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Experts share their views on bitcoin’s price, Ukraine legalizes crypto and MetaMask and Bored Apes both eyeing their own tokens. These stories and more this week in crypto.
Experts’ Take on Bitcoin’s Price
In light of recent macroeconomic trends, industry experts have shared their views on bitcoin’s future price.
- Galaxy Digital CEO Mike Novogratz predicts that BTC’s price is going to range between $30-50K this year, but he expects a $500K bitcoin in the next five years as “Bitcoin is going viral everywhere”.
- Mike McGlone, senior commodity strategist at Bloomberg Intelligence released a bullish report saying it is unlikely for Bitcoin to stop outperforming gold and the stock market amid the FED’s new rate-hike cycle”.
- Apple co-founder Steve Wozniak said he “feels” Bitcoin is going to reach $100,000 based on all the interest crypto has.
- And Arthur Hayes, former CEO of derivatives exchange BitMEX warned investors that should Bitcoin take a more important role as store of value, the price of BTC would ultimately soar to over a million dollars.
Ukraine Legalizes Crypto
As millions in cryptocurrency donations continue to pour in, Ukraine has 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.
MetaMask Token Confirmed
The most popular Web3 non-custodial browser, MetaMask will be launching a token. The team will also reportedly launch a decentralized autonomous organization (DAO) for funding the wallet’s growth. MetaMask has seen tremendous growth as of late, recently surpassing over 30 million monthly active users. That’s an increase of over 40% since November
Elon Musk Will HODL
Tesla and SpaceX CEO, Elon Musk, has revealed that his companies are seeing significant inflation pressure in terms of “raw materials and logistics.” Despite the current economic climate, he is urging people to recognize the value in successful companies that produce goods and services. Musk confirmed his cryptocurrency holdings, saying “I still own & won’t sell my bitcoin, ethereum or doge.”
Terra to Buy $10 Billion Bitcoin for Treasury
Do Kwon, the founder of the top ten crypto, Terra, has outlined plans to accumulate $10 billion worth of Bitcoin to add to the project’s stablecoin reserves. Terra is a decentralized blockchain platform that specializes in stablecoin issuance. Kwon said the Bitcoin reserves will open a new monetary era of the Bitcoin standard.
PWC: NFTs to Become Critical to Sports Industry
Business advisory giant PricewaterhouseCoopers said that NFTs are set to become critical pieces of the sports technology infrastructure in the future. In a report titled ‘Sports Outlook 2022’ they described three possible use cases for the assets – collectibles, gameday and season tickets, and as access tokens to virtual events.
Bored Apes Get a Token
ApeCoin, a token linked to the highly successful Bored Ape Yacht Club NFT project, was released to 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 an NFT could get involved by buying ApeCoin upon its launch.
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That’s what’s happened this week in crypto, see you next week.