Digital Assets making waves everywhere
Sir John Cunliffe, the deputy governor for financial stability and Andrew Bailey , the governor for Bank of England recently did a live stream where they answered questions from the Economics Affairs Committee. The topic moved into the digital currency space and Sir Cunliffe stated that he sees programmable money being used in the crypto world and expects a revolution on how technology drives the functionality of money. The Bank of England and a task force are currently looking into the adoption of a pound CBDC for retail transactions, payroll distribution, pensions etc.
The Bitcoin network has already surpassed Paypal in trade volume by dollar value and has its sights set on the credit giant Masterclass. A report from Blockdata, a market intelligence platform, indicated that this could be achieved as early as 2026 or as late as 2060, depending on the growth rate of the price per transaction, or the volume of transactions. However it is still impressive that this relatively young decentralised network could even be competing with a company that has been established for 55 years.
Moving on to something on little more lighter note, Collins Dictionary has just announced that the term NFT will be the word of the year. NFT which is short for non-fungible token, had been chosen by the dictionary’s experts in Glasgow due to its surge in interest and its meteoric rise in usage over the past year. The term even surpassed other popular words like crypto and metaverse, which has also recently been a hot topic everywhere. This really portrays the impact that these digital art forms have on the world, truly amazing.
FC Barcelona and Man City call off crypto deals showing money isn’t everything, as always avoid leverage and stay safe.
Bank of England sees CBDCs as a revolution for the future of money
The Bank of England estimates that 20% of retail and consumer deposits could potentially move toward CBDCs.
In an event streamed live on Wednesday, Bank of England governor Andrew Bailey and deputy governor for financial stability Sir Jon Cunliffe answered questions from lawmakers from the Economic Affairs Committee.
Bitcoin exceeds Paypal on transferred value and targets Mastercard
The Bitcoin network already trades more volume in dollar value than Paypal, and the world’s largest decentralized cryptocurrency network by market capitalization could overtake Mastercard by 2026.
A November 25 report from market intelligence platform Blockdata titled When can the Bitcoin network process volumes like Mastercard and Visa? points out that the Bitcoin network processed around US$489 billion per quarter in 2021, which is more than Paypal’s US$302 billion. After just 12 years of existence, Bitcoin processes around 27% of Mastercard’s US$1.8 trillion per quarter and 15% of Visa’s US$3.2 trillion.
Collins Dictionary Picks NFT as Word of the Year 2021
Collins Dictionary has chosen the term NFT as its word of the year after surging interest in the digital tokens that can sell for millions of dollars brought it into the mainstream.
NFT is short for non-fungible token. Collins defines it as “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible."
📈MARKET PULSE
Best Curated Article