During this week, Adidas announced its partnership with Coinbase, as well as the Metaverso Playground The Sandbox. So far, the offerings have a limited amount of detail and immerse the powerful clothing brand in its first major foray into crypto and blockchain technology.
A tweet from the Adidas Originals account gave us an idea of what’s to come, but no details have emerged yet. However, the crypto community on Twitter immediately speculated about possible NFTs associated with the brand.
Morgan Stanley increases its exposure to BTC
Another of the week’s cryptocurrency highlights is that US bank Morgan Stanly mutual funds have been known to increase their exposure to Bitcoin. This by purchasing shares of Grayscale Bitcoin Trust.
According to documents filed Tuesday by the U.S. Securities and Exchange Commission, the Morgan Stanley Insight Fund increased its holdings of GBTC shares by more than 63%. From 928,051 in the second quarter of 2021 to 1,520,549 shares in September.
Additionally, deposits in the company’s growth portfolio show that it owns 3,642,118 GBTC shares in the third quarter of 2021. An increase of 71% from 2,130,153 shares in the second quarter. Morgan Stanley’s portfolio of global opportunities held 1,463,714 GBTC shares, an increase of 59% from 919,805 shares in three months.
Bitcoin has overtaken PayPal and will catch up with Visa and Mastercard
Blockdata, a company that provides blockchain advice to businesses and governments, said that the Bitcoin network is already moving more money than PayPal. And it estimates that its volume will exceed Mastercard and Visa in five years.
While Blockdata warns that these are networks that do not work for the same. He explains that he decided to compare the volume of money that everyone handles to measure the reach of Bitcoin.
In the report he published on the subject, he specifies that the Bitcoin network processed approximately $ 489 billion per quarter in 2021. Thus, it surpasses PayPal which earned approximately $ 302 billion.
Bitcoin is too volatile to be legal tender in a country
Andrew Bailey, president of the Bank of England (or BoE), questioned El Salvador’s decision to adopt Bitcoin as a currency.
“I am afraid that a country will choose as its national currency,” Bailey said on Thursday (25) during a speech at the University of Cambridge, according to Bloomberg.
Bailey’s warnings are the latest in a long list of concerns about El Salvador’s bitcoin policy.
In June, the World Bank said it would not help El Salvador develop its Bitcoin project, citing concerns about the environment and transparency. In July, the International Monetary Fund (or IMF) also warned against this decision. Suggesting that the adoption of bitcoin as a currency “raises many macroeconomic, financial and legal problems.”
Since President Bukele announced in June that Bitcoin would be the Central American country’s currency, his government has faced harsh criticism.
A month after the announcement, El Salvador saw anti-bitcoin protests. In August, Salvadorans demonstrated again against Bitcoin and thousands took to the streets to protest in September. However, none of this has prevented the country from advancing its position of keeping Bitcoin as legal tender in the country.
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