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Experts share their views on the price of bitcoin, Ukraine is legalizing crypto, and MetaMask and Bored Apes are both eyeing their own tokens. These stories and more this week in crypto.
The expert view on Bitcoin price
In light of recent macroeconomic trends, industry experts have shared their views on the future price of bitcoin.
- Galaxy Digital CEO Mike Novogratz predicts BTC’s price will be in the $30-50,000 range this year, but expects $500,000 bitcoin in the next five years as “Bitcoin Goes Viral everywhere “.
- Mike McGloneSenior Commodities Strategist at Bloomberg Intelligence published a bullish report that Bitcoin is unlikely to stop outperforming gold and the stock market amid the new round of FED rate hikes.”
- Apple co-founder Steve Wozniak said he “feels” Bitcoin is going to hit $100,000 based on all the crypto interest.
- And Arthur Hayes, former CEO of derivatives exchange BitMEX, warned investors that if Bitcoin played a bigger role as a store of value, the price of BTC would eventually soar to over $1 million.
Ukraine Legalizes Crypto
As millions of cryptocurrency donations continue to pour in, Ukraine passed a law to create a legal framework for the cryptocurrency industry in the country. The bill was signed into law by President Zelenskyy and will allow foreign and Ukrainian cryptocurrency exchanges to operate legally. The new legal status also extends to banks being given the green light to allow crypto services to open accounts.
Confirmed MetaMask Token
The most popular non-custodial Web3 browser, MetaMask will launch a token. The team would also launch a Decentralized Autonomous Organization (DAO) to fund portfolio growth. MetaMask has seen phenomenal growth lately, recently surpassing over 30 million monthly active users. That’s an increase of more than 40% since November
Elon Musk goes HODL
Tesla and SpaceX CEO Elon Musk has revealed that his companies are under significant inflationary pressure in terms of “raw materials and logistics”. Despite the current economic climate, he urges people to recognize the value of successful businesses that produce goods and services. Musk confirmed his cryptocurrency holdings, saying “I still own and will not sell my bitcoin, ethereum or doge.”
Terra will buy $10 billion worth of bitcoins for the Treasury
Do Kwon, the founder of top ten cryptos, Terra, outlined plans to amass $10 billion worth of Bitcoin to add to the project’s stablecoin reserves. Terra is a decentralized blockchain platform that specializes in issuing stablecoins. Kwon said bitcoin reserves will usher in a new monetary era of the bitcoin standard.
PWC: NFTs will become essential for the sports industry
Business consulting giant PricewaterhouseCoopers said NFTs are set to become essential parts of sports technology infrastructure in the future. In a report titled “Sports Outlook 2022,” they outlined three possible use cases for the assets: collectibles, game and season passes, and as virtual event access tokens.
Bored monkeys get a token
ApeCoin, a token tied to the highly successful Bored Ape Yacht Club NFT project, launched on the open market this week and rose 90% on its second day of trading. ApeCoin was airdropped to Bored Ape NFT holders while those without NFTs could get involved by purchasing ApeCoin when it launched.
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That’s what happened this week in crypto, see you next week.