El Salvador’s President says ‘Bitcoin will pick up, don’t worry and enjoy life’ Zeynep Geylan · 8 hours ago · 2 min read
El Salvador’s President Nayib Bukele assured the crypto community that Bitcoin will heal and rise to new high levels and advised them to trust the process and enjoy life.
2 min read
Updated: June 20, 2022 at 9:01 pm
Cover art/illustration via CryptoSlate
El Salvador’s President Nayib Bukele assured citizens that the current bear market is not the end for Bitcoin (BTC) and advised Bitcoin investors to stop worrying and be patient.
“I see that some people are worried or anxious about the Bitcoin market price.
My advice: stop looking at the graph and enjoy life. If you invested in BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.”
El Salvador is the first country to accept Bitcoin as a legal tender. The country accumulated more than 2,300 Bitcoins since last November and their total investment is down more than 62%.
Still, El Salvador’s finance minister and the president seem confident in the country’s Bitcoin investments. While the president advises kicking back while patiently waiting for Bitcoin to pick up, El Salvador’s finance minister addresses the issues regarding the price fall.
Minister Alejandro Zelaya argues that the 62% loss poses only a very minimal financial risk for the country. He says:
“When they say that the fiscal risk in El Salvador due to bitcoin is very high, the only thing it does is make me laugh and I think that any serious economist should do the same, because it really is an extremely superficial analysis and they speak only from ignorance.”
Kevin O’Leary agrees
Shark Thank’s billionaire investor Kevin O’Leary also made comments that agree with President Bukele.
O’Leary talked to Business Insider about his approach to the bear market. He said he didn’t think this is the end of crypto, in fact, the current negativity will clear out unnecessary projects and make room for the good ones to arise.
He said he has been doubling down on Bitcoin, Ethereum (ETH), and some other Web3 projects which total up to 32 positions in the digital asset market.
He agrees that some projects won’t survive, but the ones that do will provide high returns. He says:
“I’m not selling anything. Long term you just have to stomach it. You have to understand you’ll get volatility, and that some projects aren’t going to work.”
O’Leary, like the president of El Salvador, is not worried. He says that the market will keep falling and eliminating projects until it hits the bottom.
While not disclosing when the bear market may finally hit the lowest level, O’Leary says the market will rise stronger and higher once it bounces back from the bottom.
O’Leary concludes his words by explaining why he is not worried. Even though you don’t know what is going to happen with each individual project, the overall crypto market will only grow in the future because of the people working on it. He says:
“Look at an MIT graduating class of engineers. The smartest people want to work on the [block]chain. So you’ve got the majority of the best intellectual capital in the world solving poor outcomes on the chain — why wouldn’t you expect that to work?”
Goldman Sachs looks to buy Celsius’ assets for $2B as it is advised to file for bankruptcy
Goldman Sachs looks to buy Celsius’ assets for $2B as it is advised to file for bankruptcy Liam ‘Akiba’ Wright · 9 hours ago · 2 min read
Goldman Sachs is seeking investors to raise $2B to buy Celsius assets if it files for bankruptcy following recent liquidity issues
Cover art/illustration via CryptoSlate
Goldman Sachs is allegedly shopping around for investors to form a web3 fund to purchase Celsius assets.
The multinational investment bank is raising $2 billion from a wide range of funds to take advantage of a potential discount on Celsius crypto assets.
Should Celsius be forced to file for bankruptcy, it may be required to sell off its assets quickly to pay back any creditors. The exchange has allegedly already been advised to file for bankruptcy by Citigroup and Akin Group.
The news was initially reported by Coin Desk, which cites people familiar with the matter as the source of information.
The struggling exchange reportedly had over $11 billion in assets as of May 2022, meaning if Goldman Sachs could purchase all of Celsius’ assets, it would be paying just 20 cents on the dollar. Whether the group is looking to take Celsius on as a going concern or strip and sell its assets is unknown at this time.
Celsius also received an unsolicited offer from rival exchange Nexo on June 12, which was not accepted. However, Coin Desk reported that Citigroup had been brought in to assess the deal. Nexo has over 4 million users compared to Celisus’ 1.7 million who claimed
“Nexo is in а solid liquidity and equity position to readily acquire any remaining qualifying assets of Celsius, mainly their collateralized loan portfolio.”
The proposal to purchase Celsius’ “collateralized loan portfolio” is likely to have a similar focus to any potential Goldman Sachs offer. Investors currently without access to their funds held in custody with Celsius may not be enthused by Goldman Sach’s approach.
Upon filing for bankruptcy, a schedule would be created determining the order in which creditors are repaid. Investors will be hoping they will be paid out first, but there are no guarantees.
Celsius hired “restructuring attorneys from law firm Akin Gump Strauss Hauer & Feld LLP to advise on possible solutions for its mounting financial problems.” The move may signal the end of Celsius, which has been silent on the issue since June 20.
Bentley Motors gears up to drop its Genesis NFT collection on Polygon
Bentley Motors gears up to drop its Genesis NFT collection on Polygon Jinia Shawdagor · 2 hours ago · 1 min read
Bentley believes NFTs can help transform the luxury automotive space just like they disrupted the art industry.
Cover art/illustration via CryptoSlate
British luxury car manufacturer Bentley Motors Limited is dipping its toes into the Web3 ecosystem with the launch of a non-fungible token (NFT) collection on Ethereum scaling platform Polygon, the company announced today.
Today we announce our first venture into the NFT marketplace with a one-time NFT drop on the carbon-neutral @0xPolygon network, scheduled for September 2022 and limited to just 208 pieces. Discover more: https://t.co/hWnrz69L4g pic.twitter.com/ppSqq5MRAS
— Bentley Motors (@BentleyMotors) June 22, 2022
According to the announcement, the one-time NFT collection is set to drop in September 2022 and will feature 208 pieces only. The number of NFTs is symbolic in that it represents the highest speed of Bentley’s fastest Grand Tourer – the Continental GT Speed. 208 also represents the total number of the 1952 R-Type Continental.
Building a greener future
Bentley Design will be in charge of creating the NFT collection. Collectors that purchase the NFTs will get unique access and rewards from Bentley. The car manufacturer did not disclose the NFTs’ price tag.
However, Bentley promised to direct the sale’s proceeds towards supporting students interested in engineering, design, and manufacturing. Additionally, the company plans to use the funds to support organizations that push for sustainability, especially in the transportation industry.
The car manufacturer chose to drop its NFT collection on Polygon because the network is carbon neutral. Per the announcement, the Bentley NFTs will be eco-friendly, helping the company build on its commitment to achieving end-to-end carbon neutrality by 2030.
NFTs continue catching on among vehicle manufacturers
Through today’s announcement, Bentley has become the second automobile company to enter the NFT market. Hyundai came first after collaborating with NFT project Meta Kongz in April. This partnership is part of Hyundai’s Metamobility, the company’s concept of the metaverse.
Hyundai and Meta Kongz marked the partnership by launching 30 limited edition Hyundai x Meta Kongz NFTs.
Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.
Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K. Abdulrasaq Ariwoola · 7 hours ago · 2 min read
The Conservative MP Matt Hancock stated that the UK needs to be more liberal in its approach to crypto regulation. Looking to “Regulate for growth,”.
Cover art/illustration via CryptoSlate
Conservative MP and crypto advocate Matt Hancock in a keynote speech delivered at Crypto A.M.’s 4th anniversary on June 22 called for a crypto-friendly tax and regulatory regime. Despite the extreme downturn in the market, the MP argued that the UK should be liberal in its approach to crypto regulation.
He stated that the UK needs to introduce an “attractive” tax system and regulatory regime to become a “jurisdiction of choice for crypto.” The tax and regulatory regime, he said, needed to be dealt with quickly.
He argued that a stable and attractive tax regime gives space for growth rather than stifling it. Also, he stated that achieving this requires a proactive attitude and “that a smaller part of something is worth more than a larger share of nothing.”
The conservative MP further urged that the UK should not walk around crypto on eggshells. Rather than be concerned about failure, “regulate for growth, for high-quality,” he said.
Crypto Matt Hancock
The former health secretary is a long-term advocate of crypto adoption in the UK and has continued to be despite the extreme market downturn.
Speaking on the recent crypto crash, he said:
“The underlying technology is so powerful. Just because the Dotcom bubble crashed in 2001, we didn’t discredit the internet as a technology.”
He compared the restricted adoption of crypto to the struggles of the internet in the 1990s. He stated that crypto would need to break similar barriers and prejudice.
The MP has also canvassed for the adoption of crypto as an enabler of growth. Stating “Britain succeeds when it embraces new technology,”. Cryptocurrency could “make financial systems more transparent and reduce crime.”
However, the MP publicly mentioned that he does not hold any crypto-asset because “he wants to be able to talk freely about it.”
Likewise, Rishi Sunak, the chancellor of the exchequer in April outlined a plan to make the UK “a global cryptoasset hub.” The plan also included legislating on the use of stablecoins and for the Royal Mint to create an NFT.
Continued crypto restriction in the UK
The FCA on the other hand has doubled down on its effort to regulate crypto use in the UK. The regular has repeatedly warned against the risk of crypto investments, especially as the market has declined this year.
However, the FCA held its first CryptoSprint in May which many termed as the regulator exploring the crypto ecosystem. In a statement released on its website, it stated that the CryptoSprint explored issues facing the crypto world and how the FCA can support and balance innovation with standards that protect consumers.”
Also, the U.K. recently made a turnaround on its proposed KYC rule for users transacting with unhosted or private wallets.
However, Matt Hancock is as critical of the restricted regulations as he is a cryptocurrency advocate. Mentioning “I hate the patronising idea of regulators telling people what they can and can’t do with their money,”.
On that note, he also remarked his opinions on the role of a regulator:
“The job of the regulators is to make sure there is high-quality information and that the market functions effectively. What remit does the state have to tell them what they can and can’t invest in? I think that’s incredibly patronizing,”
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