FTX CEO Gives Up His Fortune, Investment Banks Predict a Bright Future for Crypto, and Can Bitcoin Price Hit $1 Million? These stories and more this week in crypto.
FTX CEO will donate his winnings
The CEO of crypto exchange FTX plans to give away the majority of his fortune. Sam Bankman-Fried is one of the richest people in the world and will now only keep 1% of his income while the remaining 99% will be donated to charity. According to Forbes, Bankman-Fried’s current net worth is $24 billion.
BoA: Crypto to outperform bonds and stocks
Bank of America’s chief strategist explained in a weekly financial note to clients that the US economy is heading into recession and cryptocurrencies could outperform bonds and stocks. Michael Hartnett said the macroeconomic situation was rapidly deteriorating as the Federal Reserve tightened monetary policy to control inflation.
JPMorgan: DeFi and Blockchain are real
Wall Street investment bank JPMorgan is convinced that DeFi and blockchain technology are at the forefront of innovation according to a letter to shareholders from its CEO Jamie Dimon. He wrote that decentralized finance and blockchain are real new technologies and that the company is already using blockchains to share complex information and move tokenized US dollars with its JPM Coin.
OpenSea allows NFT purchases with credit cards
Buyers on OpenSea, one of the world’s leading marketplaces for non-fungible tokens, will soon be able to pay for NFTs with a credit card, debit card or Apple Pay. The move is part of a partnership with MoonPay, a fintech company that is building payments infrastructure in the crypto space in an effort to attract more traditional buyers for NFTs.
Starbucks will enter the NFT sector
Starbucks CEO Howard Schultz has announced that the coffee chain will enter the NFT sector by the end of 2022 and believes Starbucks is uniquely positioned to succeed. According to Schultz, the chain is equipped with the resources and knowledge necessary to establish itself in the virtual ecosystem, from collectibles to the entire estate of the company.
Kraken leaves San Francisco
Kraken CEO Jesse Powell has announced that he has made the decision to close Kraken’s global headquarters in San Francisco after scores of employees were attacked, harassed and robbed on their way to and from the office. . Coinbase, another US-based cryptocurrency exchange, had already announced last year that it would also close its San Francisco headquarters in 2022.
Cardano will give digital identities to Ethiopians
Cardano’s long-running project to give young Ethiopians ownership of their digital identities is progressing as the first pilot is completed. The Cardano team is currently training the Ministry of Education on usage and expects at least 800,000 decentralized identities and digital IDs to be issued to students by the end of the year.
Wood Confirms $1 Million BTC Price Target
ARK Invest founder Cathie Wood says banks have a “big problem” thanks to crypto. She says investor interest in decentralized finance could threaten the traditional banking world. At the Bitcoin 2022 conference in Miami, Wood also doubled down on his prediction saying that one Bitcoin will cost $1 million by 2030.
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That’s what happened this week in crypto, see you next week.