The Committee on Economic and Monetary Affairs (ECON) has
reportedly rejected a bill that aimed to ban Bitcoin (BTC) in the European
Union. According to Patrick Hansen, head of growth and strategy at Unstoppable DeFi, 32 members of the Parliament voted against, and
24 in favor.
The report noted that a majority of MEPs from the European
People’s Party (EPP), the European Conservatives and Reformists (ERC), Renew
Europe (Renew), and Identity and Democracy (ID) voted against it. In contrast,
a minority of MEPs from Greens, S&D, and GUE mainly voted in favor.
“Big relief & political success for the bitcoin &
crypto community in the EU,” Hansen said. However, he added that the MICA
regulation would likely no longer address mining but instead add the issue to
the EU sustainable finance taxonomy.
Next in the Parliament is that during the so-called “trilogues”
between the EU Commission/Parliament/Council, the MiCA draft will be
negotiated. The law will go into effect after their final agreement (in a
couple of months). Companies, however, will have a six-month transition period
to comply with the requirements.
Amendment Approved
Stefan Berger proposed an alternative amendment that does
not restrict Bitcoin mining, which was approved by the MEPs.
“Any chances left for the POW-ban? The groups that lost the
vote have one last option. They could veto a fast-track procedure of MiCA
through the trilogues & bring the discussion to the plenary of the
Parliament. They need 1/10 of the votes of the EP to do so, which they have,”
Hansen pointed out. He added: “That would bring the discussion around POW into
the high-level policy arena. As we can’t predict how that would play out, it
should be prevented. Even if it doesn’t change the vote on POW, it would
unnecessarily delay the regulation for at least a couple of months.”
The Committee on Economic and Monetary Affairs (ECON) has
reportedly rejected a bill that aimed to ban Bitcoin (BTC) in the European
Union. According to Patrick Hansen, head of growth and strategy at Unstoppable DeFi, 32 members of the Parliament voted against, and
24 in favor.
The report noted that a majority of MEPs from the European
People’s Party (EPP), the European Conservatives and Reformists (ERC), Renew
Europe (Renew), and Identity and Democracy (ID) voted against it. In contrast,
a minority of MEPs from Greens, S&D, and GUE mainly voted in favor.
“Big relief & political success for the bitcoin &
crypto community in the EU,” Hansen said. However, he added that the MICA
regulation would likely no longer address mining but instead add the issue to
the EU sustainable finance taxonomy.
Next in the Parliament is that during the so-called “trilogues”
between the EU Commission/Parliament/Council, the MiCA draft will be
negotiated. The law will go into effect after their final agreement (in a
couple of months). Companies, however, will have a six-month transition period
to comply with the requirements.
Amendment Approved
Stefan Berger proposed an alternative amendment that does
not restrict Bitcoin mining, which was approved by the MEPs.
“Any chances left for the POW-ban? The groups that lost the
vote have one last option. They could veto a fast-track procedure of MiCA
through the trilogues & bring the discussion to the plenary of the
Parliament. They need 1/10 of the votes of the EP to do so, which they have,”
Hansen pointed out. He added: “That would bring the discussion around POW into
the high-level policy arena. As we can’t predict how that would play out, it
should be prevented. Even if it doesn’t change the vote on POW, it would
unnecessarily delay the regulation for at least a couple of months.”
Ethereum extended decline below the $2,525 support zone against the US Dollar. ETH price remained bid near $2,500 and currently attempting an upside break.
Ethereum is still struggling to clear the $2,600 and $2,625 resistance levels.
The price is now trading below $2,600 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $2,580 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh decline if it fails to clear $2,625.
Ethereum Price Faces Hurdles
Ethereum started a fresh decline from well the $2,625 zone. ETH traded below the $2,550 and $2,525 support levels to move into the red zone.
The price even spiked below $2,500 and settled below the 100 hourly simple moving average. Ether price traded as low as $2,486 and recently recovered sharply. There was a clear move above the $2,525 and $2,550 resistance levels.
The bulls pumped the price above the 50% Fib retracement level of the recent decline from the $2,624 swing high to $2,486 low. It is now facing resistance near the $2,580 level.
There is also a key bearish trend line forming with resistance near $2,580 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent decline from the $2,624 swing high to $2,486 low.
Source: ETHUSD on TradingView.com
The first major resistance is seen near the $2,625 level. The next major resistance is near the $2,650 level. A close above the $2,650 resistance could start a steady increase. In the stated case, the price might rise towards the $2,750 level.
Fresh Decline in ETH?
If ethereum fails to start a fresh increase above the $2,625 level, it could start another decline. An initial support on the downside is near the $2,550 level.
The next major support is near the $2,500 level. A close below the $2,500 support zone could even push the price below $2,480. The next major support might be near the $2,420 level, where the bulls might take a stand. If they fail, there is a risk of a move towards the $2,350 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
XRP price risks dropping by more than 25% in the coming weeks due to a multi-month bearish setup and fears surrounding excessive XRP supply.
XRP descending triangle
XRP has been consolidating inside a descending triangle pattern since topping out at its second-highest level to date — near $1.98 — in April 2021.
In doing so, the XRP/USD pair has left behind a sequence of lower highs on its upper trendline while finding a solid support level around $0.55, as shown in the chart below.
In the week ending March 13, XRP’s price again tested the triangle’s upper trendline as resistance, raising alarms that the coin could undergo another pullback move to the pattern’s support trendline near $0.55, amounting to a drop between 25% and 30%.
The downside outlook also takes cues from other bearish catalysts that has emerged around the triangle resistance.
For instance, XRP formed a bearish hammer on March 12, a single candlestick pattern with a small body and a long upside wick, suggesting lower buying pressure near the coin’s week-to-date top of around $0.85.
Additionally, the price turned lower after testing a confluence of resistances defined by its 20-week exponential moving average (20-week EMA; the green wave) and its 50-week EMA (the red wave), as shown in the attached image below.
XRP/USD weekly candle price chart with moving average resistances. Source: TradingView
Excessive supply FUD
More downside cues for XRP come after Ripple Labs locked 800 million XRP in escrow as a part of its programmed schedule for withdrawals.
The blockchain payment company moved around 100 million XRP worth nearly $40 million to exchange wallets on March 3. Meanwhile, it kept the other 700 million XRP (worth around $550 million) in an escrow account, raising anticipations that at least 200 million XRP would be flooded into the market to generate funds for Ripple’s operational expenses, as well as to distribute XRP among Ripple’s global clientele.
Meanwhile, it kept the other 700 million XRP (worth around $550 million) in an escrow account, raising anticipations that at least 200 million XRP would enter the market to generate funds for Ripple’s operational expenses, as well as to distribute XRP among Ripple’s global clientele.
I understood there are some 800 million $XRP that are locked up and ready to be sold…someone should check the increase in circulating supply to verify this
The selloff fears originated from the XRP price’s earlier response to unexpected supply hikes. For instance, XRP/USD fell by more than 50% to near $0.60 four months after its net supply in circulation increased from 40.46 billion to over 47 billion in just two days.
XRP circulating supply. Source: Messari
Nonetheless, Ripple’s withdrawal of 800 million XRP has not yet been reflected in its net circulating supply.
Profit-taking risks mount
Another catalyst that hints XRP’s price could fall 25-30% to reach its descending triangle target is a Santiment indicator that tracks social media trends and their impact on market trends.
XRP price versus $XRPNetwork trend. Source: Santiment
XRP’s price rose by over 15% week-to-date on March 12, notes Santiment, alongside a large spike in social media searches for the hashtag #XRPNetwork, suggesting that it could follow up with a potential selloff ahead. Excerpts:
“Historically, our social trends indicate that profit-taking is justified whenever the crowd makes the #XRPNetwork a top topic.”
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Bitcoin’s price is at risk of going down because investors are funding short positions in Bitcoin by borrowing digital money from exchanges. Datamish shows that investors are funding short, causing the value of Bitcoin to go down.
Bitcoin fell again on Friday, despite a surge in capital inflow from large wallet investors and institutions. Brevan Howard Asset Management LLP and Tudor Investment Corp refreshed their bitcoin holdings by adding more of the cryptocurrency to their portfolios.
Related Reading | Bitcoin Outflows Spike As 30k BTC Exits Exchanges, Reserve Plunges Down
The growing geopolitical tension and the increasingly tense crisis in Russian-Ukraine are negatively impacting investor risk appetites for both equities as well crypto. This has fueled a bearish narrative surrounding Bitcoin’s price, which plunged below $40,000 with no signs of letting up.
Cryptocurrencies are not without their risks, and it seems that even large investors know this. On March 11th of 2022, survey data from Datamish showed 1,500 Bitcoin being lent out as short positions to finance those risks- a total debt amounting close enough for a 3,603 BTC loan. Following an increase in funding for short positions, there have usually been negative consequences such as price drops.
Analysts have been monitoring the recent changes in Bitcoin price, predicting that it will continue to fall. They believe there is still a significant risk for an upcoming decline, even after its recent recovery.
The Bitcoin price recovery is attributed to the first bearish Ichimoku breakout since December 4, 2021. Analysts believe Bitcoin price has formed a bottom in the $38,000 -$38500 range. This is an important confirmation zone for trading on bitcoin. This may signal more losses for investors who have been selling assets in anticipation of an upcoming crash.
Bitcoin is trading in its bottom range | Source: BTC/USD chat from Tradingview.com
According To Reuters, Russians Flooded The UAE With Liquidation Requests
In a Russia- drowning attempt to save their fortune, company executives and financial sources told Reuters that many Russians flooded the UAE’s cryptocurrency firms with liquidation requests.
That’s not all they want to do. Some of these investors are looking for real estate in the UAE. While others plan to convert it into fiat and hide their money somewhere else – insiders reported.
Related Reading | Bitcoin Exchange Withdrawals Suggests Whales Are Accumulating
The Swiss financial industry is currently in chaos. In fact, brokers requested the withdrawal of billions of dollars worth of Bitcoin. The request came from their clients concerned that Switzerland might freeze all funds. One representative claims they have received requests for up to $2B.
The UAE has been a neutral ground for Russians and Belarusians who have come to Dubai with their money to avoid being left out during any wars that may break out. There’s even been talk of people bringing cryptocurrencies here because they know it will always stay safe no matter what side wins.
According to sources in the UAE, many Russians purchase real estate with cryptocurrency. They’re using digital forms of money both ways – bringing their resources into Dubai while getting them out from other regions.
Featured image from Pixabay, chart from Tradingview.com
The conflict between Russia and Ukraine took center stage last month. The issue not only changed the global political landscape but also the economies of both countries. The financial infrastructure in Russia and Ukraine shattered in the past few weeks, but, for different reasons.
While the financial system in Ukraine broke down due to Russia’s aggression, Russia itself suffered severely due to economic sanctions. In the recent mayhem, crypto came to the rescue for Ukraine. Not to replace the existing financial system, but to support the humanitarian aid efforts and recovery initiatives. According to Alex Bornyakov, Ukraine’s Deputy Minister at the Ministry of Digital Transformation, the country has received a total of almost $100 million in crypto donations.
Ukraine has already spent nearly $15 million worth of crypto donations on military supplies. The nation has received crypto support in a wide range of digital currencies including Bitcoin and Ethereum. Apart from donations, the adoption of crypto assets has also increased in the country amid demolished banking system in the region.
On the other hand, the usage of cryptocurrencies climbed in Russia as well. The Ruble-denominated volumes are soaring. Reason? “Rising Sanctions”. Just in the past week, financial services giants like PayPal and Western Union suspended operations in Russia. In an effort to circumvent sanctions, Russians are moving towards digital assets for daily transactions. But, is it that easy to avoid sanctions through crypto? The answer is “No”. Especially under increasing regulatory pressure on the crypto ecosystem.
However, the bottom line is that the adoption of crypto assets is surging in Russia and Ukraine. To dig deeper into the details about the rising use of digital assets in both countries, Finance Magnates sat down with prominent crypto stakeholders to have their opinion.
“Once again, cryptocurrencies have demonstrated their value through a series of unfortunate events for human lives. The Ukrainian and Russian economies lie in shambles for different reasons. In the first two weeks of conflict, cryptocurrency was used as a tool of peace and war, but chiefly as an instrument that empowers individuals amidst a clash of nations,” Brian Pasfield, CTO at Fringe Finance, said.
“This is not the first armed conflict in the cryptocurrency age. Yet, it is proving to be the first in which cryptocurrency will be able to fulfill its intended role of returning power to individuals,” he added.
Crypto in Limelight
“The Russian invasion of Ukraine has brought cryptocurrencies into the limelight. It gave them more exposure in the media and among individuals in Russia and Ukraine who were looking to protect their assets from the effects of war. Cryptos have brought another dimension to the geopolitical equation as they have acted as an alternative to the traditional financial system to a certain extent when the latter seemed to fail in both Russia and Ukraine,” Daniel Takieddine, CEO MENA at BDSwiss, explained.
Takieddine mentioned that the authorities in Ukraine have made significant efforts in the past few weeks to make the crypto community realize the magnitude of the issue.
Need for Regulation
According to Takieddine, it is important for global regulatory authorities to introduce clear crypto regulations.
“The popularity of digital assets during the conflict has also brought up the need for adequate regulation. In this regard, European and American authorities sped up the process of creating a regulatory framework in order to make sure that Russia would not be able to use cryptocurrencies to circumvent sanctions,” Takieddine added.
Potential of Crypto
“The role of digital currencies in the Russia-Ukraine conflict represents the tip of the iceberg when it comes to the inherent capabilities of the nascent asset class to make a difference in social conflicts. The current situation once again shows how to complete dependence on traditional finance can put people in a hopeless situation. I believe it is worth considering crypto as an independent decentralized finance system that will be above sanctions and serve all sides, as it is currently doing in this Eastern European conflict, for the common good,” Daniele Casamassima, the Chief Executive Officer at Pure, said.
Alternative Assets
The recent surge in the adoption of crypto reinforced the idea of digital currencies as alternative assets. Joaquim Matinero Tor, a Blockchain Associate at Roca Junyent, said: “Due to this war in Ukraine we’ve seen that cryptos are good as alternative assets. The foreign minister of Ukraine asked for donations in BTC, ETH & other cryptos. This change of paradigm has shown the world that it’s a real alternative when things go wrong, and people started believing that such a “wallet” protects all their savings and investments,” Tor noted.
The conflict between Russia and Ukraine took center stage last month. The issue not only changed the global political landscape but also the economies of both countries. The financial infrastructure in Russia and Ukraine shattered in the past few weeks, but, for different reasons.
While the financial system in Ukraine broke down due to Russia’s aggression, Russia itself suffered severely due to economic sanctions. In the recent mayhem, crypto came to the rescue for Ukraine. Not to replace the existing financial system, but to support the humanitarian aid efforts and recovery initiatives. According to Alex Bornyakov, Ukraine’s Deputy Minister at the Ministry of Digital Transformation, the country has received a total of almost $100 million in crypto donations.
Ukraine has already spent nearly $15 million worth of crypto donations on military supplies. The nation has received crypto support in a wide range of digital currencies including Bitcoin and Ethereum. Apart from donations, the adoption of crypto assets has also increased in the country amid demolished banking system in the region.
On the other hand, the usage of cryptocurrencies climbed in Russia as well. The Ruble-denominated volumes are soaring. Reason? “Rising Sanctions”. Just in the past week, financial services giants like PayPal and Western Union suspended operations in Russia. In an effort to circumvent sanctions, Russians are moving towards digital assets for daily transactions. But, is it that easy to avoid sanctions through crypto? The answer is “No”. Especially under increasing regulatory pressure on the crypto ecosystem.
However, the bottom line is that the adoption of crypto assets is surging in Russia and Ukraine. To dig deeper into the details about the rising use of digital assets in both countries, Finance Magnates sat down with prominent crypto stakeholders to have their opinion.
“Once again, cryptocurrencies have demonstrated their value through a series of unfortunate events for human lives. The Ukrainian and Russian economies lie in shambles for different reasons. In the first two weeks of conflict, cryptocurrency was used as a tool of peace and war, but chiefly as an instrument that empowers individuals amidst a clash of nations,” Brian Pasfield, CTO at Fringe Finance, said.
“This is not the first armed conflict in the cryptocurrency age. Yet, it is proving to be the first in which cryptocurrency will be able to fulfill its intended role of returning power to individuals,” he added.
Crypto in Limelight
“The Russian invasion of Ukraine has brought cryptocurrencies into the limelight. It gave them more exposure in the media and among individuals in Russia and Ukraine who were looking to protect their assets from the effects of war. Cryptos have brought another dimension to the geopolitical equation as they have acted as an alternative to the traditional financial system to a certain extent when the latter seemed to fail in both Russia and Ukraine,” Daniel Takieddine, CEO MENA at BDSwiss, explained.
Takieddine mentioned that the authorities in Ukraine have made significant efforts in the past few weeks to make the crypto community realize the magnitude of the issue.
Need for Regulation
According to Takieddine, it is important for global regulatory authorities to introduce clear crypto regulations.
“The popularity of digital assets during the conflict has also brought up the need for adequate regulation. In this regard, European and American authorities sped up the process of creating a regulatory framework in order to make sure that Russia would not be able to use cryptocurrencies to circumvent sanctions,” Takieddine added.
Potential of Crypto
“The role of digital currencies in the Russia-Ukraine conflict represents the tip of the iceberg when it comes to the inherent capabilities of the nascent asset class to make a difference in social conflicts. The current situation once again shows how to complete dependence on traditional finance can put people in a hopeless situation. I believe it is worth considering crypto as an independent decentralized finance system that will be above sanctions and serve all sides, as it is currently doing in this Eastern European conflict, for the common good,” Daniele Casamassima, the Chief Executive Officer at Pure, said.
Alternative Assets
The recent surge in the adoption of crypto reinforced the idea of digital currencies as alternative assets. Joaquim Matinero Tor, a Blockchain Associate at Roca Junyent, said: “Due to this war in Ukraine we’ve seen that cryptos are good as alternative assets. The foreign minister of Ukraine asked for donations in BTC, ETH & other cryptos. This change of paradigm has shown the world that it’s a real alternative when things go wrong, and people started believing that such a “wallet” protects all their savings and investments,” Tor noted.
In October 2021, it was estimated that approximately 15% of the world’s supply of Bitcoin (BTC) was in circulation in Latin America. According to a recent report released by Crypto Literacy, however, 99% of Brazilian and Mexican respondents failed a basic assessment on crypto literacy. Crypto adoption is well underway across the region — on the rise even — but, people still lack a basic understanding of its underlying technology and use cases.
When this lack of basic crypto literacy is considered in the context of developing markets across Latin America, where the use cases for blockchain technologies hold real significance, it becomes a serious concern.
Latin American populations who lack crypto literacy risk missing out on stablecoins that can offer protection against Latin America’s rapidly rising inflation. As well as decentralized applications (DApps) that provide populations of unbanked individuals access to financial services from their mobile devices. In countries where remittances are a major facet of the economy, cryptocurrencies offer a faster and cheaper alternative for sending funds across borders.
So, how can we help Latin America’s most underserved populations access this life-changing technology? Education.
Related: Mass adoption of blockchain tech is possible, and education is the key
Unlocking mainstream adoption through education
Education has the potential to address three key obstacles preventing mainstream crypto adoption: financial literacy, trust and safety.
Financial literacy
Financial literacy, or lack thereof, does not just stand as a barrier to crypto adoption: It stands as a barrier to traditional bank adoption as well. Across Latin America and the Caribbean, nearly 50 percent of the population is unbanked as of August 2021, lacking access to a bank account or other financial services. In addition to living far from financial institutions, many individuals cite an absence of trust in institutions as a reason for remaining unbanked. Where there is little trust, there is often a lack of understanding.
Related: Decentralized finance may be the future, but education is still lacking
Trust
Speaking from personal experience, it’s not rare in Mexico to hear stories of parents recommending that their (adult) children exchange their savings for United States dollars and hide it away in a safe rather than trusting those earnings with a financial institution. By building financial literacy both around broad financial concepts and more concentrated blockchain-related concepts, we can inspire greater trust in financial institutions as a key pillar for promoting mainstream adoption.
Safety
The trust that education garners is more than just trust in financial institutions. It’s also trusting yourself: When people don’t understand the institutions and tools with which they’re interacting, those individuals are more likely to make risky financial decisions. And, they know that. Education can serve as one form of a safety net, teaching individuals which regulations are and are not in place to protect them so they can understand how financial services fit within those regulatory frameworks.
Teach where it matters most
Crypto has the potential to change the world and those who understand it best will be at a huge advantage. Knowing the power that education creates, it’s important that the crypto world targets audiences strategically to perpetuate already entrenched inequalities. Remote and underserved communities, as well as those with less access to traditional education, should be at the forefront of the recipients of blockchain education.
For remote communities, we must create mobile-friendly educational opportunities so that individuals can access learning materials from their phones without needing to travel miles to the nearest city.
For those with less education, we must consider multimedia educational materials that circumnavigate the need for literacy without assuming high-level base knowledge.
For women, mentorship programs and role models are key to creating welcoming and inclusive spaces that are explicitly designed to bring women into crypto.
Related: Women’s interest in crypto grows, but education gap persists
For global audiences, we should create resources in local languages — Spanish and Portuguese in Latin America — to ensure we reach the widest audience possible.
For everyone involved, we must avoid instituting financial barriers to education — trusting in the long-term gain of growing user bases through free and accessible education.
Blockchain technology and cryptocurrencies were built to break through the power structures of traditional finance. They have the potential to drastically improve financial inclusion and freedom in Latin America. So, it’s no wonder that crypto adoption is already on the rise. With mass adoption of such new technology, however, we face a new risk of leaving the most vulnerable populations behind. Education can solve this. Education can create trust in this rapidly-advancing technology and instill knowledge that enables individuals to interact safely with these new tools. Education can break the cycle of financial exclusion.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Abraham Cobos Ramírez is the crypto strategy manager at Bitso, the cryptocurrency platform operating in Latin America, with more than four million users. Abraham is a blockchain and business specialist with deep experience in the creation, development and implementation of technology solutions. Prior to Bitso, Abraham was part of the integration consulting team where he designed and implemented solutions to complex problems for projects in Mexico, the U.S., Costa Rica, Panama and Colombia.
Recently, the blockchain company, Tezos announced that it has formed a collaboration with Misfits Gaming Group (MGG). Through a multi-year partnership deal, Tezos has become an official blockchain partner of the global eSports company.
In addition, MGG is planning to expand its presence in the blockchain ecosystem. The firm is introducing Block Born, a dedicated blockchain gaming community. In the partnership announcement, MGG highlighted the growing popularity of blockchain-based gaming projects.
MGG believes that Block Born will support the growth of the gaming community. Moreover, all Block Born tournaments will be carbon neutral.
“Gaming can do a lot better, and blockchain technologies will help get us there,” said Vas Roberts, the EVP of Partnerships at Misfits Gaming Group. “By building new practices upon a decentralized, indexed platform, we’ll reimagine how we work with our community, peers and partners. Tezos will help us share new levels of access, equity and decision-making, and we’re thrilled to pioneer how blockchain can help gaming organizations redefine how they operate.”
Tezos has increased its marketing and branding activities substantially since the start of 2022. The blockchain firm recently inked a partnership deal with Manchester United.
The latest deal with MGG will encompass marquee branding and sponsorship rights.
Sponsorships
eSports and gaming firms developed several sponsorship partnerships with some of the leading crypto and blockchain firms in 2021. The trend has witnessed a continuation in 2022 as well. In January 2022, Gen.G, a global eSports organization, confirmed a collaboration with the South Korean digital exchange, Bithumb.
“At such an exciting time for the broader gaming and esports industries, Misfits Gaming Group’s choice of Tezos as its official blockchain adds to the momentum that is growing for blockchain gaming, with community building and player engagement as a priority. I believe that Tezos’ sustainability and its unique ability to adapt to rapidly evolving technology is perfectly aligned to support MGG’s laudable goals,” added Mason Edwards, the Chief of Staff at Tezos Foundation.
Recently, the blockchain company, Tezos announced that it has formed a collaboration with Misfits Gaming Group (MGG). Through a multi-year partnership deal, Tezos has become an official blockchain partner of the global eSports company.
In addition, MGG is planning to expand its presence in the blockchain ecosystem. The firm is introducing Block Born, a dedicated blockchain gaming community. In the partnership announcement, MGG highlighted the growing popularity of blockchain-based gaming projects.
MGG believes that Block Born will support the growth of the gaming community. Moreover, all Block Born tournaments will be carbon neutral.
“Gaming can do a lot better, and blockchain technologies will help get us there,” said Vas Roberts, the EVP of Partnerships at Misfits Gaming Group. “By building new practices upon a decentralized, indexed platform, we’ll reimagine how we work with our community, peers and partners. Tezos will help us share new levels of access, equity and decision-making, and we’re thrilled to pioneer how blockchain can help gaming organizations redefine how they operate.”
Tezos has increased its marketing and branding activities substantially since the start of 2022. The blockchain firm recently inked a partnership deal with Manchester United.
The latest deal with MGG will encompass marquee branding and sponsorship rights.
Sponsorships
eSports and gaming firms developed several sponsorship partnerships with some of the leading crypto and blockchain firms in 2021. The trend has witnessed a continuation in 2022 as well. In January 2022, Gen.G, a global eSports organization, confirmed a collaboration with the South Korean digital exchange, Bithumb.
“At such an exciting time for the broader gaming and esports industries, Misfits Gaming Group’s choice of Tezos as its official blockchain adds to the momentum that is growing for blockchain gaming, with community building and player engagement as a priority. I believe that Tezos’ sustainability and its unique ability to adapt to rapidly evolving technology is perfectly aligned to support MGG’s laudable goals,” added Mason Edwards, the Chief of Staff at Tezos Foundation.
Dubai, U.A.E., March 10, 2022 — MRHB DeFi Network, the world’s first decentralized finance (DeFi) platform focused solely on providing ethical and halal crypto opportunities, is listing its $MRHB token on BitMart, a global centralized cryptocurrency exchange (CEX). This follows its current listing on LBank Global Exchange as well as popular DEX, Pancakeswap.
CEO of MicroStrategy Michael Saylor remains one of the most vocal supporters of bitcoin. Countless times in the past, Saylor has always lauded the benefits of the digital asset, which he says is the best investment. His convictions are shared by his firm which remains the publicly traded company with the largest bitcoin holdings in the world. Now, once again, Saylor has spoken out in favor of the cryptocurrency, effectively snubbing its competitors while he’s at it.
Bitcoin Is The Only Scarce Asset
Bitcoin’s scarcity has often been one of the strongest arguments for the value of the cryptocurrency. According to the code, there can only be 21 million bitcoins mined, meaning that once this supply is mined, there are no more bitcoins coming into circulation. More BTC cannot be created, making it one of the most scarce assets in the entire globe.
With bitcoin’s growth, it has fast become a rival for other top investment assets in the space. One of those assets is gold. Bitcoin which is referred to as digital gold has outperformed its physical rival over the course of the last few years, putting them in fierce competition with each other. However, according to Saylor, only one of these assets is truly scarce and that is bitcoin.
Speaking on the PBD Podcast, Saylor explained that all other assets can have more of them created. He called bitcoin the only scarcity known to humanity. The CEO referred to gold as a commodity, alongside other assets like real estate and luxury watches.
“I can create more real estate in New York City. I can create more cars. I can create more luxury watches. I can create more gold. I can create more shares of a stock. I can create more bonds,” Saylor explained.
BTC declines below $40,000 | Source: BTCUSD on TradingView.com
His reasoning was that since he can create more of these, then they are basically commodities. Whereas, bitcoin is “magical” given that there will only ever be 21 million tokens and no one else can create more BTC once they are all mined.
Related Reading | Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts
“I can create any commodity; they’re commodities by definition. Given enough money and time, I can create infinite of any of them,” Saylor continued.
Saylor’s advocacy for bitcoin runs both personal and professional. Saylor is known for using his personal bitcoin investment as an argument for why MicroStrategy should invest in the digital asset. As of the time of this writing, MicroStrategy owns over 120K BTC worth almost $5 billion, putting the firm in profit territory.
Featured image from Coingape, chart from TradingView.com
While the interest in metaverse seems to slow down, a pioneer in the space is still hard at work, advocating the open metaverse, a decentralized and interoperable multiverse.
In an interview with Cointelegraph Brazil, Sebastien Borget, the founder of the open-world blockchain game The Sandbox, shared some of his thoughts and expertise when it comes to Web3 and the state of the metaverse.
According to Borget, the metaverse is a gateway to new experiences limited only by what users can think of. He explained that:
“Web 3.0 and the metaverse are enabling each of us to become an explorer of our human imagination, inventing new parallel universes where we can choose the experiences we want to live.”
The Sandbox founder also mentions that the metaverse has already started to influence the way people “socialize, form economic relationships, and gather in communities.” He believes that within a decade, there will be more developments in the space.
“We envision that within the next 10 years, the metaverse will have transformed profoundly how we’re thinking about the way we’ll be working, socializing, playing, and earning through the economic opportunities and jobs it is creating.”
Borget believes that the role of platforms must be to ensure that the process of creation is fun and rewarding and that listening to what users want should be the priority. “We’ve brought this ecosystem into being, but experiences and assets that players make and share are what drives it,” says Borget.
Apart from these, the governance of the metaverse must be transferred over to the users according to Borget. This will be done through a decentralized autonomous organization (DAO) launch with voting mechanisms.
Related: The Sandbox metaverse hits 2M users, begins K-pop partnership
The Sandbox is offering a decentralized metaverse. Borget explains that this means that its users are not locked within its platform. “It’s important to us that the content you own or create in The Sandbox can be transferred to other open metaverses, and vice versa,” he said. Borget also stresses that decentralization is the way forward, rather than being stuck in a Web2 “microverse,” where content ownership is trapped by big tech.
“We’re strongly advocating for the core of the open metaverse to be decentralization, interoperability and creator-generated content.”
When asked what’s next for The Sandbox, the founder explained that the team is building the platform step by step. “Our vision of a decentralized entertainment metaverse where everyone can play, create, and be rewarded for their time through play-to-earn is resonating strongly. Step by step, we’re building out the ecosystem to realize the potential The Sandbox offers to players, creators, and partners,” says Borget.
Sebastien Borget, Founder and COO of The Sandbox. Source: borget.net
Apart from this, the founder explains that up next is enabling creators to build and share experiences within their lands. Borget says that people can expect more original content generated by the community going forward.
The Sandbox executive also underscored that despite nations like the United States, China and Turkey announcing metaverse strategies, these parties would be unable to control the metaverse. “This diversity of ownership means that no single party can control the metaverse,” he said.
Borget also mentions that the Sandbox also aims to make gaming more equitable. The founder says that they “especially want to make The Sandbox a welcoming place for women as creators and players.” This can potentially also bring more women to Web3.
“We support creator efforts to build inclusive worlds that can inspire players to see beyond the external differences while still appreciating them.”
