Central bankers and international corporate financiers have long been pretending to hate the very concept of cryptocurrencies like Bitcoin and Etherium while at the same time investing heavily in blockchain technologies and infrastructure. The purpose of the ruse is not clear, but more than likely it was an attempt at mass reverse psychology - “We don't like crypto and digital currencies because we supposedly have no control over them; free market proponents should embrace them blindly because that is how you will beat us.”
FARMINGTON, Wash. – Among the many surprising assets uncovered in the bankruptcy of the cryptocurrency exchange FTX is a relatively tiny one that could raise big concerns: a stake in one of the country’s smallest banks.
(Bloomberg) -- Trading volumes in nonfungible tokens -- digital art and collectibles recorded on blockchains -- have tumbled 97% from a record high in January this year. They slid to just $466 million in September from $17 billion at the start of 2022, according to data from Dune Analytics. The fading NFT mania is part of a wider, $2 trillion wipeout in the crypto sector as rapidly tightening monetary policy starves speculative assets of investment flows.
Web3, a term that groups cryptocurrency and blockchain-based technologies, is currently in the spotlight of energy groups that seek to determine if the use of these technologies is pernicious for the environment. The World Economic Forum (WEF) has decided to take these technologies into account, launching an initiative to investigate if they can be useful to the current fight against climate change.
Lawmakers on both sides of the aisle are worried about the potential of cryptocurrency to serve as an escape hatch for sanctioned Russian money, with some saying the risk hastens the need for legislation.