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There’s never a dull moment in the world of cryptocurrency.
This News on the Block marks yet another week of Elon Musk making crypto headlines – this time with a possible Twitter crypto payment offering. The SEC has rejected another Bitcoin spot ETF, but in much brighter news a recent survey shows bullish sentiment on BTC amongst the majority of institutional investors surveyed.
According to the Financial Times, Musk is planning to build a fiat payment system that could allow for crypto functionality later on.
The social media giant has been busy getting licenses and developing the software necessary to make payments a reality. Twitter already has a variety of payment options available, from its verification tick to promoted tweets, but its plans extend far beyond that.
Apparently, Twitter wants to be an “everything app,” and Elon Musk sees a future where the platform offers fintech services like peer-to-peer transactions, savings accounts, and even debit cards.
Dogecoin saw a small spike following the report by the Financial Times.
Twitter have yet to release a roadmap for its payment infrastructure, however, Musk said he aimed for Twitter to bring in $1.3 billion from payments revenue by 2028.
The Securities and Exchange Commission (SEC) has once again rejected a joint effort by Ark Investment Management and 21Shares to list a spot Bitcoin ETF.
A spot bitcoin ETF invests in Bitcoin at its spot price meaning it tracks the real price of Bitcoin – not future prices or derivatives like some versions already available. This means the fund must hold Bitcoin.
Despite multiple global equivalents, American investors are yet to gain access to these funds due to restrictions in place.
The reason for the rejection being that Cboe exchange, in which the ETF would be listed, failed to meet fraud prevention requirements.
In the past couple of years, the SEC has rejected a number of applications for an ETF investing directly in Bitcoin, but has approved a number of exchange-traded products (ETPs) tracking the BTC futures market.
A spot Bitcoin ETF in the US has been highly anticipated for years now and 21Shares CEO Hany Rashwan believes that it would open up the crypto market to institutional and retail investors.
A survey recently published by Nickel Digital Asset Management found nearly two-thirds of institutional investors surveyed forecast Bitcoin could reach $100,000 USD.
Nickel recently commissioned Pureprofile, a leading market research company, to survey 200 institutional investors and wealth managers. As a collective, these investors managed $2.85 trillion USD in assets, with investors from across America, Britain, Europe, Asia, the United Arab Emirates and Brazil.
Nickel revealed that their study discovered strong confidence in the long-term trend of cryptocurrency, particularly Bitcoin.
In fact, only a meagre 3% were bearish in their outlook, predicting BTC wouldn’t hit its previous all-time high within five years.
Furthermore, nearly a quarter of those surveyed anticipate that BTC will climb to over $30,000 by 2023. Over a third also predicted BTC would surpass its all-time high to hit $69,000 USD within three years.
While this news is most certainly welcome to crypto traders, keep in mind predictions are subjective, and the future of any asset can never be predicted with certainty.
Sorare, the NFT fantasy sports game, is taking its game to the next level with a partnership that will include players from all 20 clubs in the Premier League.
If you’re yet to encounter it, Sorare is a blockchain-based fantasy soccer platform that has garnered a following among soccer fans globally. Their aim is to offer fans a way to experience the game even when they can’t play it physically. Users have the ability to purchase, trade, sell, and manage a virtual team using digital player cards.
The partnership with the Premier League includes big names like Manchester United and Arsenal F.C. In addition to the partnership, Sorare teased some exciting updates to the game, like being able to face off against other players in the same league, instead of just globally. They’ve also introduced capped-mode competitions to make the competition more intense.
With partnerships in top soccer leagues like France, Germany, Spain, and Italy, Sorare is already making a name for itself in the world of sports. But according to Aalok Kapoor, the general manager of Sorare’s soccer division, this is just the beginning.