tl;dr

There is a lot going on when you look at the Cryptoverse from a global perspective. Here is what is on my mind today.1. The more I read about BRICS the more I believe this is not a multinational change in status quo. It is the dream of a single country, China. China has been on a road toward topplin...

There is a lot going on when you look at the Cryptoverse from a global perspective. Here is what is on my mind today.

1. The more I read about BRICS the more I believe this is not a multinational change in status quo. It is the dream of a single country, China. China has been on a road toward toppling the US dollar for over ten years. They have even named the initiative: the Belt and Road initiative. Most people are thinking about this from purely an economic perspective. I think that is only half the story. I have seen documentaries where China enters a country and literally takes control of infrastructure and other critical things land, etc. The plan is far more than just economic and some countries are beginning to realize they may be choosing the status quo but just a different name. The implications of China's plans seem to be far more vast than what people currently think.

2. Metaco, owned by Ripple, cuts another strategic deal. This time with a digital asset custodian company owned by Standard Chartered, Zodia. This is a very big deal as Zodia is currently providing services to the likes of SBI Holdings, Northern Trust and, of course, Standard Chartered. The purchase of Metaco by Ripple is already paying off. This latest deal with Zodia gives them access to a well-established interchange for institutions.

3. I have been saying for a long time that there is a tremendous amount of pent up energy surrounding Bitcoin. Some of this energy is starting to show. The recent rally has even driven Robinhood's trading volumes beyond the normal range. Robinhood has also see a rise in net deposits of approximately $1.4B. As people begin to realize the scarcity of Bitcoin and the fact that the expected approvals for Bitcoin Spot ETFs will make the coin even more scarce, I think they are going to continue to drive the price of BTC far higher than it previous all-time high. I also believe it will help to usher in a increase in adoption.

4. Early last month I told you about how Progmat, a stablecoin company owned by banking titans MUFG, SBI Holdings, Mizuho Trust and Banking, Sumitomo Mitsui Trust Bank, and NTT DATA Corporation was positioning to offer a new stablecoin. Well, welcome JPYC into the fold. Progmat will be integrating JPYC. MUFG announced that Progmat will be the stablecoin issue the yen-pegged coin.

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 22 Dec 24
 22 Dec 24
 22 Dec 24