Transparency Or Futile Effort?
With its proof-of-reserves, Binance aimed to establish a standard for the sector. This approach, according to Kraken’s CEO and co-founder Jesse Powell, is “pointless”.
He claims this because, according to him, exchanges don’t account for liabilities. Powell claims that in order for a proof-of-reserve audit to be complete, it must include the total of client liabilities, user-verifiable cryptographic proof that each account was included in the total, and signatures proving the custodian’s authority over the wallets.
Powell continued by saying that the aim of being fully transparent was to determine whether an exchange had MORE cryptocurrency in its possession than it owed to its customers.
CZ Reacts
In response to Jesse’s comment, CZ pointed out that it was in crypto that exchange owners publicly called one another out, and he believed that this was beneficial for a more positive crypto atmosphere.
Binance is Not a Chinese Company – Says CEO Changpeng Zhao!
The post Binance is Not a Chinese Company – Says CEO Changpeng Zhao! appeared first on Coinpedia Fintech News
CEO Changpeng “CZ” Zhao ( @cz_binance ), who is considering a bid for assets of bankrupt crypto firm Voyager, said on @BloombergTV his company is mistakenly believed to be Chinese “because I look Chinese”.
“Binance is not a Chinese company, we are not related to China at all.”
CZ recently stated in Bloomberg Live that Binance team is engaging with Genesis, but does not know the details; even if Genesis is down, it will not affect the industry, other players will take its market; Binance US is also bidding on Voyager.
Binance Still Have a ‘Bag’ of FTT, Reveals CEO Changpeng Zhao !
The complete list of entities that invested in FTX in the seed financing round as well as in the A, B, and C funding rounds has been shared by anonymous cryptocurrency analyst @frxresearch.
The CEO of Binance, Changpeng Zhao, responded to the tweet which claimed that Binance Labs, a VC division of Binance that invested in FTX in the Series A round, still holds its position in the FTX Token.
“We still have a bag of FTT,” he said.
Claims that Binance planned to sell off its FTT holdings as a defensive measure against FTX have been squashed by the company’s chief executive, who noted that FTX has never been a rival.
The widely-held belief that Binance’s decision to sell its FTT holdings was a calculated attack on FTX has been debunked by “CZ,” who asserts that his exchange has never seen FTX as a rival in the cryptocurrency market.
CZ made these comments during a CNBC Squawk Box interview as he attempted to offer his opinion on the recent FTX collapse, its relationship to Binance, and the fall’s potential future ramifications on the larger crypto sector.
“We were never against them. We don’t focus on other smaller exchanges; focusing our energy there doesn’t give us the best return,” CZ said. He added that helping to grow the industry would bring in more clients than taking customers from other exchanges. Hence, Binance wishes to grow the industry “together with other exchanges.”
When questioned about the reasons behind Binance’s decision to bailout the FTX agreement, CZ cited a few factors.
After realizing that SBF had misled everyone, including his clients and investors, he disclosed that the Binance team had discovered a significant theft of cash from FTX users and noted that they could no longer trust any additional data.
Former FTX CEO, Sam Bankman-Fried Cashed Out $300M to Buy Rival Binance’s Stake!
The post Former FTX CEO, Sam Bankman-Fried Cashed Out $300M to Buy Rival Binance’s Stake! appeared first on Coinpedia Fintech News
Ever since the FTX series has been playing within the crypto space, the participants are witnessing fresh new episodes every day. Recently, the exchange was reportedly “hacked” and more than $600 million in funds were squeezed out. Meanwhile, many believed it was the job of an insider as the stolen funds were quickly converted into Ethereum & stablecoins.
In a fresh update, SBF has reportedly received a portion of $420 million in funds into his personal account. FTX raised $420 million in funding in October last year to improve the user experience and be more in line with regulators. Interestingly, nearly 75% of the total amount was sent to SBF.
The October 2021 funding round valued FTX exchange at $25 billion and raised money from investors like BlackRock, Tiger Global, and Singapore’s sovereign wealth fund Temasek & Sequoia Capital. Later, after a couple of months, some of these investors helped raise $400 million for FTX’s subsidiary at an $8 billion valuation.
During the time funds were raised, the crypto markets were booming and the Alameda was highly profitable. While it is still unclear what SBF did with the $300 million, whether it was poured back to FTX or kept separate, Meanwhile, FTX’s 2021 audited financial statements said the money was being reserved by the company for ‘operational expediency’ on behalf of the related party.
Binance CEO Plans To Acquire Genesis Loan Book
The FTX-Alameda crisis has spread around other projects like Genesis Trading, Gemini and blockfi 
blockfi [email protected] Centralised Exchange 
. As a result, Genesis has halted their withdrawals while gemini 
gemini Crypto / Blockchain SolutionCentralised Exchange went offline and BlockFi is preparing to file bankruptcy.
Genesis Trading, a cryptocurrency market operator and financing company, has decided to cease its new loan sanctions and withdrawals.
Recently, Genesis announced that its derivatives business had nearly $175 million in locked funds in its FTX trading account. However, Genesis has stated that it currently has no relationship with FTX or alameda research 
alameda research Centralised Exchange .
Binance To Acquire Genesis Loan Book
Meanwhile, there are speculations that Binance CEO, changpeng zhao 
changpeng zhao founder and ceo at Binance Changpeng Zhao is the Founder and Chief Executive Officer at Binance.His contribution to the enhancement of Binance made the platform world’s largest cryptocurrency exchange since its inception in 2017. Zhao launched the blockchain network Binance Smart Chain which has made a remarkable contribution to the development of the decentralized finance ecosystem. Whereas in 2019, he launched Binance’s US affiliate, Binance.US.
He is commonly known as CZ, a Chinese-Canadian Business Executive who has been ranked 113th richest in the globe as of 2022. In the past, he founded Fusion Systems, a trading system for brokers famous for some of the fastest high-frequency trading systems for brokers. Zhao has served as a member of the team that developed Blockchain.info and played the role of Chief Technology Officer of OKCoin, a secure cryptocurrency exchange platform for Bitcoin, Ethereum, Dogecoin, and other crypto assets. EntrepreneurInvestorChief Executive Officer is looking forward to acquiring Genesis’ loan book. The reports claim that CZ is going through Genesis balance sheet and is seeking for more details. As per Q3 2022 report, Genesis Trading has active loans worth $2.8 billion.
One of the sources claims that this offer by Binance is most likely to be rejected by Genesis’ parent company, Digital Currency Group (DCG) and nearly $2 billion is needed to be floated.
Last week, after binance 
binance [email protected] Centralised Exchange announced that it is planning to acquire ftx exchange 
ftx exchange Centralised Exchange , the exchange was pointing towards its balance sheet which was fraudulent. And as FTX collapsed just a few days after the announcement. Now, as CZ announces plans to acquire Genesis loan book, the speculation that Genesis tumbling down grows even stronger.
In July, after three arrows capital 
three arrows capital Investment platform filed for bankruptcy, the firm was hit by severe liabilities of hundreds of millions of dollars, but later it was claimed that the firm had recovered . On the other hand, recently, Genesis CEO Derar Islim assured creditors over the call that the firm is looking for solutions and complete details will be revealed next week.
Coinbase CEO Sells More Than 30,000 Class A Shares
As per the filings at the US Securities and Exchange Commission, on Nov 11 Coinbase CEO Brian Armstrong has dumped more than 30,000 Class A shares of Coinbase shares for $1.6 million. Just not that, Armstrong has also converted Class B shares into Class A shares.
In April 2021 when Coinbase went public, the firm’s shares were selling around $340 and today it is closed at $55.53. The reason for this is the drop in the crypto market which has resulted in decreased value of Coinbase in the past one year along with many other assets.
FTX CEO In Connection With SEC Chair, Gary Gensler
While the FTX-Alameda crisis unfolds, there is a new revelation about connection between FTX new CEO, Caroline Ellison and SEC chair Gary Gensler. It’s a known fact that Gensler was a professor at MIT where he offered a course on Blockchain and Money which stresses on use of blockchain technology. During his MIT career, Gensler was in close connection with Glenn Ellison and FTX CEO Caroline Ellison is the daughter of Glenn Ellison.
This comes out after Caroline Ellison recently claimed that other than Sam Bankman-Fried, the other two FTX executives were aware of funds transfer to Alameda.
FTX New CEO John J. Ray III Registered For Insider Trading? Here’s the Complete Truth
Sam Bankman-Fried will be stepping down from his position as CEO of the FTX Group, according to a notice issued to the FTX official Twitter account this morning. According to the memo, a total of 130 businesses connected to Bankman-FTX Fried’s Group have also started voluntary bankruptcy proceedings.
FTX’s new CEO John J. Ray III stated that the company has “valuable assets that can only be effectively administered in an organized, joint process” and pointed out that LedgerX LLC, FTX Digital Markets Ltd, FTX Australia Pty Ltd., and FTX Express Pay Ltd. are not a part of the Chapter 11 proceedings.
At several public and private organizations, such as Enron Corp., Fruit of the Loom, and Nortel Networks, Ray previously held the positions of CEO, chief reorganization officer, and other comparable positions.
“The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” said Ray in a statement.
However, according to a report by Coingape, John J. Ray III is registered for insider trading. Due to his failure to disclose his financial affairs while holding positions of responsibility, John J. Ray III has been named in the allegations.
The bankruptcy filing includes the names of more than 100 other organizations. The corporate structure of FTX is a highly intricate web of related-party transactions, tax havens, and banking licenses. FTX Trading Ltd., the controlling entity, is based in the Bahamas and was founded in Antigua & Barbuda. Regulators in both nations have stated they are looking into the matter.
https://twitter.com/SBF_FTX/status/1590709172936798208
Bankman-Fried resigned after expressing regret for FTX’s collapse in a thread on Twitter on Thursday. “I’m sorry. That’s the biggest thing. I f**ked up and should have done better,” he tweeted
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CEO Bankman-Fried Resigns as FTX Files for Bankruptcy Protection in The U.S.
Days after bigger rival Binance withdrew from a planned acquisition, the announcements were made.
On November 11 – The troubled cryptocurrency exchange FTX said on Friday that it would file for bankruptcy in the US as its Chief Executive Sam Bankman-Fried quit, potentially setting off one of the largest market meltdowns ever.
The company made the news on its Twitter account days after bigger rival Binance backed out of a planned purchase, leaving it scrambling to raise nearly $9.4 billion from investors and competitors.
The firm claimed that Alameda Research, a trading company owned by Bankman-Fried, is also covered by bankruptcy protection. According to sources, it is partially to blame for FTX’s problems and owes FTX almost $10 billion.
The demise of FTX represents a spectacular turnabout in fortunes for the business and its founder Sam Bankman-Fried, who was once regarded as a “white knight” and was compared to the wealthy Warren Buffett.
It also makes one wonder what will happen to smaller enterprises like BlockFi and the bankrupt cryptocurrency lender Voyager Digital, which had signed rescue agreements with FTX after the stunning TerraUSD meltdown in May brought so many businesses to the verge of failure.
After experiencing a liquidity crisis brought on by consumers withdrawing money at a rapid clip, FTX was looking for a lifeline. It also fuels worries about the future of the cryptocurrency sector, which has difficulty winning mainstream investors’ trust.
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Coinbase CEO Reacts To Binance Acquiring FTX, Calls it Risky Business Practices
On Tuesday, i.e., 8th November, Binance announced that it has signed a written agreement to acquire its closest rival, FTX.
The agreement comes in the wake of a weeks-long social media standoff between Binance CEO Changpeng Zhao and FTX founder Sam Bankman-Fried.
It was noted that FTX was involved in “conflicts of interest involving intricately interlocked companies,” according to a strong declaration made by Brian Armstrong.
Coinbase CEO Brian Armstrong began by expressing “sympathy for everyone involved in the present situation with FTX.” Armstrong understood the “challenging” aspect of putting customers’ property in jeopardy.
That being said, Coinbase’s CEO clarified for the community that their platform is autonomous from FTX, and Coinbase does not have any “material exposure” to FTX or Alameda Research.
Armstrong also made a bold assertion by saying,
“Risky business activities, such as conflicts of interest between closely related firms and the misuse of client funds (loan user assets), appear to be at the root of this occurrence.”
In a now-deleted Twitter conversation, FTX CEO Sam Bankman-Fried said customer assets were safe. After a potential Binance takeover, he stated that FTX had a “backlog” of customer withdrawals that Binance might help clear.
Armstrong added that Coinbase is registered and publicly traded in the US “because they believe that transparency and integrity are extremely crucial.” Furthermore, Coinbase is publicly traded and must comply with SEC financial data rules, while FTX is not.
Armstrong also opposed additional regulation, which SBF had proposed while allowing the crypto business to “struggle.”
Armstrong said Coinbase would “engage with legislators to enact sensible legislation for centralized exchanges,” but he didn’t think there was a “fair playing field” yet.
Additionally, the CEO of Coinbase lobbied for the expansion of non-custodial options.
“Decentralized private networks and self-custodial wallets that do not rely on trusted third parties. You may put your faith in the underlying logic and coding, and everything will be open to public scrutiny on the blockchain.”
Armstrong concluded his “tweetstorm” by linking Coinbase’s transparency strategy and claiming that the cryptocurrency exchange is “the most trusted firm out there.”
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Bitcoin Price Crash! BTC Price to Hit $15K in Coming Days Predicts Bitmex CEO
Market participants are now dreading that the worst isn’t over for the crypto space.
A famous cryptocurrency strategist and trader recently forecasted that Bitcoin must first decline by 30% with a $15K drop in 2023 before it has any chances of a revival.
Bitcoin has broken through a crucial support zone multiple times in 2022, increasing the risk of greater drops. While BTC is expected to rally in 2023, the first half might be nothing less than a massacre.
Bitcoin Price Nosedives
The former CEO of BitMEX, Arthur Hayes, has turned to Twitter to predict that Bitcoin is expected to hit $15k in 2023.
The analyst declared that he had purchased Bitcoin put options with a strike price of $15,000, and claimed they will no longer be valid in a few months from now.
FTX’s liquidity dips
Several people assumed that the bear market had reached its bottom, however, the Bitcoin price is reacting to FTX’s stress by attempting to reach a new annual low.
Hayes’s tweet came after the biggest cryptocurrency’s price earlier today fell to $19,244 on the Bitstamp exchange as a result of the FTX outbreak.
On the other hand, when Binance revealed it had achieved an agreement to acquire FTX, the acquisition boosted the cryptocurrency markets, and Bitcoin regained the $20,000 mark.
Short-term price reversal
However, the momentum did not last long and there was a new round of catastrophic events. This led the leading cryptocurrency to reverse its direction as it is currently trading at an intraday low of $18,943.
Given the present volatility, $614 million in BTC longs is at risk of being liquidated, with over $224 million already being forced to sell on November 8.
Further, Bitcoin experienced a volatile 12% collapse in 24 hours, touching 2022 record lows, as traders sold off in preparation for the November 10 CPI reporting event.
Expectations for 2022–2023
FTX’s capital crisis and investor anxieties from previous insolvencies are driving crypto market prices down.
In the meantime, investors’ appetite for risk is likely to remain low for a while now, and potential crypto traders may consider waiting for signals that U.S. inflation has peaked and the regulatory environment has stabilized.
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Bitcoin Price To Hit $1 Million – ARK Invest CEO Cathie Wood Predicts TimeLine
Amidst the high inflation and increasing interest rates, the crypto market is moving ahead with a bullish sentiment. The first cryptocurrency, Bitcoin has gained stability and has been trading above $20,000 for a week now. This has brought some confidence to the crypto community.
At the time of writing, Bitcoin is selling at $20,502 after a rise of 1.61% over the last 24hrs. The immediate resistance is positioned at $20,550 and support is around $20,450.
The technical indicators are posing a positive price action for Bitcoin. Here Moving averages are signaling buy around ten, while oscillators portray neutral at eight.
Meanwhile, ARK Invest, an investment firm’s founder and CEO, Cathie Wood gives out an extremely bullish stance towards the flagship currency. In an interview with Bloomberg, Cathie Wood is seen claiming that Bitcoin will move beyond $1 million by 2030. If that happens, the firstborn cryptocurrency will spike nearly 4,600% from its current price.
Bitcoin Price At $1 M By 2030
Next, ARK Invest’s CEO talks about institutional investors where she asserts that while Bitcoin is down by nearly 70% from its ATH of $69,000, institutional investors are taking this as an opportunity to invest. She also says that institutional investors’ interest in the King currency spiked after a 2018 speech by the Boston, Massachusetts-based investment advisory firm Cambridge Associates.
In 2018, Cambridge Associates quoted that though Bitcoin is not liked by the masses as it may sound like a Ponzi scheme, they had said that it is acting like a new asset class and the asset is acting like one now.
If these developments and interest continue to rise, Bitcoin will see new heights soon.
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India’s High Tax on Crypto Will Kill the Industry – Says Binance CEO
Binance CEO Zhao Changpeng, during the Global fintech panel in Singapore, said that the high tax rates on crypto would kill the industry in India. These sentiments come after the government of India introduced a tax plan that has adversely affected the crypto industry in the country tremendously.
Notably, a 30 percent tax rate on crypto transactions was announced by India’s Finance minister Sitharaman Nirmala during the 2022 budget hearing. In addition, the government of India gave a directive of an extra 1% tax deduction on all crypto transactions.
Reportedly, one of the largest crypto exchanges in India WazirX reported a decline of around 70% in daily transactions after the government imposed heavy taxation. As of October 2022, the average transaction had dropped to $1 million. It is a 90% decrease from the previous times before the tax decree. Zebpay, another popular exchange in India, reported a decline from $122 million in October 2021 to $1.26 million currently, according to nomicsdata.
Zebpay’s CEO Avinash Shekhar said the government should deduct the imposed tax rates and the 1% transaction tax. He said this after expanding the crypto business to Singapore and Dubai.
He noted that India’s high crypto tax rates had affected the brokers, including WazirX, which laid off nearly 45% of its staff. According to Shekhar, Zebpay has also been affected by these laws and has executed salary cuts of up to 6%.
India on Crypto Regulations
India has attracted key layer 1 blockchains like Ethererum and Binance seeking the large market share. Moreover, India is one of the most populated countries with over 1 billion during the latest census. Nonetheless, the country’s regulators have been keen to regulate the crypto industry to protect investors from exploitation.
In 2013, four years after Bitcoin’s launch, India saw the opening of its first cryptocurrency exchange. The Reserve Bank of India passed a law banning cryptocurrency, claiming that virtual currency was not legal tender. Without resolving, the topic was discussed by the government for four years. In 2017, the Ministry of Finance and the RBI established a committee overseeing cryptocurrency.
The RBI imposed a ban in 2019 due to the expansion of the crypto businesses in the country. Later, the RBI’s order that prohibited cryptocurrency exchange in India was declared illegal by the country’s Supreme Court in 2020, which resulted in the retraction of the restriction.
The Indian government announced it would launch a digital currency in January 2021. Furthermore, the government declared in November that it would regulate cryptocurrency rather than ban it.
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Binance CEO Seeks To Bridge The Gap Between Traditional Banking and Cryptocurrency: Here’s How
Venture capital investments have significantly decreased since 2021 due to the $2 trillion market loss brought on by the cryptocurrency inversion, also known as the “Crypto Winter.” Some of the well-known crypto companies in the sector have experienced hardships and turmoil, and many have had to shut shop and declare bankruptcy.
The opportunity to add new businesses to their portfolio has, however, never been better for industry titans like Binance and FTX who have surplus cash on hand.
Acquisitions on the Horizon
Binance, a cryptocurrency exchange, recently made headlines when it announced it’s plans to spend $1 billion on strategic acquisitions this year, piquing the interest of investors already interested in the assets it trades.
Recent news indicates that Binance is actively pursuing the acquisition of banks as a means of bridging the gap between conventional banking and the cryptocurrency business.
Here’s what Binance CEO Changpeng Zhao had to say at the Web Summit conference in Lisbon:
“Various local licenses, traditional banking, payment-service providers, and even banks are all held by individuals. We are taking a look at those topics. We aim to serve as a link between the traditional financial sector and cryptocurrencies.”
The increasing interconnectedness of conventional financial systems and cryptocurrency markets is reflected in CZ’s remarks.
Therefore, it is desirable that the two elements cooperate with one another rather than fostering competition.
For example, BlackRock and Goldman Sachs are two of the largest financial organizations that are actively participating in the cryptocurrency sector.
In spite of the fact that the crypto winter is still running strong, BlackRock made the decision in August 2022 to form a partnership with Coinbase to assist its institutional clients in gaining exposure to digital assets at a price that makes sense.
Binance To Explore Global Territories
According to Binance CEO Changpeng Zhao, the company is willing to consider both complete and partial acquisitions. In addition, he said
“What we have discovered is that when banks partner with us, we bring so many users to them, therefore the bank’s valuation increases enormously. Why don’t we just invest in them as well, so that we can capture some of the equity upsides?”
Zhao was also a key player in the recent Twitter deal as he contributed $500 million to Elon Musk to acquire Twitter. He also stated that he would like to join the Twitter board upon Elon Musk’s approval. Additionally, Binance is ready to offer blockchain-based solutions to address the Twitter bot problem.
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Twitter May Soon Be Available on WEB3 Thanks to the Joint Efforts of Binance CEO CZ & Twitter CEO Elon Musk
CZ, Changpeng Zhao, the CEO of the world’s largest crypto exchange, has disclosed his wish to help the new Twitter CEO, Elon Musk, bring the most popular social media platform on the Web3. In an interview with CNBC, CZ expressed his desire to empower the global free speech platform that he uses very heavily.
Recently, Elon Musk completed the $44 billion Twitter acquisition to become the new CEO and fired the top 3 executives of the company. However, Binance which invested $500 million in Musk’s purchase, emphasized various reasons for supporting the deal.
CZ believes that Twitter is widely used by many across the globe as it is a free speech platform and hence hopes that the exchanges may also benefit Twitter by helping to adopt crypto payments.
“We want to make sure that crypto has a seat at the table when it comes to free speech.” There are also more tactical things like we want to help bring Twitter into Web3, “he said. “We want to help solve immediate problems like charging for membership etc, this can be done very easily and globally using cryptocurrencies as a means of payment,” he added
It’s well known that Tesla CEO Elon Musk is tolerant of the crypto space, particularly Dogecoin. With the rounds of the acquisition of Twitter earlier, many speculated DOGE to be introduced in the ‘Tip Jar’ after Musk announced some of the Tesla merchandise available for purchase using DOGE.
Elon Musk often shares his views on the crypto space on Twitter, which impacts the market to a large extent. Therefore, the incorporation of cryptos into Twitter is expected to impact the crypto markets & also benefit the exchanges, as speculated by Binance CEO CZ.