In a significant move against western banks, a St Petersburg court has seized over 3 million of assets from Unicredit, Deutsche Bank, and Commerzbank, following a dispute with a subsidiary of Gazprom. This seizure, one of the largest since Moscow’s invasion of Ukraine, includes 4 million of Unicredit’s assets, equivalent to about 4.5% of its […]
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Mastercard Welcomes 5 Startups to Blockchain and Digital Asset Program
Mastercard’s Start Path Blockchain and Digital Asset program has expanded to include five new startups, aiming to explore innovative uses of blockchain technology. “Digital assets are becoming increasingly mainstream, speeding up commerce with trust and transparency,” Mastercard stated. Mastercard’s Digital Asset Program Expands Payments giant Mastercard announced Wednesday that five startups from around the world […]
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Mastercard Welcomes 5 Startups to Blockchain and Digital Asset Program
Mastercard’s Start Path Blockchain and Digital Asset program has expanded to include five new startups, aiming to explore innovative uses of blockchain technology. “Digital assets are becoming increasingly mainstream, speeding up commerce with trust and transparency,” Mastercard stated. Mastercard’s Digital Asset Program Expands Payments giant Mastercard announced Wednesday that five startups from around the world […]
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Deutsche Bank Explores Blockchain-Based Asset Tokenization
Deutsche Bank has announced its collaboration with the Monetary Authority of Singapore’s Project Guardian, a multi-year initiative aimed at exploring the potential of asset tokenization in regulated financial markets. The banking giant will test an open architecture and interoperable blockchain platform for servicing tokenized and digital funds. This move signifies Deutsche Bank’s commitment to leading […]
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$291 Billion Asset Manager Founder Predicts Bitcoin Will Hit $420,000
In an interview with Yahoo Finance’s “Wealth,” Ric Edelman, founder of the Digital Assets Council of Financial Professionals and 1 billion asset manager Edelman Financial Services, provided a striking forecast for the Bitcoin price. Edelman argued that Bitcoin’s price could surge to 0,000, attributing this potential rise to a modest global asset allocation towards Bitcoin.
Why Bitcoin Price Will Reach 0,000
During the interview, Edelman delved into the advantages of investing in Spot Bitcoin ETFs. He noted that these instruments make Bitcoin accessible in the same way as traditional ETFs, which are commonplace and familiar to investors using ordinary brokerage accounts.
“They’re incredibly inexpensive, 20-25 basis points cheaper than going to say Coinbase or other crypto exchange and being in a brokerage account, you can rebalance, you can dollar cost average, you can tax loss harvest,” Edelman highlighted. This setup simplifies the investment process, making it akin to managing any other asset class, thus broadening its appeal to a wider audience.
However, Edelman was also candid about the challenges and risks associated with Bitcoin. Despite the advantages offered by ETFs, the inherent nature of Bitcoin as a volatile and risky investment persists. “It’s still Bitcoin, which means it’s still very volatile, it’s still very risky. You could still lose everything,” he cautioned.
Edelman pointed to ongoing regulatory uncertainty, potential lawsuits, and prevalent fraud as significant risks that investors need to manage cautiously. He also criticized the trend of investing due to fear of missing out (FOMO), labeling it as a poor investment rationale.
Looking ahead, Edelman discussed the regulatory landscape, particularly concerning other cryptocurrencies like Ethereum. He noted that there are several applications pending for Ethereum ETFs, and while he anticipates initial rejections, approvals could follow by year’s end.
“After you have the Bitcoin ETFs and the Ethereum ETFs, I’m not sure how quickly you’ll see anything else after that, but these two will kind of open the doors long term. Five years from now, there will be dozens, perhaps even hundreds of crypto ETFs,” Edelman speculated. This perspective underscores a significant shift towards mainstream acceptance and integration of cryptocurrencies into traditional financial products.
Edelman’s prediction of Bitcoin reaching 0,000 is based on an assumption of global asset diversification. By his calculations, if all global asset holders allocated just 1% of their assets to Bitcoin, this would translate to a market cap of .4 trillion for Bitcoin alone.
“It’s remarkably simple. If you take a look at the world’s global assets, the value of the stock market, globally, the bond market, the real estate market, the gold market, you just look at all the assets everybody in the world owns, it’s about 0 trillion,” he explained. Such an allocation would dramatically increase Bitcoin’s market cap, driving its price up significantly.
Moreover, Edelman highlighted a shift in the perception of Bitcoin from a transactional currency to a store of value, similar to gold. “The use case of Bitcoin, although it’s strong for transmittal, is not the strongest argument. It’s now like gold, a store of value,” he stated. This perception shift has attracted more institutional investors, who view Bitcoin as a hedge or an alternative asset class, akin to other non-traditional investments like artwork or collectibles.
At press time, BTC traded at ,909.
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On May 13, the Commodity Futures Trading Commission announced it had fined crypto brokerage firm Falcon Labs Ltd. approximately .7 million. The fines are penalties for the firm’s illegal facilitation of U.S. residents’ access to digital asset derivative exchanges. The commission has urged digital asset intermediaries in similar situations to report their activities to the […]
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Macro Investor Dan Tapiero Predicts ‘Scary Bullish’ BTC Prospects; Foresees Crypto Asset Surpassing $90K
Macro investor Dan Tapiero has described bitcoin’s prospects as extremely bullish. He predicts that if bitcoin breaks the ,000 mark, it could likely rise to ,000 and beyond. Although he acknowledges that the specific catalyst for bitcoin’s imminent breakout is unclear yet, Tapiero asserts that this detail is irrelevant at this stage. Tapiero Says Sideways […]
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India Approves Crypto Exchanges Binance and Kucoin as Registered Virtual Asset Service Providers
Cryptocurrency exchanges Binance and Kucoin have successfully registered with India’s Financial Intelligence Unit as Virtual Asset Service Providers (VASPs), a top official has reportedly confirmed. Both crypto exchanges were previously banned in India due to violations of the country’s anti-money laundering regulations. Kucoin and Binance Registered With FIU India The Financial Intelligence Unit – India […]
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Lightning Labs CTO Conducts First Mainnet Multi-Hop Asset Payment via Taproot Asset Channels
Olaoluwa Osuntokun, co-founder and CTO of Lightning Labs, recently executed the first successful mainnet multi-hop asset payment using Taproot Asset channels, marking a new development in asset transfer capabilities over the Lightning Network. Asset Transfer Achieved on Lightning Network Using Taproot Channels The transaction, conducted by Osuntokun, involved a multi-hop payment using a digital asset […]
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Mastercard, Visa, JPMorgan, and Other Major Banks Explore Tokenized Asset Settlements
Several major financial firms are collaborating to test the benefits of shared-ledger technology for jointly settling tokenized assets like commercial bank money and various securities. The initiative, known as the Regulated Settlement Network, is a proof-of-concept designed to expedite and secure cross-border transactions using a singular system for tokenized assets. This trial is an extension […]
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