Coinbase analysts are skeptical that rate cuts will significantly impact market movement, crypto.news reports.
Although traditional financial markets typically respond well to lower interest rates, the analysts highlight various factors that could hinder a market rebound. These include the ongoing release of Bitcoin from the Mt. Gox rehabilitation process, the U.S. government's continued sale of seized crypto assets, and the market's dependence on macroeconomic indicators. As a result, crypto traders remain cautious about investing before the Federal Reserve's meeting in September.
In a recent study conducted by Coinbase, a paradigm shift has emerged among the young American population. An impressive 38% of younger Americans now believe crypto and blockchain technology can provide significant economic opportunities not commonly found in the traditional finance sector, Crypto Potato reports. .
As per the study, younger generations are highly frustrated with the current financial system. According to Coinbase’s report, only 9% of Gen Z (18-25) and 19% of Millennials (26-40) still believe in the attainability of the American Dream through conventional means.
Only 7% of these demographics believe the current financial system serves their needs well. Over 52% of the respondents in the study period reported infrequent use of the system, with fewer than 20% considering the U.S. financial system superior to those in other countries.
Moreover, about 31% of younger individuals own cryptocurrency compared to 12% of older generations. 16% of the younger people note that the international availability of digital assets is a compelling attribute for crypto.
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Anthony Scaramucci, founder of Skybridge Capital, believes that if the U.S. Securities and Exchange Commission (SEC) approves Blackrock’s spot bitcoin exchange-traded fund, the value of bitcoin could surge significantly. Scaramucci also discussed Sam Bankman-Fried, the former head of FTX, and Gary Gensler, the current chair of the SEC, Bitcoin.com reports.
Scaramucci, who is optimistic about bitcoin, recently spoke with Altcoin Daily about various crypto-related topics. The American financier touched on Blackrock’s Bitcoin ETF, mentioning he was its first external investor. He also addressed the situation with Sam Bankman-Fried, the former FTX chief who owned a 30% stake in Skybridge Capital. Scaramucci said he’s negotiating with the bankruptcy estate and has no plans to testify in Bankman-Fried’s trial.
Regarding BTC, Scaramucci predicted that if Blackrock’s spot bitcoin ETF receives approval, bitcoin’s valuation could multiply by 11. He theorized significant capital inflows if ETFs from leading financial entities gain SEC approval. “Think of the magnitude of that, if there’s $100 billion that flows in bitcoin that could have an 11-times factor in terms of valuation,” Scaramucci remarked. “So you could see bitcoin go from a $600 billion asset to a $600 trillion asset.”
Galaxy Digital CEO Mike Novogratz expects a spot bitcoin exchange-traded fund (ETF) to be approved in 2023. “It’s going to get approved, we think it happens this year,” the American investor said on Wednesday, Bitcoin.com reports.
“It’s going to get approved, we think it happens this year in 2023,” Novogratz remarked. He added that all the indications point to it happening this year. The Galaxy CEO further cited public commentary and filings noting that “people’s comments are much more constructive.”
He believes that current events indicate approval is imminent. His statements come after Blackrock CEO Larry Fink described the recent surge, following false ETF approval rumors, as a “flight to quality.” Novogratz highlighted Blackrock’s comments, emphasizing that interest from the world’s largest fund manager is a positive indicator. He also stressed, “The public wants this.” Novogratz’s statements follow Fidelity amending its spot bitcoin ETF filing on October 17.
Ferrari has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.
The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce. Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment.
These include electric carmaker Tesla, which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns.
Ferrari's Chief Marketing and Commercial Officer Enrico Galliera told that Reuters cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources.
"Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed," he said in an interview.
Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.
"Some are young investors who have built their fortunes around cryptocurrencies," he said. "Some others are more traditional investors, who want to diversify their portfolios."
