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Co-founder of BlockFi and senior vice president of operations, Flori Marquez, shared the company’s insight on collected customers’ data and shed some light on the crypto industry’s growth as they have seen “huge moves” of Americans interested in it, suggesting a burgeoning adoption. During an interview with Yahoo Finance, Flori Marquez shared some interesting numbers. In the year over year Bitcoin returned 112%, and compared to gold and S&P respectively, she said, “that’s a negative 4% and 24%.” So, year over year, it has been volatile in the last 30 days. But it’s still a great investment for people who were participating a year ago. Marquez claims this year was big for crypto in terms of mainstream consumer demand, which took BlockFi to research amongst customers’ data to try understand their sentiment on Bitcoin at the moment. we’ve seen that 1 in 10 people plan to gift crypto this year. And also, about 2/3 of Americans prefer to talk about crypto versus if you think about five years ago, only 1% of people had ever traded crypto, and 50% of Americans had never heard of crypto five years ago. BlockFi has around 75,000 clients using their Visa Signature Credit Card which offers rewards in Bitcoin, “And that’s absolutely huge because most fintech companies look to see about 10,000 credit cards in their first year” Marquez added and further suggested that Americans are highly interested in earning “different types of awards”, but not necessarily looking forward to earn cash back. BlockFi’s co-founder claims that 2/3 of their clients “actually spend less with cash back” since starting to use their Bitcoin-rewards cards because they are “more into crypto”. Their clients nowadays show a long-term ‘hodlers’ way of thinking, and see BTC as an asset that could generate them an important yearly return that cash cannot offer. when they receive a Bitcoin reward, they’re not selling that for cash. So the upside isn’t necessarily the $140 that you’re receiving in Bitcoin today. The upside is what could that Bitcoin be worth a year from now. A Chainalysis research shows that, by October 2021, the goblal crypto adoption had grown over 2300% since Q3 2019 and over 881% in the last year as many countries face devaluations and citizens all over the world want to protect their savings, and there is also a large boost coming from institutional investment. The total market cap of crypto reached $3 trillion in 2021 and is currently at $2,2 trillion. Related Reading | Has The NFT Bubble Popped? Prices Down 65% While Ecologists Sharpen Knives BlockFi Sees The Growth Of Crypto Driven By FOMO During 2022, Marquez expects to see more first timers American customers enter the crypto space as she thinks that “a huge driver is going to be FOMO”, meaning that the industry is getting so popular –and cash is looking less useful– that people do not want to miss out on the possible returns. Reading | FOMO Beware: Spot Bitcoin Buying Volume Remains Low, Despite New ATH For Marquez, this Holiday season could incentivize the FOMO as many are talking about their 2021 investments and how they worked out. “I do think that crypto has become a bit more digestible for the average consumer than it was five years ago”, she claims. Furthermore, Marquez thinks that crypto will keep seeing new talent come in, people who have changed paths trying to find a “right fit” for the long-term during the pandemic. She claimed there will be more “shifting from other more traditional industries into crypto and the fintech sector”, and thinks that’s a new opportunity to bring in historically excluded demographics. As many others do, Marquez hopes to see some regulatory clarity for crypto next year, and commented that “BlockFi is a huge believer in partnership with regulators” to achieve building a bridge that connects traditional finance with crypto. She suggested clarity would boost the mainstream adoption because users will think the space is safer if regulators are in it.
We provide over 100+ FREE crypto articles on our SubStack! 😀 (Link on our profile). This is not financial advice. TLDR: Option contracts are a way to hedge against volatility (price movement) in the market. Other ways include futures contract and swapping. In general, higher volatility means higher risk because prices move more. That…
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The bitcoin mining crackdown was one of the major moves by a government that rocked the crypto space. The crackdown saw the mass exodus of bitcoin miners out of the presumed mining capital of the world as the Chinese government ramped up its efforts to push the miners out. During this time, the mining hash rate from the region had crashed to nearly zero. Miners moving out of the country had had to quickly move their mining rigs and find new homes for them. During this time, the hash rate and by extension, the price of bitcoin, had suffered extensively but with time, bitcoin miners had found their footing in other places like the United States. The China crackdown was swift and intense but it did not necessarily drive out all of the bitcoin miners. Related Reading | Struggling Prices Beats Bitcoin Expectations Down From $100K To $50K Bitcoin Miners Remain In China A new report from CNBC has shown that there are still active bitcoin miners that remain in China. The report estimates that about 20% of all bitcoin miners continue to operate in the region, albeit in the shadows. The report follows ‘Ben’, a bitcoin miner who continues to operate in the region. This miner shares that they have had to go underground and hope that they do not get caught by the Chinese authorities. Nevertheless, Ben and others like him continue to carry out their mining operations while coming up with more creative ways to evade detection by the authorities. BTC trending around $48K | Source: BTCUSD on TradingView.com It was stated in a report from Cambridge University that mining activities had ground to a halt in the country, putting China’s mining share at 0% but Ben and other miners who remain would beg to differ. These miners successfully hide their hash rate, leading the rest of the world to believe that the hash rate from the region is significantly less than it actually is. “A pool doesn’t have to reveal any data,” said Ben. “You’re basically telling the world that my revenue is only half of what I actually have. You don’t brag about it.” Mining Activities Continue The main reason behind the China crackdown on mining had revolved around the energy shortages that were being experienced in the country. Bitcoin miners were singled out as the culprit due to the energy-intensive nature of the activities, and authorities banned mining in an effort to regain power in these places. Related Reading | Billionaire Ray Dalio Explains Why He Owns Bitcoin And Ethereum Most mining operations in the region are fished out using the energy consumption from particular consumers. However, Ben has found a way around this by spreading out his operation across multiple locations and only drawing power from local sources and not the main grid. Qihoo 360, a Chinese cybersecurity company, reported in November that there are still about 109,000 daily active crypto mining addresses in the region. This is significantly less than at its peak but still puts China as a major player when it comes to bitcoin mining. Featured image from CoinDesk, chart from TradingView.com
Visa’s head of crypto has revealed that the payments giant has partnered with about 60 leading crypto platforms “to launch card programs that make it easy for consumers to convert and spend digital currency at 80 million merchant locations worldwide.” He emphasized, “We’ve built a lot of momentum in this space, and we’ll continue to […]
In terms of fees and limits View Poll submitted by /u/Teraverse [link] [comments]
Ubisoft’s first foray into nonfungible tokens was met with significant backlash from the gaming community. Now, it’s pursuing “dynamic NFTs” with aleph.im.
Right now there are lots of cryptos who are rolling out zkRollup solutions. I will not mention any by name, since I had a post earlier mentioning some by name, and it was removed, however, I am still very interested in having an orderly discussion about how L2 scaling will grow ETH. Right now there…
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