Nobel Prize Laureate Paul Krugman Compares Tesla to Bitcoin — They ‘Have More in Common Than You Think’
Nobel Prize-winning economist Paul Krugman says Tesla may have more in common with bitcoin than you think. He explained that Tesla sales have depended in part on the perception that CEO Elon Musk “is a cool guy” while the price of bitcoin is “being sustained by a hard-core group of true believers.”
Paul Krugman, who won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2008 for his analysis of trade patterns and location of economic activity, published an opinion piece in the New York Times Tuesday about Tesla, bitcoin, and their huge valuations. He wrote:
Tesla and bitcoin may have more in common than you think.
The economist explained that mega-corporations like Apple, Microsoft, and Amazon have maintained their dominance because these companies “benefit from strong network externalities — loosely speaking, everyone uses their products because everyone else uses their products.”
However, “It’s hard to see what would give Tesla a long-term lock on the electric vehicle business,” Krugman described. “Where are the powerful network externalities in the electric vehicle business?” he questioned, emphasizing: “Electric vehicle production just doesn’t look like a network externality business.”
Krugman continued:
It’s hard to explain the huge valuation the market put on Tesla before the [price] drop, or even its current value.
The Nobel Prize laureate proceeded to explain “why Tesla was ever worth so much.” He believes that it’s because “investors fell in love with a storyline about a brilliant, cool innovator, despite the absence of a good argument about how this guy, even if he really was who he appeared to be, could found a long-lived money machine.” Krugman added: “Tesla sales have surely depended at least in part on the perception that Musk himself is a cool guy.”
Describing a parallel between Tesla and bitcoin, the Nobel Prize-winning economist detailed:
Despite years of effort, nobody has yet managed to find any serious use for cryptocurrency other than money laundering. But prices nonetheless soared on the hype, and are still being sustained by a hard-core group of true believers.
“Something similar surely happened with Tesla, even though the company does actually make useful things,” Krugman concluded.
At the time of writing, Tesla’s stock has fallen 70% year-to-date while bitcoin’s price has dropped 65% during the same time period.
Nobel Prize-winning economist Paul Krugman says Tesla may have more in common with bitcoin than you think. He explained that Tesla sales have depended in part on the perception that CEO Elon Musk “is a cool guy” while the price of bitcoin is “being sustained by a hard-core group of true believers.”
Paul Krugman, who won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2008 for his analysis of trade patterns and location of economic activity, published an opinion piece in the New York Times Tuesday about Tesla, bitcoin, and their huge valuations. He wrote:
Tesla and bitcoin may have more in common than you think.
The economist explained that mega-corporations like Apple, Microsoft, and Amazon have maintained their dominance because these companies “benefit from strong network externalities — loosely speaking, everyone uses their products because everyone else uses their products.”
However, “It’s hard to see what would give Tesla a long-term lock on the electric vehicle business,” Krugman described. “Where are the powerful network externalities in the electric vehicle business?” he questioned, emphasizing: “Electric vehicle production just doesn’t look like a network externality business.”
Krugman continued:
It’s hard to explain the huge valuation the market put on Tesla before the [price] drop, or even its current value.
The Nobel Prize laureate proceeded to explain “why Tesla was ever worth so much.” He believes that it’s because “investors fell in love with a storyline about a brilliant, cool innovator, despite the absence of a good argument about how this guy, even if he really was who he appeared to be, could found a long-lived money machine.” Krugman added: “Tesla sales have surely depended at least in part on the perception that Musk himself is a cool guy.”
Describing a parallel between Tesla and bitcoin, the Nobel Prize-winning economist detailed:
Despite years of effort, nobody has yet managed to find any serious use for cryptocurrency other than money laundering. But prices nonetheless soared on the hype, and are still being sustained by a hard-core group of true believers.
“Something similar surely happened with Tesla, even though the company does actually make useful things,” Krugman concluded.
At the time of writing, Tesla’s stock has fallen 70% year-to-date while bitcoin’s price has dropped 65% during the same time period.
Global Cryptocurrency Trade Volumes Saw a Significant Decline in December 2022
According to statistics, daily cryptocurrency trade volumes have dropped significantly during Dec. 2022. On Jan. 1, data shows that $22.95 billion was traded in the last 24 hours, compared to double that amount, $54.78 billion, two weeks earlier. On November 8, 2022, 54 days prior, amid the FTX collapse, global cryptocurrency trade volumes were approximately $115.33 billion.
Cryptocurrency trade volumes worldwide have significantly declined since the beginning of the year. For example, on Jan. 2, 2022, one year ago, the global trade volume for the 24-hour period was approximately $70.48 billion, according to archived coingecko.com statistics. Today’s 24-hour volume worldwide is 67.43% less at $22.95 billion. In addition, 71.63% of all trades on Jan. 1, 2023, were paired with the cryptocurrency economy’s stablecoins.
While all the stablecoins today represent $16.44 billion in trade volume, tether (USDT) commands $12.45 billion, which equates to 71.63% of the aggregate on Jan. 1, 2023. Two weeks ago on Dec. 15, the global trade volume was $54.78 billion and a good majority of those trades were in stablecoins as well. Cryptocurrency trade volumes have been declining since Jan. 2022, with monthly spikes in May, Sept., and Nov. 2022.
The November spike occurred amid the chaos surrounding FTX’s insolvency, and there were significantly higher daily trade volumes at that time. Data from The Block’s crypto exchange volume (legitimate index) shows that Oct. 2022 had $543.67 billion in volume, while Nov. 2022 saw an increase of approximately 23.79% to $673.01 billion. Now that Dec. 2022 is over, statistics show that Dec. 2022’s total volumes were around $357.48 billion, or 46.88% lower than the previous month.
The last time global cryptocurrency trade volumes were this low was two years ago in December 2020. At that time, global crypto trade volumes were 7.27% higher at $385.51 billion. Lower cryptocurrency trade volumes can have both positive and negative implications for investors.
On one hand, low trade volume is often seen as a sign of a lack of interest in the crypto market, which could potentially indicate lower values. On the other hand, low trade volume can sometimes be interpreted as a bullish sign for the cryptocurrency economy, as it may suggest limited selling pressure.
According to statistics, daily cryptocurrency trade volumes have dropped significantly during Dec. 2022. On Jan. 1, data shows that $22.95 billion was traded in the last 24 hours, compared to double that amount, $54.78 billion, two weeks earlier. On November 8, 2022, 54 days prior, amid the FTX collapse, global cryptocurrency trade volumes were approximately $115.33 billion.
Cryptocurrency trade volumes worldwide have significantly declined since the beginning of the year. For example, on Jan. 2, 2022, one year ago, the global trade volume for the 24-hour period was approximately $70.48 billion, according to archived coingecko.com statistics. Today’s 24-hour volume worldwide is 67.43% less at $22.95 billion. In addition, 71.63% of all trades on Jan. 1, 2023, were paired with the cryptocurrency economy’s stablecoins.
While all the stablecoins today represent $16.44 billion in trade volume, tether (USDT) commands $12.45 billion, which equates to 71.63% of the aggregate on Jan. 1, 2023. Two weeks ago on Dec. 15, the global trade volume was $54.78 billion and a good majority of those trades were in stablecoins as well. Cryptocurrency trade volumes have been declining since Jan. 2022, with monthly spikes in May, Sept., and Nov. 2022.
The November spike occurred amid the chaos surrounding FTX’s insolvency, and there were significantly higher daily trade volumes at that time. Data from The Block’s crypto exchange volume (legitimate index) shows that Oct. 2022 had $543.67 billion in volume, while Nov. 2022 saw an increase of approximately 23.79% to $673.01 billion. Now that Dec. 2022 is over, statistics show that Dec. 2022’s total volumes were around $357.48 billion, or 46.88% lower than the previous month.
The last time global cryptocurrency trade volumes were this low was two years ago in December 2020. At that time, global crypto trade volumes were 7.27% higher at $385.51 billion. Lower cryptocurrency trade volumes can have both positive and negative implications for investors.
On one hand, low trade volume is often seen as a sign of a lack of interest in the crypto market, which could potentially indicate lower values. On the other hand, low trade volume can sometimes be interpreted as a bullish sign for the cryptocurrency economy, as it may suggest limited selling pressure.
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US Bankruptcy Court Rules Celsius Deposits Belong to the Firm
A New York bankruptcy court has ruled the deposits on high-interest-earning accounts belong to Celsius, the embattled former cryptocurrency lending firm, that filed for Chapter 11 bankruptcy protections in July. The decision establishes a precedent that might affect the status of other, similar cases involving crypto companies like Blockfi and FTX.
A U.S. bankruptcy court has made a key ruling in the conflict that Celsius, a former cryptocurrency lending firm, and its customers, maintain over the ownership of deposits. Judge Martin Glenn, of a New York-based bankruptcy court, ruled in favor of the company, stating that it has the right over these funds, allowing it to harness the assets in any way, including lending, selling, and pledging these assets for investment purposes.
The company had filed a motion to get approval for selling $23 million from its stablecoin stash on Sept. 15, and this ruling frees the path for the company to complete this operation. The decision states that Celsius’ terms of service, an agreement that all users must approve before being serviced by the company, was “unambiguous” in establishing the ownership of these funds deposited in favor of the firm.
The ruling might affect other cases involving companies that have invoked Chapter 11 bankruptcy benefits, like Blockfi and FTX. 600,000 customers of the lending company are affected by this decision, who were part of the Earn program that yielded high interest on their accounts, which contained $4.2 billion dollars in cryptocurrency. These customers will now be classified as unsecured creditors, possibly affecting the size and significance of their claims in the future.
This will allow the company to use part of the funds to finance its Chapter 11 procedures. Before, the company had stated prior to bankruptcy courts that it could only finance its operations until March with its current funding.
The Celsius bankruptcy processes have also affected the privacy of its customers, as a filing detailing the usernames, transactions, and holdings of every user of the exchange were released in October. More than 18.6 gigabytes of data corresponding to more than 14,000 customers of the exchange were disclosed at the time, with the situation being qualified as one of the most “egregious privacy violations in crypto history,” according to some users.
A New York bankruptcy court has ruled the deposits on high-interest-earning accounts belong to Celsius, the embattled former cryptocurrency lending firm, that filed for Chapter 11 bankruptcy protections in July. The decision establishes a precedent that might affect the status of other, similar cases involving crypto companies like Blockfi and FTX.
A U.S. bankruptcy court has made a key ruling in the conflict that Celsius, a former cryptocurrency lending firm, and its customers, maintain over the ownership of deposits. Judge Martin Glenn, of a New York-based bankruptcy court, ruled in favor of the company, stating that it has the right over these funds, allowing it to harness the assets in any way, including lending, selling, and pledging these assets for investment purposes.
The company had filed a motion to get approval for selling $23 million from its stablecoin stash on Sept. 15, and this ruling frees the path for the company to complete this operation. The decision states that Celsius’ terms of service, an agreement that all users must approve before being serviced by the company, was “unambiguous” in establishing the ownership of these funds deposited in favor of the firm.
The ruling might affect other cases involving companies that have invoked Chapter 11 bankruptcy benefits, like Blockfi and FTX. 600,000 customers of the lending company are affected by this decision, who were part of the Earn program that yielded high interest on their accounts, which contained $4.2 billion dollars in cryptocurrency. These customers will now be classified as unsecured creditors, possibly affecting the size and significance of their claims in the future.
This will allow the company to use part of the funds to finance its Chapter 11 procedures. Before, the company had stated prior to bankruptcy courts that it could only finance its operations until March with its current funding.
The Celsius bankruptcy processes have also affected the privacy of its customers, as a filing detailing the usernames, transactions, and holdings of every user of the exchange were released in October. More than 18.6 gigabytes of data corresponding to more than 14,000 customers of the exchange were disclosed at the time, with the situation being qualified as one of the most “egregious privacy violations in crypto history,” according to some users.
DOJ Asks Victims of Sam Bankman-Fried’s Fraud to Come Forward
The U.S. Department of Justice (DOJ) has asked victims of former FTX CEO Sam Bankman-Fried (SBF)’s fraud to come forward. The former FTX executive has been charged with “defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research,” the Justice Department noted.
The U.S. Department of Justice (DOJ) reached out to victims of Sam Bankman-Fried (SBF)’s fraud via its website Friday, explaining their rights and asking them to come forward. Bankman-Fried co-founded FTX and served as its CEO when the crypto exchange filed for bankruptcy in November last year.
The DOJ wrote:
If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a/k/a ‘SBF,’ please contact the victim/witness coordinator at the United States Attorney’s Office … for assistance in verifying whether you are a victim in this case.
The Justice Department explained that on Dec. 13, 2022, “an eight-count indictment was unsealed charging Samuel Bankman-Fried with defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research.”
The DOJ detailed: “Bankman-Fried is charged with wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States and violate the campaign finance laws.”
Prosecutors are required by federal law to contact possible crime victims to inform them of their rights.
However, in court papers filed on Friday, federal prosecutors in Manhattan asked U.S. District Judge Lewis A. Kaplan, who has been assigned to the SBF case, for permission to use a website to notify victims, rather than contacting each individually. They claimed that the collapsed crypto exchange FTX could owe money to more than one million people, making it “impracticable” to contact each person.
Bankman-Fried, who is currently at his parents’ house on a $250 billion bond, has pleaded not guilty to fraud charges. Meanwhile, the DOJ has moved to seize shares of Robinhood Markets (Nasdaq: HOOD), worth about $460 million, linked to the former FTX boss.
The U.S. Department of Justice (DOJ) has asked victims of former FTX CEO Sam Bankman-Fried (SBF)’s fraud to come forward. The former FTX executive has been charged with “defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research,” the Justice Department noted.
The U.S. Department of Justice (DOJ) reached out to victims of Sam Bankman-Fried (SBF)’s fraud via its website Friday, explaining their rights and asking them to come forward. Bankman-Fried co-founded FTX and served as its CEO when the crypto exchange filed for bankruptcy in November last year.
The DOJ wrote:
If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, a/k/a ‘SBF,’ please contact the victim/witness coordinator at the United States Attorney’s Office … for assistance in verifying whether you are a victim in this case.
The Justice Department explained that on Dec. 13, 2022, “an eight-count indictment was unsealed charging Samuel Bankman-Fried with defrauding customers of FTX.com, investors in FTX.com, and lenders to Alameda Research.”
The DOJ detailed: “Bankman-Fried is charged with wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States and violate the campaign finance laws.”
Prosecutors are required by federal law to contact possible crime victims to inform them of their rights.
However, in court papers filed on Friday, federal prosecutors in Manhattan asked U.S. District Judge Lewis A. Kaplan, who has been assigned to the SBF case, for permission to use a website to notify victims, rather than contacting each individually. They claimed that the collapsed crypto exchange FTX could owe money to more than one million people, making it “impracticable” to contact each person.
Bankman-Fried, who is currently at his parents’ house on a $250 billion bond, has pleaded not guilty to fraud charges. Meanwhile, the DOJ has moved to seize shares of Robinhood Markets (Nasdaq: HOOD), worth about $460 million, linked to the former FTX boss.
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US Arrests ‘Mutant Ape Planet’ NFT Creator in $3M ‘Rug Pull’ Scheme to Defraud Crypto Investors
The U.S. government has arrested and charged the creator of “Mutant Ape Planet” non-fungible tokens (NFTs) for allegedly defrauding crypto investors. “The purchasers were ‘rug pulled,'” the Department of Justice (DOJ) described, adding that millions of dollars in cryptocurrency were diverted for the NFT creator’s personal benefits.
The U.S. Department of Justice (DOJ) announced Thursday that Aurelien Michel has been charged with “defrauding purchasers of ‘Mutant Ape Planet’ NFTs, a type of digital asset, of more than $2.9 million in cryptocurrency.”
The defendant is a French national residing in the United Arab Emirates (UAE). He was arrested Wednesday at John F. Kennedy International Airport.
The Mutant Ape Planet (MAP) NFTs were marketed and sold with false promises of numerous rewards and benefits, including exclusive opportunities for additional investments, giveaways, merchandise, and other rewards, the DOJ detailed, elaborating:
After selling out of the NFTs, the purchasers were ‘rug pulled’ … Millions worth of the NFT purchasers’ cryptocurrency was diverted for Michel’s personal benefit.
Mutant Ape Planet is a collection of 6,799 unique mutant apes that has no relationship with the popular Bored Ape Yacht Club, a different set of monkey-themed NFTs.
Ivan J. Arvelo, special agent in charge of Homeland Security Investigations (HSI) in New York, described: “Aurelien Michel perpetrated a ‘rug pull’ scheme – stealing nearly $3 million from investors for his own personal use.”
The DOJ noted that “in a social media chat with current and prospective purchasers, Michel admitted to the fraudulent ‘rug pull,’ but blamed the community of NFT purchasers for his actions, stating, ‘We never intended to rug but the community went way too toxic.'”
While the Mutant Ape Planet NFT developers “promised to fund a community wallet for marketing, and would offer purchasers raffles, giveaways, airdrops, and tokens with staking features,” the DOJ said:
The purchasers of the Mutant Ape Planet NFTs did not receive any of the promised benefits set out above.
The U.S. government has arrested and charged the creator of “Mutant Ape Planet” non-fungible tokens (NFTs) for allegedly defrauding crypto investors. “The purchasers were ‘rug pulled,'” the Department of Justice (DOJ) described, adding that millions of dollars in cryptocurrency were diverted for the NFT creator’s personal benefits.
The U.S. Department of Justice (DOJ) announced Thursday that Aurelien Michel has been charged with “defrauding purchasers of ‘Mutant Ape Planet’ NFTs, a type of digital asset, of more than $2.9 million in cryptocurrency.”
The defendant is a French national residing in the United Arab Emirates (UAE). He was arrested Wednesday at John F. Kennedy International Airport.
The Mutant Ape Planet (MAP) NFTs were marketed and sold with false promises of numerous rewards and benefits, including exclusive opportunities for additional investments, giveaways, merchandise, and other rewards, the DOJ detailed, elaborating:
After selling out of the NFTs, the purchasers were ‘rug pulled’ … Millions worth of the NFT purchasers’ cryptocurrency was diverted for Michel’s personal benefit.
Mutant Ape Planet is a collection of 6,799 unique mutant apes that has no relationship with the popular Bored Ape Yacht Club, a different set of monkey-themed NFTs.
Ivan J. Arvelo, special agent in charge of Homeland Security Investigations (HSI) in New York, described: “Aurelien Michel perpetrated a ‘rug pull’ scheme – stealing nearly $3 million from investors for his own personal use.”
The DOJ noted that “in a social media chat with current and prospective purchasers, Michel admitted to the fraudulent ‘rug pull,’ but blamed the community of NFT purchasers for his actions, stating, ‘We never intended to rug but the community went way too toxic.'”
While the Mutant Ape Planet NFT developers “promised to fund a community wallet for marketing, and would offer purchasers raffles, giveaways, airdrops, and tokens with staking features,” the DOJ said:
The purchasers of the Mutant Ape Planet NFTs did not receive any of the promised benefits set out above.
Samsung’s Asset Management Arm Launches Bitcoin Futures ETF in Hong Kong
Samsung’s asset management arm has launched a bitcoin futures exchange-traded fund (ETF). The new actively managed ETF is listed and traded on the Hong Kong stock exchange. It seeks “to provide economic exposure to the value of bitcoin,” Samsung detailed.
Samsung Asset Management (Hong Kong) Ltd., a wholly owned subsidiary of Samsung Asset Management, a member of the Samsung Group of companies, launched a bitcoin futures exchange-traded fund (ETF) on Friday called “Samsung Bitcoin Futures Active ETF.”
The new ETF is a sub-fund of Samsung ETFs Trust III, an umbrella unit trust established under Hong Kong law, the company detailed, adding:
The investment objective of the sub-fund is to seek to provide economic exposure to the value of bitcoin by investing predominately in front-month bitcoin futures contracts and/or micro bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME).
Samsung explained that the actively managed bitcoin futures ETF paves the way “for investment in future crypto-technology adoption.” However, the company noted that the fund “does not invest directly in bitcoin and will not receive any bitcoin from bitcoin futures on CME.” CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC).
While bitcoin is priced in U.S. dollars, units of the Samsung Bitcoin Futures Active ETF are listed and traded in Hong Kong dollars on the Stock Exchange of Hong Kong (SEHK), the company clarified.
The bitcoin futures ETF is managed by Samsung Asset Management (Hong Kong) Ltd. while HSBC Institutional Trust Services (Asia) Ltd. is the fund’s trustee and registrar. The fund “will enter into and have exposure of up to 100%” of its net asset value (NAV) in Bitcoin Futures on CME, the company added.
The newly launched ETF is not Samsung Asset Management’s only crypto-related fund. In June last year, the Hong Kong firm launched “Samsung Blockchain Technologies ETF” and “Samsung Asia Pacific ex NZ Metaverse Theme ETF.”
Samsung’s asset management arm has launched a bitcoin futures exchange-traded fund (ETF). The new actively managed ETF is listed and traded on the Hong Kong stock exchange. It seeks “to provide economic exposure to the value of bitcoin,” Samsung detailed.
Samsung Asset Management (Hong Kong) Ltd., a wholly owned subsidiary of Samsung Asset Management, a member of the Samsung Group of companies, launched a bitcoin futures exchange-traded fund (ETF) on Friday called “Samsung Bitcoin Futures Active ETF.”
The new ETF is a sub-fund of Samsung ETFs Trust III, an umbrella unit trust established under Hong Kong law, the company detailed, adding:
The investment objective of the sub-fund is to seek to provide economic exposure to the value of bitcoin by investing predominately in front-month bitcoin futures contracts and/or micro bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME).
Samsung explained that the actively managed bitcoin futures ETF paves the way “for investment in future crypto-technology adoption.” However, the company noted that the fund “does not invest directly in bitcoin and will not receive any bitcoin from bitcoin futures on CME.” CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC).
While bitcoin is priced in U.S. dollars, units of the Samsung Bitcoin Futures Active ETF are listed and traded in Hong Kong dollars on the Stock Exchange of Hong Kong (SEHK), the company clarified.
The bitcoin futures ETF is managed by Samsung Asset Management (Hong Kong) Ltd. while HSBC Institutional Trust Services (Asia) Ltd. is the fund’s trustee and registrar. The fund “will enter into and have exposure of up to 100%” of its net asset value (NAV) in Bitcoin Futures on CME, the company added.
The newly launched ETF is not Samsung Asset Management’s only crypto-related fund. In June last year, the Hong Kong firm launched “Samsung Blockchain Technologies ETF” and “Samsung Asia Pacific ex NZ Metaverse Theme ETF.”
WEF Predicts Metaverse Tech Will Change Industry First, Moving to the Consumer Space Later
The World Economic Forum (WEF) has published an article predicting how metaverse tech will evolve and how it will be introduced in different sectors. For the organization, the biggest impact of the implementation of this tech will be observed in industrial environments, where it will contribute to carrying out more tasks and reducing expenses.
The World Economic Forum (WEF) believes that the metaverse will be first applied in industrial environments, instead of being adopted first by consumers. In an article published on Jan. 13, the organization predicts that the implementation of the metaverse will be done at an industrial level first, helping different companies to complete designing and monitoring tasks in a more efficient way.
Two of the metaverse technologies that will become integral for the industry in this new phase are digital twins and extended reality. Implementing digital twins, the digitalization of a group of elements coming from the real world, will allow testing the functionality of an element, or examining the possible inefficiencies of an assembly line, or simply prototyping a model without having to build it physically.
Extended reality, another of the technologies mentioned in the article, will allow designers to mix elements from the real world with digital elements, to examine the interactions between both.
These technologies are already being adopted by several companies, including automaker Renault, which launched its industrial metaverse in November, aiming to save $330 million by 2025 with the implementation.
While there is significant focus on the consumer metaverse from companies like Meta, which have been investing billions in the sector, the WEF believes that industries will be the ones pushing innovation.
The article states:
We will develop many technologies for the industrial metaverse that will make their way into the consumer metaverse – from micro-optics and advanced haptic interfaces to AI sensing awareness.
The organization believes that, once these two different metaverses are established, one will be able to improve the other and vice versa. However, it recommends shifting the focus from putting resources into the consumer metaverse, to putting them into the industrial metaverse, which is already happening in various sectors.
The WEF has referred to the metaverse before, issuing recommendations for maintaining safety and privacy in metaverse worlds in May 2022, especially when including children as part of these environments.
The World Economic Forum (WEF) has published an article predicting how metaverse tech will evolve and how it will be introduced in different sectors. For the organization, the biggest impact of the implementation of this tech will be observed in industrial environments, where it will contribute to carrying out more tasks and reducing expenses.
The World Economic Forum (WEF) believes that the metaverse will be first applied in industrial environments, instead of being adopted first by consumers. In an article published on Jan. 13, the organization predicts that the implementation of the metaverse will be done at an industrial level first, helping different companies to complete designing and monitoring tasks in a more efficient way.
Two of the metaverse technologies that will become integral for the industry in this new phase are digital twins and extended reality. Implementing digital twins, the digitalization of a group of elements coming from the real world, will allow testing the functionality of an element, or examining the possible inefficiencies of an assembly line, or simply prototyping a model without having to build it physically.
Extended reality, another of the technologies mentioned in the article, will allow designers to mix elements from the real world with digital elements, to examine the interactions between both.
These technologies are already being adopted by several companies, including automaker Renault, which launched its industrial metaverse in November, aiming to save $330 million by 2025 with the implementation.
While there is significant focus on the consumer metaverse from companies like Meta, which have been investing billions in the sector, the WEF believes that industries will be the ones pushing innovation.
The article states:
We will develop many technologies for the industrial metaverse that will make their way into the consumer metaverse – from micro-optics and advanced haptic interfaces to AI sensing awareness.
The organization believes that, once these two different metaverses are established, one will be able to improve the other and vice versa. However, it recommends shifting the focus from putting resources into the consumer metaverse, to putting them into the industrial metaverse, which is already happening in various sectors.
The WEF has referred to the metaverse before, issuing recommendations for maintaining safety and privacy in metaverse worlds in May 2022, especially when including children as part of these environments.
NYU Professor ‘Dr. Doom’ Says 99% of Crypto Is a Scam — Tells Investors to ‘Absolutely Stay Away’
NYU Professor Nouriel Roubini, aka Dr. Doom, has warned that “99.99% of crypto is a scam, a criminal activity, a total real-bubble Ponzi scheme that is going bust.” He advised investors to “absolutely stay away” from crypto, claiming that most people in the crypto space are “all crooks.”
Economic professor Nouriel Roubini, aka Dr. Doom, warned about cryptocurrency in an interview with Yahoo Finance Live Wednesday at the World Economic Forum in Davos, Switzerland.
Roubini is a professor of economics and international business at New York University (NYU) Stern School of Business. He also serves as chairman of Roubini Global Economics, a global macroeconomic and market strategy research firm that he co-founded. He told the news outlet:
Literally, 99.99% of crypto is a scam, a criminal activity, a total real-bubble Ponzi scheme that is going bust.
Dr. Doom also shared his opinion on the collapsed crypto exchange FTX and its disgraced founder Sam Bankman-Fried (SBF). FTX filed for bankruptcy last November and SBF is currently facing several fraud charges, all of which he has pleaded not guilty to. “FTX and SBF are not an exception — they’re a rule,” Roubini exclaimed.
The NYU professor proceeded to advise against investing in cryptocurrencies. He stated that 99% of bitcoin investors did not buy BTC at $1,000 or $10,000. “Most of them got FOMO [fear of missing out] in 2021 when it was skyrocketing from $20,000 to … $69,000,” he stressed, emphasizing that 99% of bitcoin investors bought the cryptocurrency “well above the current market value.”
Roubini opined, “So they lost their shirts. It’s a nightmare.” Dr. Doom noted that bitcoin investors are not alone in losing money as other cryptocurrencies “have fallen by 90%, 95%.” He added: “Out of 20,000 ICOs [initial coin offerings], officially 80% were a scam and another 17% have gone to zero. So that means 97% of them … were either a scam or lost everything.”
Regarding crypto investing, Roubini advised:
You have to stay away. You have to absolutely stay away. And most of these people belong literally in jail — literally, they’re all crooks.
The NYU professor of economics has long been a vocal critic of cryptocurrencies, claiming that most crypto proponents are conmen. He called Binance CEO Changpeng Zhao (CZ) “a walking time bomb.”
Recently, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, warned that most crypto tokens will fail, urging investors not to FOMO into this asset class. Meanwhile, a former SEC enforcement official, John Reed Stark, cautioned that an SEC regulatory onslaught is just beginning.
NYU Professor Nouriel Roubini, aka Dr. Doom, has warned that “99.99% of crypto is a scam, a criminal activity, a total real-bubble Ponzi scheme that is going bust.” He advised investors to “absolutely stay away” from crypto, claiming that most people in the crypto space are “all crooks.”
Economic professor Nouriel Roubini, aka Dr. Doom, warned about cryptocurrency in an interview with Yahoo Finance Live Wednesday at the World Economic Forum in Davos, Switzerland.
Roubini is a professor of economics and international business at New York University (NYU) Stern School of Business. He also serves as chairman of Roubini Global Economics, a global macroeconomic and market strategy research firm that he co-founded. He told the news outlet:
Literally, 99.99% of crypto is a scam, a criminal activity, a total real-bubble Ponzi scheme that is going bust.
Dr. Doom also shared his opinion on the collapsed crypto exchange FTX and its disgraced founder Sam Bankman-Fried (SBF). FTX filed for bankruptcy last November and SBF is currently facing several fraud charges, all of which he has pleaded not guilty to. “FTX and SBF are not an exception — they’re a rule,” Roubini exclaimed.
The NYU professor proceeded to advise against investing in cryptocurrencies. He stated that 99% of bitcoin investors did not buy BTC at $1,000 or $10,000. “Most of them got FOMO [fear of missing out] in 2021 when it was skyrocketing from $20,000 to … $69,000,” he stressed, emphasizing that 99% of bitcoin investors bought the cryptocurrency “well above the current market value.”
Roubini opined, “So they lost their shirts. It’s a nightmare.” Dr. Doom noted that bitcoin investors are not alone in losing money as other cryptocurrencies “have fallen by 90%, 95%.” He added: “Out of 20,000 ICOs [initial coin offerings], officially 80% were a scam and another 17% have gone to zero. So that means 97% of them … were either a scam or lost everything.”
Regarding crypto investing, Roubini advised:
You have to stay away. You have to absolutely stay away. And most of these people belong literally in jail — literally, they’re all crooks.
The NYU professor of economics has long been a vocal critic of cryptocurrencies, claiming that most crypto proponents are conmen. He called Binance CEO Changpeng Zhao (CZ) “a walking time bomb.”
Recently, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, warned that most crypto tokens will fail, urging investors not to FOMO into this asset class. Meanwhile, a former SEC enforcement official, John Reed Stark, cautioned that an SEC regulatory onslaught is just beginning.
Binance Banking Partner to Ban Crypto Trading Transfers Under $100K
Clients of one of the banks facilitating fiat operations with Binance will not be able to trade crypto through SWIFT transfers of less than $100,000. The transaction minimum, aimed at reducing exposure to digital assets, will be introduced by the financial institution in February.
A bank serving some clients of the world’s largest cryptocurrency exchange, Binance, will only process customer transactions exceeding $100,000, starting from the first day of February. The new minimum will be imposed as part of the lender’s decision to limit its exposure to digital-asset markets.
“One of our fiat banking partners, Signature Bank, has advised that it will no longer support any of its crypto exchange customers with buying and selling amounts of less than $100,000 as of February 1, 2023. This is the case for all of their crypto exchange clients,” Binance said in a statement shared with Bloomberg on Saturday, elaborating:
As a result, some individual users may not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than 100,000 USD.
The measure concerns retail traders with accounts serviced by Signature and the exchange assured customers it’s actively seeking a new partner for SWIFT transfers in U.S. dollars. SWIFT is the most widely used global system for interbank transfers.
Only 0.01% of Binance’s monthly users are serviced by Signature Bank and no other banking partners are impacted, the crypto company pointed out through a spokesperson. Card payments and non-USD transfers will not be affected.
The news comes after in December the New York-based Signature Bank revealed it plans to shed up to $10 billion in deposits from digital-asset clients as it’s pull back from the crypto industry. The move was announced in the aftermath of the collapse of FTX, one of Binance’s main competitors which filed for bankruptcy protection in November amid liquidity issues.
Traditional financial companies have been gripped by contagion fears during a turbulent year for the crypto space, with falling prices and a number of crashes. Silvergate Capital, the parent company of California-based Silvergate Bank which deals with crypto transactions, saw its shares losing 40% after customers withdrew over $8 billion of digital-asset deposits in Q4, 2022.
Signature’s shares fell 64% last year, the report notes. Its decision comes after the U.S. Federal Deposit Insurance Corporation (FDIC) issued a warning regarding risks associated with crypto assets. Business models focused on crypto-related activities or exposed the crypto-asset market raise safety and soundness concerns, the regulator said in a statement released in early January.
Clients of one of the banks facilitating fiat operations with Binance will not be able to trade crypto through SWIFT transfers of less than $100,000. The transaction minimum, aimed at reducing exposure to digital assets, will be introduced by the financial institution in February.
A bank serving some clients of the world’s largest cryptocurrency exchange, Binance, will only process customer transactions exceeding $100,000, starting from the first day of February. The new minimum will be imposed as part of the lender’s decision to limit its exposure to digital-asset markets.
“One of our fiat banking partners, Signature Bank, has advised that it will no longer support any of its crypto exchange customers with buying and selling amounts of less than $100,000 as of February 1, 2023. This is the case for all of their crypto exchange clients,” Binance said in a statement shared with Bloomberg on Saturday, elaborating:
As a result, some individual users may not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than 100,000 USD.
The measure concerns retail traders with accounts serviced by Signature and the exchange assured customers it’s actively seeking a new partner for SWIFT transfers in U.S. dollars. SWIFT is the most widely used global system for interbank transfers.
Only 0.01% of Binance’s monthly users are serviced by Signature Bank and no other banking partners are impacted, the crypto company pointed out through a spokesperson. Card payments and non-USD transfers will not be affected.
The news comes after in December the New York-based Signature Bank revealed it plans to shed up to $10 billion in deposits from digital-asset clients as it’s pull back from the crypto industry. The move was announced in the aftermath of the collapse of FTX, one of Binance’s main competitors which filed for bankruptcy protection in November amid liquidity issues.
Traditional financial companies have been gripped by contagion fears during a turbulent year for the crypto space, with falling prices and a number of crashes. Silvergate Capital, the parent company of California-based Silvergate Bank which deals with crypto transactions, saw its shares losing 40% after customers withdrew over $8 billion of digital-asset deposits in Q4, 2022.
Signature’s shares fell 64% last year, the report notes. Its decision comes after the U.S. Federal Deposit Insurance Corporation (FDIC) issued a warning regarding risks associated with crypto assets. Business models focused on crypto-related activities or exposed the crypto-asset market raise safety and soundness concerns, the regulator said in a statement released in early January.
Crypto, Equity, Metal Markets Plunge as Tech Earnings Disappoint and US Economic Weakness Deepens
Equity markets began the day in the red following the latest corporate earnings reports from some of the world’s largest firms, including Microsoft. The tech giant’s recent conference call was considered disappointing, and earnings from firms such as Boeing, Texas Instruments, and 3M were also lackluster. Gold and silver prices were down between 0.43% and 0.72% on Wednesday, and the cryptocurrency economy dropped 2.79% against the U.S. dollar in the past 24 hours.
After a couple of bullish weeks, stocks, precious metals, and cryptocurrencies were down on Jan. 25, 2023. As investors awaited the next U.S. Federal Reserve meeting, the state of the U.S. economy showed a great deal of weakness. Earnings reports from Microsoft, Union Pacific, Texas Instruments, and others on Wednesday indicated that the economy was not improving and added to lingering concerns about a potential U.S. recession.
On Wednesday morning into the afternoon, the four benchmark stock indexes the U.S. — the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), the Nasdaq Composite (IXIC), and the Russell 2000 (RUT) — were all down between 1% and 2.05%. In addition to lackluster earnings reports from some of the country’s largest firms, industrial production in the U.S. slipped roughly 0.7% in December 2022.
Industrial production also dropped in November 2022, falling 0.6% year-over-year. Another shocker was the fact that retail sales during the holiday season were also low in November and December 2022. Data indicates that retail sales slipped 1.1% last month and, while the holidays were in full effect, it was the largest drop of the year.
Precious metals such as gold, silver, and platinum all saw losses against the U.S. dollar in the last 24 hours as well. The New York spot price on Jan. 25, 2023, indicates that gold is trading for $1,931.70 per troy ounce, down 0.43%. An ounce of silver is down 0.72% and trading for $23.59 per unit on Wednesday at 11 a.m. Eastern Time. Kenneth Broux, a strategist at Société Générale, says that escalating tensions in Ukraine, low corporate earnings, and recession fears are plaguing investors.
“The market is definitely worried about slowing earnings growth, especially in tech, so there has been a sense the market wants to keep selling tech and the dollar,” Broux remarked on Wednesday. “But a huge tail risk now is what happens in Ukraine, if there is an escalation in the conflict and Europe gets drawn into the conflict,” the strategist added.
The cryptocurrency economy is hovering just above the $1 trillion mark at $1,019,712,653,474, according to Wednesday’s recorded metrics. Crypto markets are down 2.79% as a whole, and bitcoin (BTC) has shed 1.49% on Wednesday. The second-leading cryptocurrency, ethereum (ETH), has lost even more, with 4.66% erased from its value since Tuesday.
Global cryptocurrency trade volumes were above the $100 billion region per day not too long ago, but today, global trade volume is around $55.98 billion across the entire cryptocurrency economy. Despite the pullback on Wednesday, precious metals, equities, and cryptocurrency assets are still doing much better than they were last month. By 11:30 a.m. (ET) on Wednesday, gold increased against the U.S. dollar but is still down 0.2% and silver rose as well and is currently up 0.13%.
Equity markets began the day in the red following the latest corporate earnings reports from some of the world’s largest firms, including Microsoft. The tech giant’s recent conference call was considered disappointing, and earnings from firms such as Boeing, Texas Instruments, and 3M were also lackluster. Gold and silver prices were down between 0.43% and 0.72% on Wednesday, and the cryptocurrency economy dropped 2.79% against the U.S. dollar in the past 24 hours.
After a couple of bullish weeks, stocks, precious metals, and cryptocurrencies were down on Jan. 25, 2023. As investors awaited the next U.S. Federal Reserve meeting, the state of the U.S. economy showed a great deal of weakness. Earnings reports from Microsoft, Union Pacific, Texas Instruments, and others on Wednesday indicated that the economy was not improving and added to lingering concerns about a potential U.S. recession.
On Wednesday morning into the afternoon, the four benchmark stock indexes the U.S. — the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), the Nasdaq Composite (IXIC), and the Russell 2000 (RUT) — were all down between 1% and 2.05%. In addition to lackluster earnings reports from some of the country’s largest firms, industrial production in the U.S. slipped roughly 0.7% in December 2022.
Industrial production also dropped in November 2022, falling 0.6% year-over-year. Another shocker was the fact that retail sales during the holiday season were also low in November and December 2022. Data indicates that retail sales slipped 1.1% last month and, while the holidays were in full effect, it was the largest drop of the year.
Precious metals such as gold, silver, and platinum all saw losses against the U.S. dollar in the last 24 hours as well. The New York spot price on Jan. 25, 2023, indicates that gold is trading for $1,931.70 per troy ounce, down 0.43%. An ounce of silver is down 0.72% and trading for $23.59 per unit on Wednesday at 11 a.m. Eastern Time. Kenneth Broux, a strategist at Société Générale, says that escalating tensions in Ukraine, low corporate earnings, and recession fears are plaguing investors.
“The market is definitely worried about slowing earnings growth, especially in tech, so there has been a sense the market wants to keep selling tech and the dollar,” Broux remarked on Wednesday. “But a huge tail risk now is what happens in Ukraine, if there is an escalation in the conflict and Europe gets drawn into the conflict,” the strategist added.
The cryptocurrency economy is hovering just above the $1 trillion mark at $1,019,712,653,474, according to Wednesday’s recorded metrics. Crypto markets are down 2.79% as a whole, and bitcoin (BTC) has shed 1.49% on Wednesday. The second-leading cryptocurrency, ethereum (ETH), has lost even more, with 4.66% erased from its value since Tuesday.
Global cryptocurrency trade volumes were above the $100 billion region per day not too long ago, but today, global trade volume is around $55.98 billion across the entire cryptocurrency economy. Despite the pullback on Wednesday, precious metals, equities, and cryptocurrency assets are still doing much better than they were last month. By 11:30 a.m. (ET) on Wednesday, gold increased against the U.S. dollar but is still down 0.2% and silver rose as well and is currently up 0.13%.
White House Publishes ‘Roadmap’ to Mitigate Cryptocurrency Risks
The White House has published a “roadmap to mitigate cryptocurrencies’ risks.” The roadmap calls for authorities to “ramp up enforcement where appropriate” and Congress “to step up its efforts” to regulate the crypto sector. It also notes that legislation should not greenlight mainstream institutions “to dive headlong into cryptocurrency markets.”
The White House published a blog post noscriptd “The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks” Friday under the National Economic Council (NEC), an Executive Office of the President (EOP) established to advise the president on U.S. and global economic policy.
The roadmap is authored by four White House advisors: NEC Director Brian Deese, Office of Science and Technology Policy (OSTP) Director Arati Prabhakar, Council of Economic Advisers (CEA) Chair Cecilia Rouse, and National Security Advisor Jake Sullivan. The CEA is charged with providing objective economic advice on the formulation of both domestic and international economic policy while the OSTP advises the president on all matters related to science and technology.
The White House advisors detailed:
At President Biden’s direction, we have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using the authorities that the Executive Branch has.
“Experts across the administration have laid out the first-ever framework for developing digital assets in a safe, responsible way while addressing the risks they pose,” they added.
The framework identifies a number of risks, including crypto entities ignoring applicable financial regulations and basic risk controls, misleading consumers, having conflicts of interest, providing inadequate disclosures, and committing outright fraud. Moreover, the authors claimed that “there is poor cybersecurity across the industry” that has enabled North Korea to “steal over a billion dollars to fund its aggressive missile program.”
While encouraging regulators to continue “using their authorities to ramp up enforcement where appropriate and issue new guidance where needed,” the roadmap authors stressed:
The events of the past year underscore that more is needed. Agencies have redoubled their efforts to fight fraud … Enforcement agencies are devoting increased resources to combatting illicit activities involving digital assets.
“In the coming months, the Administration will also unveil priorities for digital assets research and development, which will help the technologies powering cryptocurrencies protect consumers by default,” they revealed.
The roadmap also calls on Congress to “step up its efforts” in regulating the crypto sector, such as expanding regulators’ powers to prevent misuse of customer assets and mitigate conflicts of interest.
The White House advisors suggested that Congress could also strengthen transparency and disclosure requirements for cryptocurrency firms, increase penalties for violating illicit-finance rules, and subject crypto intermediaries to bans against tipping off criminals. However, they cautioned:
Legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets.
The advisors explained that the limited exposure of traditional financial institutions to crypto over the past year has prevented turmoil in the crypto market from affecting the broader financial system.
In conclusion, they emphasized:
The Administration wholeheartedly supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible.
Nonetheless, the roadmap authors noted that “to realize these benefits, new technologies need commensurate safeguards,” elaborating: “To put the right safeguards in place, we will keep driving forward the digital-assets framework we’ve developed, while working with Congress to achieve these goals.”
The White House has published a “roadmap to mitigate cryptocurrencies’ risks.” The roadmap calls for authorities to “ramp up enforcement where appropriate” and Congress “to step up its efforts” to regulate the crypto sector. It also notes that legislation should not greenlight mainstream institutions “to dive headlong into cryptocurrency markets.”
The White House published a blog post noscriptd “The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks” Friday under the National Economic Council (NEC), an Executive Office of the President (EOP) established to advise the president on U.S. and global economic policy.
The roadmap is authored by four White House advisors: NEC Director Brian Deese, Office of Science and Technology Policy (OSTP) Director Arati Prabhakar, Council of Economic Advisers (CEA) Chair Cecilia Rouse, and National Security Advisor Jake Sullivan. The CEA is charged with providing objective economic advice on the formulation of both domestic and international economic policy while the OSTP advises the president on all matters related to science and technology.
The White House advisors detailed:
At President Biden’s direction, we have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using the authorities that the Executive Branch has.
“Experts across the administration have laid out the first-ever framework for developing digital assets in a safe, responsible way while addressing the risks they pose,” they added.
The framework identifies a number of risks, including crypto entities ignoring applicable financial regulations and basic risk controls, misleading consumers, having conflicts of interest, providing inadequate disclosures, and committing outright fraud. Moreover, the authors claimed that “there is poor cybersecurity across the industry” that has enabled North Korea to “steal over a billion dollars to fund its aggressive missile program.”
While encouraging regulators to continue “using their authorities to ramp up enforcement where appropriate and issue new guidance where needed,” the roadmap authors stressed:
The events of the past year underscore that more is needed. Agencies have redoubled their efforts to fight fraud … Enforcement agencies are devoting increased resources to combatting illicit activities involving digital assets.
“In the coming months, the Administration will also unveil priorities for digital assets research and development, which will help the technologies powering cryptocurrencies protect consumers by default,” they revealed.
The roadmap also calls on Congress to “step up its efforts” in regulating the crypto sector, such as expanding regulators’ powers to prevent misuse of customer assets and mitigate conflicts of interest.
The White House advisors suggested that Congress could also strengthen transparency and disclosure requirements for cryptocurrency firms, increase penalties for violating illicit-finance rules, and subject crypto intermediaries to bans against tipping off criminals. However, they cautioned:
Legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets.
The advisors explained that the limited exposure of traditional financial institutions to crypto over the past year has prevented turmoil in the crypto market from affecting the broader financial system.
In conclusion, they emphasized:
The Administration wholeheartedly supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible.
Nonetheless, the roadmap authors noted that “to realize these benefits, new technologies need commensurate safeguards,” elaborating: “To put the right safeguards in place, we will keep driving forward the digital-assets framework we’ve developed, while working with Congress to achieve these goals.”
Tesla’s SEC Filing Shows Bitcoin Fair Market Value of $191 Million
Tesla’s latest filing with the U.S. Securities and Exchange Commission (SEC) shows that the fair market value of the company’s bitcoin holdings was $191 million at the end of 2022. In addition, billionaire Elon Musk’s electric car company recorded $204 million of impairment losses resulting from changes in the prices of bitcoin.
Elon Musk’s electric car company, Tesla (Nasdaq: TSLA), filed its annual report for the year ended Dec. 31, 2022, with the U.S. Securities and Exchange Commission (SEC) on Monday.
The filing shows that the fair market value of Tesla’s BTC holdings was $191 million at the end of 2022 while their carrying value was $184 million, as Bitcoin News previously reported. “As of December 31, 2022, and 2021, the carrying value of our digital assets held was $184 million and $1.26 billion, which reflects cumulative impairments of $204 million and $101 million, each period, respectively,” the company detailed, elaborating:
The fair market value of such digital assets held as of December 31, 2022 and 2021 was $191 million and $1.99 billion, respectively.
The filing also notes that during the two years ended Dec. 31, 2022, Tesla “purchased and/or received an immaterial amount and $1.50 billion, respectively, of digital assets.”
The electric car company invested $1.5 billion in bitcoin in Q1 2021 but sold 75% of its holdings in Q2 2022. The company also accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise, which accounted for an “immaterial amount” of digital assets as stated in the SEC filing.
The electric car company explained that digital assets are considered “indefinite-lived intangible assets under applicable accounting rules.” Therefore, “any decrease in their fair values below our carrying values for such assets at any time subsequent to their acquisition will require us to recognize impairment charges,” Tesla described, adding:
In the year ended December 31, 2022, we recorded $204 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $64 million on certain conversions of bitcoin into fiat currency by us.
Since its BTC acquisition, Tesla only sold its bitcoin once, which was in the second quarter of 2022. The company sold 75% of its bitcoin holdings which added $936 million in cash to its balance sheet. CEO Elon Musk explained at the time that the company is “certainly open to increasing our bitcoin holdings in [the] future,” noting that the sale was due to concerns about the company’s overall liquidity, “given Covid shutdowns in China.”
Tesla’s SEC filing also states:
We may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of market and environmental conditions.
Tesla’s latest filing with the U.S. Securities and Exchange Commission (SEC) shows that the fair market value of the company’s bitcoin holdings was $191 million at the end of 2022. In addition, billionaire Elon Musk’s electric car company recorded $204 million of impairment losses resulting from changes in the prices of bitcoin.
Elon Musk’s electric car company, Tesla (Nasdaq: TSLA), filed its annual report for the year ended Dec. 31, 2022, with the U.S. Securities and Exchange Commission (SEC) on Monday.
The filing shows that the fair market value of Tesla’s BTC holdings was $191 million at the end of 2022 while their carrying value was $184 million, as Bitcoin News previously reported. “As of December 31, 2022, and 2021, the carrying value of our digital assets held was $184 million and $1.26 billion, which reflects cumulative impairments of $204 million and $101 million, each period, respectively,” the company detailed, elaborating:
The fair market value of such digital assets held as of December 31, 2022 and 2021 was $191 million and $1.99 billion, respectively.
The filing also notes that during the two years ended Dec. 31, 2022, Tesla “purchased and/or received an immaterial amount and $1.50 billion, respectively, of digital assets.”
The electric car company invested $1.5 billion in bitcoin in Q1 2021 but sold 75% of its holdings in Q2 2022. The company also accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise, which accounted for an “immaterial amount” of digital assets as stated in the SEC filing.
The electric car company explained that digital assets are considered “indefinite-lived intangible assets under applicable accounting rules.” Therefore, “any decrease in their fair values below our carrying values for such assets at any time subsequent to their acquisition will require us to recognize impairment charges,” Tesla described, adding:
In the year ended December 31, 2022, we recorded $204 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $64 million on certain conversions of bitcoin into fiat currency by us.
Since its BTC acquisition, Tesla only sold its bitcoin once, which was in the second quarter of 2022. The company sold 75% of its bitcoin holdings which added $936 million in cash to its balance sheet. CEO Elon Musk explained at the time that the company is “certainly open to increasing our bitcoin holdings in [the] future,” noting that the sale was due to concerns about the company’s overall liquidity, “given Covid shutdowns in China.”
Tesla’s SEC filing also states:
We may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of market and environmental conditions.
Binance Returns to Korean Crypto Market — Invests in Troubled Exchange Gopax
Binance has returned to the South Korean cryptocurrency market after two years with a “meaningful” investment in a local, licensed crypto exchange. Gopax fell into trouble following the collapse of crypto exchange FTX and the bankruptcy filing of crypto lender Genesis Global.
Cryptocurrency exchange Binance announced Friday that it has invested in Gopax, a licensed crypto exchange in South Korea. The investment marks Binance’s return to the Korean crypto market, which the company exited two years ago, citing low usage and trading volume.
Gopax halted withdrawals of both principal and interest payments from its decentralized finance (defi) service “Gofi” in November last year “as a consequence of the upstream challenges experienced by Genesis Global Capital LLC,” Binance detailed. “Since then, Gopax has been working closely with local regulators and industry partners in an effort to raise funds to make affected users whole.” The global crypto exchange explained:
As part of this transaction, Binance will inject capital into Gopax with the objective of securing in full any potential Gofi users’ withdrawal requests against all staked deposits, including interest.
Gofi’s products are provided by its partner, Genesis Global Capital, a subsidiary of Digital Currency Group (DCG), Gopax previously explained. Genesis halted redemptions and new loan originations at its lending arm General Global Trading in November following the collapse of crypto exchange FTX.
The crypto lender then filed for bankruptcy in January following a lawsuit by the U.S. Securities and Exchange Commission (SEC) alleging that the company offered and sold unregistered securities to retail investors. Gopax’s parent company Streami Inc. is listed as one of Genesis Global’s 10 largest known creditors in the bankruptcy filing.
According to Binance’s chief business officer, Yibo Ling, the company has taken a “meaningful” equity stake in Gopax but the terms of the deal have not been disclosed.
Binance’s stake in Gopax is part of its Industry Recovery Initiative (IRI), launched in November last year following the collapse of crypto exchange FTX and the bankruptcy filings of several crypto firms.
Noting that the initiative was created “to support promising companies that were negatively impacted by the events of last year,” Binance CEO Changpeng Zhao (CZ) emphasized:
We hope that taking this step with Gopax will further rebuild the Korean crypto and blockchain industry.
The two crypto exchanges will also work closely “to improve user education and blockchain awareness through Binance Academy,” Friday’s announcement adds, concluding that Binance is committed to collaborating with local regulators and stakeholders to explore how it can “leverage its technology and liquidity to support the local ecosystem.”
The South Korean government announced this week that it will adopt a cryptocurrency tracking system within the first half of this year. In addition, the country’s Financial Supervisory Service (FSS) has revealed its plan to develop monitoring tools to regularly inspect the risks associated with crypto assets.
Binance has returned to the South Korean cryptocurrency market after two years with a “meaningful” investment in a local, licensed crypto exchange. Gopax fell into trouble following the collapse of crypto exchange FTX and the bankruptcy filing of crypto lender Genesis Global.
Cryptocurrency exchange Binance announced Friday that it has invested in Gopax, a licensed crypto exchange in South Korea. The investment marks Binance’s return to the Korean crypto market, which the company exited two years ago, citing low usage and trading volume.
Gopax halted withdrawals of both principal and interest payments from its decentralized finance (defi) service “Gofi” in November last year “as a consequence of the upstream challenges experienced by Genesis Global Capital LLC,” Binance detailed. “Since then, Gopax has been working closely with local regulators and industry partners in an effort to raise funds to make affected users whole.” The global crypto exchange explained:
As part of this transaction, Binance will inject capital into Gopax with the objective of securing in full any potential Gofi users’ withdrawal requests against all staked deposits, including interest.
Gofi’s products are provided by its partner, Genesis Global Capital, a subsidiary of Digital Currency Group (DCG), Gopax previously explained. Genesis halted redemptions and new loan originations at its lending arm General Global Trading in November following the collapse of crypto exchange FTX.
The crypto lender then filed for bankruptcy in January following a lawsuit by the U.S. Securities and Exchange Commission (SEC) alleging that the company offered and sold unregistered securities to retail investors. Gopax’s parent company Streami Inc. is listed as one of Genesis Global’s 10 largest known creditors in the bankruptcy filing.
According to Binance’s chief business officer, Yibo Ling, the company has taken a “meaningful” equity stake in Gopax but the terms of the deal have not been disclosed.
Binance’s stake in Gopax is part of its Industry Recovery Initiative (IRI), launched in November last year following the collapse of crypto exchange FTX and the bankruptcy filings of several crypto firms.
Noting that the initiative was created “to support promising companies that were negatively impacted by the events of last year,” Binance CEO Changpeng Zhao (CZ) emphasized:
We hope that taking this step with Gopax will further rebuild the Korean crypto and blockchain industry.
The two crypto exchanges will also work closely “to improve user education and blockchain awareness through Binance Academy,” Friday’s announcement adds, concluding that Binance is committed to collaborating with local regulators and stakeholders to explore how it can “leverage its technology and liquidity to support the local ecosystem.”
The South Korean government announced this week that it will adopt a cryptocurrency tracking system within the first half of this year. In addition, the country’s Financial Supervisory Service (FSS) has revealed its plan to develop monitoring tools to regularly inspect the risks associated with crypto assets.
Report: Korean Regulator Approves Issuance and Distribution of Security Tokens
South Korea’s Financial Services Commission (FSC) has reportedly said that Korean investors will soon be able to easily invest and trade security tokens or fractionalized assets. According to the FSC’s Lee Su-young, security token investors are expected to get the same protection that is provided to investors in conventional securities.
The South Korean financial markets regulator, the Financial Services Commission (FSC), has okayed the issuance and distribution of security tokens, a report has said. According to the report, Korean investors are expected to begin trading security tokens once the regulator has concluded revising the relevant laws.
As per a report in The Korea Times, regulators are hoping that the changes will not only enable investors to make fractional investments, but will also ensure security token holders get the same protection that is accorded to conventional securities investors.
“We have decided to allow the new form of digitized securities to be issued here. This will enable investors to make fractional investments with more ease via the security token. We will also protect security token investors on par with those investing in conventional securities,” Lee Su-young, an official from the regulator’s capital market division, reportedly said.
Also, according to the report, the FSC’s decision to amend the relevant sections of the relevant laws is because it wants the Korean electronic securities and capital markets to reflect “the global investment paradigm shift.”
Meanwhile, Kim Se-hee, an analyst with Eugene Investment & Securities, is quoted in the same report highlighting the likely benefits of expanding the list of tradable assets. Some of the Korean brokerage firms that are reportedly updating their respective trading apps to enable security token trading include KB Securities, Shinhan Securities, and Kiwoom Securities.
While the FSC has taken steps that now make it possible for investors to acquire and hold fractionalized securities, an unnamed source quoted in the report tells investors to think before buying a security token. However, despite this and other concerns, the unnamed source nonetheless insisted that it is “a good sign that the FSC is showing signs of easing regulations on some trendy investment areas.”
South Korea’s Financial Services Commission (FSC) has reportedly said that Korean investors will soon be able to easily invest and trade security tokens or fractionalized assets. According to the FSC’s Lee Su-young, security token investors are expected to get the same protection that is provided to investors in conventional securities.
The South Korean financial markets regulator, the Financial Services Commission (FSC), has okayed the issuance and distribution of security tokens, a report has said. According to the report, Korean investors are expected to begin trading security tokens once the regulator has concluded revising the relevant laws.
As per a report in The Korea Times, regulators are hoping that the changes will not only enable investors to make fractional investments, but will also ensure security token holders get the same protection that is accorded to conventional securities investors.
“We have decided to allow the new form of digitized securities to be issued here. This will enable investors to make fractional investments with more ease via the security token. We will also protect security token investors on par with those investing in conventional securities,” Lee Su-young, an official from the regulator’s capital market division, reportedly said.
Also, according to the report, the FSC’s decision to amend the relevant sections of the relevant laws is because it wants the Korean electronic securities and capital markets to reflect “the global investment paradigm shift.”
Meanwhile, Kim Se-hee, an analyst with Eugene Investment & Securities, is quoted in the same report highlighting the likely benefits of expanding the list of tradable assets. Some of the Korean brokerage firms that are reportedly updating their respective trading apps to enable security token trading include KB Securities, Shinhan Securities, and Kiwoom Securities.
While the FSC has taken steps that now make it possible for investors to acquire and hold fractionalized securities, an unnamed source quoted in the report tells investors to think before buying a security token. However, despite this and other concerns, the unnamed source nonetheless insisted that it is “a good sign that the FSC is showing signs of easing regulations on some trendy investment areas.”
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Research in the web: United Telegram bot
Price Forecast 0.035 (28%+) In 10-14 Days
🕰 Daily Numbers
➖➖➖➖➖➖
💎 Price: 0.02362$
Updated: 7 min. ago
Your gains: +488.27$
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📅 History change
24 hours: +5.31% ↗️
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@UnitedTeleBot - UTB.ai Whitepaper
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Research in the web: United Telegram bot
Price Forecast 0.035 (28%+) In 10-14 Days
🕰 Daily Numbers
➖➖➖➖➖➖
💎 Price: 0.02362$
Updated: 7 min. ago
Your gains: +488.27$
➖➖➖➖➖➖
📅 History change
24 hours: +5.31% ↗️
7 days: +16.79% ↗️
30 days: +18.10% ↗️
@UnitedTeleBot - UTB.ai Whitepaper
Powered By AI with small team behind the Telegram
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French Luxury Brand Hermes Wins NFT Trademark Infringement Lawsuit
French luxury brand Hermes has won a lawsuit against an artist who depicted its famous Birkin bags in a non-fungible token (NFT) collection. The artist argued that NFTs should be covered under the U.S. Constitution’s First Amendment but the jury disagreed.
French luxury design house Hermes has won a lawsuit against Mason Rothschild, the artist behind the “Metabirkins” non-fungible token (NFT) collection which features digital depictions of Hermes’ popular Birkin bags.
Rothschild created the Metabirkins NFT collection in 2021, which he described as “a collection of 100 unique NFTs created with faux fur in a range of contemporary color and graphic executions.” The collection has fetched more than 200 ETH in sales, equivalent to $331,684 at the time of writing. Hermes complained and sued the artist early last year for trademark infringement.
Rothschild argued that NFTs should be covered under the U.S. Constitution’s First Amendment. The artist’s defense team compared his work to that of Andy Warhol who depicted Campbell’s soup cans and Coca-Cola bottles in his artwork. Rothschild argued in court:
These images, and the NFTs that authenticate them, are not handbags. They carry nothing but meaning.
Hermes’ lawyers have accused Rothschild of “stealing the goodwill in Hermes’ famous intellectual property to create and sell his own line of products.” They argued that customers are likely to confuse Metabirkins NFTs with genuine Hermes products. They further said the Metabirkins URL is too similar to the one used by the luxury brand. Oren Warshavsky, a lawyer representing Hermes said in court: “The reason for these sales was the Birkin name.”
After deliberating for two days, a New York jury delivered a verdict on Wednesday stating that they “found the defendant liable for trademark infringement” and “trademark dilution.” In addition, they found that “the First Amendment protection does not bar liability.” The jury then awarded Hermes $133,000 in damages — $110,000 for trademark infringement and $23,000 for cybersquatting.
French luxury brand Hermes has won a lawsuit against an artist who depicted its famous Birkin bags in a non-fungible token (NFT) collection. The artist argued that NFTs should be covered under the U.S. Constitution’s First Amendment but the jury disagreed.
French luxury design house Hermes has won a lawsuit against Mason Rothschild, the artist behind the “Metabirkins” non-fungible token (NFT) collection which features digital depictions of Hermes’ popular Birkin bags.
Rothschild created the Metabirkins NFT collection in 2021, which he described as “a collection of 100 unique NFTs created with faux fur in a range of contemporary color and graphic executions.” The collection has fetched more than 200 ETH in sales, equivalent to $331,684 at the time of writing. Hermes complained and sued the artist early last year for trademark infringement.
Rothschild argued that NFTs should be covered under the U.S. Constitution’s First Amendment. The artist’s defense team compared his work to that of Andy Warhol who depicted Campbell’s soup cans and Coca-Cola bottles in his artwork. Rothschild argued in court:
These images, and the NFTs that authenticate them, are not handbags. They carry nothing but meaning.
Hermes’ lawyers have accused Rothschild of “stealing the goodwill in Hermes’ famous intellectual property to create and sell his own line of products.” They argued that customers are likely to confuse Metabirkins NFTs with genuine Hermes products. They further said the Metabirkins URL is too similar to the one used by the luxury brand. Oren Warshavsky, a lawyer representing Hermes said in court: “The reason for these sales was the Birkin name.”
After deliberating for two days, a New York jury delivered a verdict on Wednesday stating that they “found the defendant liable for trademark infringement” and “trademark dilution.” In addition, they found that “the First Amendment protection does not bar liability.” The jury then awarded Hermes $133,000 in damages — $110,000 for trademark infringement and $23,000 for cybersquatting.
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MINA up +24.02%, BTC +0.58%, Mina Protocol is The Coin of The Day - Daily Market Update for Feb 12, 2023
Key highlights:
- The total cryptocurrency market cap increased from $ 1.03T to $ 1.04T in the past 24 hours, representing a 0.71% change
- The Bitcoin price at press time is $ 21,799 after growing by 0.58% in the last 24 hours
- The total crypto trading volume increased by 0.71% in the past 24 hours, and is currently at $ 149.77B
- All prices and changes are presented at the time of publication: February 12, 2023, at 06:00 UTC
Market Overview
The total cryptocurrency market cap is currently $ 1.04T after a 0.71% increase on the day. The total crypto trading volume increased by 0.71% in the same time frame.
Bitcoin is trading at $ 21,799 after seeing a 0.58% gain in the last 24 hours. The Bitcoin dominance fell by -0.04% and BTC currently represents 40.41% of the cryptocurrency market.
Top Coins By Market Cap
At press time, Bitcoin has a market capitalization of $ 418.92B after gaining 0.58% in the last 24 hours. According to our forecast, the value of Bitcoin will drop by -3.43% and reach $ 21,051 by February 17, 2023. To learn more about how the price of Bitcoin could change over the next 7 days, visit our Bitcoin price prediction page.
Ethereum, which is the second-largest cryptocurrency by market cap, is priced at $ 1,539.42 and has a market capitalization of $ 188.38B. ETH increased by 1.01% in the last 24 hours. If you're interested in where the price of Ethereum could head next, check out the Ethereum price prediction.
Bears Dominate the Market Today
The bears dominated the market today as 73% of coins lost value in the last 24 hours.
Coin of the Day is Mina Protocol
Thanks to its impressive 24.02% performance, Mina Protocol is today's coin of the day! Mina Protocol is currently trading at $ 1.10. Learn more about Mina Protocol and its position in the market on our Mina Protocol price prediction page.
Our technical indicators show that the current Mina Protocol sentiment is Bullish.
Key highlights:
- The total cryptocurrency market cap increased from $ 1.03T to $ 1.04T in the past 24 hours, representing a 0.71% change
- The Bitcoin price at press time is $ 21,799 after growing by 0.58% in the last 24 hours
- The total crypto trading volume increased by 0.71% in the past 24 hours, and is currently at $ 149.77B
- All prices and changes are presented at the time of publication: February 12, 2023, at 06:00 UTC
Market Overview
The total cryptocurrency market cap is currently $ 1.04T after a 0.71% increase on the day. The total crypto trading volume increased by 0.71% in the same time frame.
Bitcoin is trading at $ 21,799 after seeing a 0.58% gain in the last 24 hours. The Bitcoin dominance fell by -0.04% and BTC currently represents 40.41% of the cryptocurrency market.
Top Coins By Market Cap
At press time, Bitcoin has a market capitalization of $ 418.92B after gaining 0.58% in the last 24 hours. According to our forecast, the value of Bitcoin will drop by -3.43% and reach $ 21,051 by February 17, 2023. To learn more about how the price of Bitcoin could change over the next 7 days, visit our Bitcoin price prediction page.
Ethereum, which is the second-largest cryptocurrency by market cap, is priced at $ 1,539.42 and has a market capitalization of $ 188.38B. ETH increased by 1.01% in the last 24 hours. If you're interested in where the price of Ethereum could head next, check out the Ethereum price prediction.
Bears Dominate the Market Today
The bears dominated the market today as 73% of coins lost value in the last 24 hours.
Today's Top Gainers are Mina Protocol, Oasis Network, and ChainThanks to a 24.02% price increase, Mina Protocol was the biggest gainer of the day among the top 200 cryptocurrencies by market cap. Oasis Network came in second place, with 24-hour gains of 17.37%. Chain, Syscoin and Hedera Hashgraph complete today's list of the top cryptocurrency gainers.
Today's Top Losers are TerraClassicUSD, Riskmoon, and EverscaleUnfortunately, not all coins performed well today. The worst performer in the cryptocurrency top 200 was TerraClassicUSD, which saw a loss of -5.97%. Riskmoon also didn't perform well, as its price declined by -2.49% in the last 24 hours. Everscale, Convex Finance and XRP round out today's top 5 worst performers.
Coin of the Day is Mina Protocol
Thanks to its impressive 24.02% performance, Mina Protocol is today's coin of the day! Mina Protocol is currently trading at $ 1.10. Learn more about Mina Protocol and its position in the market on our Mina Protocol price prediction page.
Our technical indicators show that the current Mina Protocol sentiment is Bullish.