Značka: Finance

Bitcoin is new gold for millennials, Wharton finance professor says

Bitcoin (BTC), the world’s most-valued cryptocurrency, has replaced gold as an inflation hedge for young investors, according to Wharton’s finance professor.Gold’s performance was “disappointing” in 2021, Wharton School finance professor Jeremy Siegel said in a CNBC Squawk Box interview on Friday.On the other hand, BTC has been increasingly emerging as an inflation hedge among younger investors, Siegel argued:“Let’s face the fact, I think Bitcoin as an inflation hedge in the minds of many of the younger investors has replaced gold. Digital coins are the new gold for the Millennials. I think that the story of gold is a fact that the young generation is regarding Bitcoin as the substitute.”Siegel also reminded that older generations witnessed how gold had soared during the inflation of the 1970s. “This time, it is not in favor,” he added.Gold, which traditionally emerged as an asset class providing a hedge against inflation, failed to meet investors’ expectations in 2021, recording its worst year since 2015 and dropping around 5% to close the year at $1,800. Despite massive price fluctuations over the course of 2021, BTC had surged around 70% by the end of 2021.Related: More billionaires turning to crypto on fiat inflation fearsSeveral prominent global investors supported BTC over gold in 2021, with Dallas Mavericks owner Mark Cuban arguing that Bitcoin was “better than gold” in October 2021. Starwood Capital Group co-founder Barry Sternlicht also said that gold was actually “worthless” and that he is holding BTC because every government was printing massive amounts of money.But despite BTC becoming an increasingly popular asset against gold, many financial and crypto experts believe that it is yet to prove inflation hedge status.

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‘The only thing holding us back is us,’ says Charles Hoskinson on DeFi's future

The total value locked, or TVL, in decentralized finance (DeFi) has soared to over $250 billion as 2021 closes out, with most activity on Ethereum, according to DeFi Llama. The budding DeFi industry only became mainstream during summer 2021.While TVL valuations underscore the rapid growth of the industry, Cardano (ADA) founder Charles Hoskinson has warned about the challenges facing DeFi. In a YouTube video entitled, “DApps and Cardano DeFi Alliance,” Hoskinson talked about DeFi’s potential as well as Cardano’s small role within the industry. [embedded content]According to Hoskinson, who has been on a decade-long quest to transform traditional finance, there needs to be more long-term vision among developers and creators:“It’s very hard to do this kind of engineering and to do it right, with an eye and foresight for the future. Unfortunately, many of the projects in this space will not stand the test of time. It’s just a fact that we will see a great extinction occur in the next five to 10 years.”Related: DeFi can be 100 times larger than today in 5 yearsAlthough he believes that 2022 will be “a big year” for both the industry and Cardano, there is “still so much to do,” particularly when it comes to certification standards, the production quality of DApps and security. He noted that almost $10.5 billion have been lost to hacks, scams and theft in the sector in 2021 alone.Despite considering the crypto community to be “the weavers of the genetics of finance and of the destiny of humanity’s financial operating system for the 21st century,” Hoskinson claims that the “only thing that holds us back is us. If we fight each other, demean and attack each other, all we are doing is hurting our ability to be able to steer the dialogue towards productive ends.”Related: Cardano’s ADA price eyes 30% rally with a potential ‘triple bottom’ setupDuring the session, Hoskinson talked about Cardano’s current plans, mentioning its 127 projects in development and how the first half of 2022 will be “an essential window for commercialization and utility of Cardano projects.” He expects the user count to grow tenfold from the current 2 million users due to the nonfungible token revolution. Hoskinson also introduced the Cardano DeFi Alliance, or CDA, to drive collaboration among developers. He hopes to take Cardano from being a custodial entity to a fully formed open-source platform with the ability to include hundreds more projects across the entire industry. Cardano’s ADA was one of the top-performing cryptocurrencies through the first half of 2021. Despite being backed by a strong community, Cardano has been criticized for its slow progress and lengthy development timelines. The network achieved a major milestone in September with the Alonzo hard fork, though concerns remained that real utility for the platform was still on the distant horizon. 

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Bent Finance confirms pool exploit, advises investors to withdraw funds

Staking and farming platform Bent Finance joins the list to become the sixth crypto establishment to get hacked in December. The acknowledgment of the attack was followed by requesting investors to withdraw their pool funds and disabling the reward claims on the compromised platform. Bent Finance first realized the exploit on Monday at roughly 8:55 PM EST, a timeline when the company reported no loss of funds. However, the community suspected a rug-pull event when blockchain investigator PeckShield allegedly located the source of the hack transactions.We have located the hack tx, which interestingly is sent from the Bent Finance: Deployer @BENT_Finance !!! What is going on?! https://t.co/3L4F1gcNYJ— PeckShield Inc. (@peckshield) December 21, 2021“Yes, we see the same and are working through it right now,” said Bent Finance as the team appointed two independent white hat developers to get a better understanding of the unfolding situation. The company confirmed soon after:1/ There was an exploit from the bent deployer address, it added balance of cvxcrv and mim to an address on an unvierifed update 20 days ago. We just discovered this today. There are multiple members on this team and we will make this right.— Bent Finance (@BENT_Finance) December 21, 2021

Bent Finance continues to advise its pool investors to withdraw the funds until the exploit is addressed with every update. However, the company has confirmed to recover all stolen funds from the Bent curve pool:“We recommend you withdraw from the protocol until further notice. We are not going anywhere and will recover from this one way or another.”According to crypto fraud investigator and former member of the US Secret Service Joe McGill of TRM Labs, the attackers managed to steal approximately 440 Ethereum (ETH), worth more than $1.6 million at the time of writing. McGill’s investigations hinted that the attack has been ongoing since Dec. 12, which contradicts Bent Finance’s finding that suspects the attacker’s presence over the network since Dec. 1. In December alone, five crypto companies — including Grim Finance, BitMart and AscendEX — cumulatively lost over $600 million as a direct result of a successful hack. However, further investigations are underway to identify the losses from the Bent Finance exploit.Bent Finance has not yet responded to Cointelegraph’s request for comment. Related: Indian prime minister Modi’s hacked Twitter account attempts BTC scamRunning parallel to the ongoing exploits on crypto businesses, December was also a witness to a momentary compromise of Modi’s Twitter account, which was used to spread misinformation about Bitcoin’s (BTC) mainstream adoption in India. As Cointelegraph reported, hackers from unknown origins took control of the prime minister’s account on Dec. 12 with over 73.4 million followers to declare BTC as a legal tender in addition to announcing a 500 BTC giveaway for the Indian citizens.

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WisdomTree launches four cryptocurrency indices in US and Europe

On Friday, WisdomTree, a financial institution with over $76 billion in assets under management, announced it had created four cryptocurrency indices in the United States and Europe to provide diversified portfolio exposure to investors. The move comes in collaboration with Ritholtz Wealth Management, OnRamp, and Gemini.In the U.S., WisdomTree will launch the RWM WisdomTree Crypto Index. And in Europe, WisdomTree is advancing the WisdomTree Crypto Mega Cap Equal Weight (MEGA), WisdomTree Crypto Market (BLOC), and WisdomTree Crypto Altcoins (WALT) indices.The RWM WisdomTree Crypto Index will focus on crypto assets, layer one networks, layer two protocols, oracle networks, and decentralized finance protocols, among others. But it will have a heavy emphasis on layer one networks, with 64% of the fund’s assets going into this category.Meanwhile, MEGA will act as an equal weight index for large-cap cryptocurrencies like Bitcoin (BTC) and Ether (ETH). As for BLOC, it will track the performance of the top 70% of cryptos by market cap. Lastly, WALT is another equally-weighted index that seeks to track the performance of altcoins, and will not hold either BTC or ETH.Related: Grayscale tells SEC ‘no basis’ to approve Bitcoin futures ETFs and not spot ETFsAlexis Marinof, head of European operations at WisdomTree, issued the following statement with regards to the development:As interest in crypto assets remains high and becomes a bigger focus for investors, we will continue investing in our platform and capabilities to support investors in this fast-moving market.WisdomTree’s application to list a Bitcoin spot ETF in the United States was rejected earlier this week after the Securities and Exchange Commission determined that the proposed fund failed to meet various regulatory requirements, including those found under the Exchange Act. However, the asset manager succeeded in listing several exchange-traded products in Europe.

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