According to Zhao, adopting cryptocurrencies will allow banks to offer various financial products while remaining centralized. Despite many real and life-saving applications, he believes that current versions of the Metaverse do not show their full potential yet.

Changpeng Zhao, the CEO of Binance, recently explained his view about the banking system and its need to adopt cryptocurrencies. The Chinese-Canadian business executive said traditional financial institutions must accept crypto assets as a payment and savings method to survive.

According to Zhao, that will allow banks to offer a greater variety of financial products while remaining centralized. Besides, he considers that many educational spaces on cryptocurrencies and Web3 are still necessary among users, legislators, and regulators.

The CEO of Binance cited the example of the government of Portugal, which educates citizens about cryptocurrencies through free available information. He highlighted the need to teach people about the subject in universities and offer specialized courses to adopt cryptocurrencies and Web3 globally.

Changpeng Zhao Gives His Opinion about the Metaverse

Regarding the Metaverse, Changpeng Zhao commented that it is still at its initial stages. He said that this virtual-reality world has the potential to allow doing many different things, such as health consultations. In that regard, he thinks patients can talk to doctors about any allergies or conditions more confidently.

Zhao believes that the development of the Metaverse is still underway, as current versions do not show what it might become. He pointed out that technology companies must accept the Metaverse and virtual reality while traditional banks adopt cryptocurrencies.

According to Zhao, nobody knows the full potential of the Metaverse yet despite its many real life-saving applications.

Zhao Talks about How Binance and the Global Economy

Although many think Changpeng Zhao can help them solve their problems, he denies it. He considers himself an unhelpful resource as he has little time and is a dedicated developer.

In addition, Zhao explained communication mechanisms like Binance Academy and Binance Labs are essential for his community. He said they have allowed entrepreneurs to receive support and funds from his company.

Regarding how he would react if the global economy collapsed, the CEO of Binance noted they have no established plan. He explained that he cared much more about dynamism and the ability to solve problems. However, he highlighted that his company contemplates hypothetical scenarios like a global collapse of the traditional economy.

Finally, Zhao commented that the more people use this new technology, the more they insulate themselves from other risks. He thinks cryptocurrencies could become a lifesaver for many in a global collapse scenario. In countries like Venezuela and Argentina, various situations forced citizens to turn to adopt cryptocurrencies rapidly.

Cryptocurrencies like Bitcoin have become a crucial part of the economy, which experts like Changpeng Zhao know very well. The above comments exemplify what many people think about the potential crypto assets and blockchain technology.

Meanwhile, Bitcoin is trading at around USD 19,755 and has accumulated a 1.8% loss over the past week. While its daily trading volume is above USD 29.842 billion, its market capitalization is about USD 378.35 billion, according to CoinGecko.

By Alexander Salazar

The businessman commented that “the adoption of Bitcoin in El Salvador is progressing quite well”.

Former Blockstream executive and Bitcoin (BTC) promoter Samson Mow commented that Central American countries would already be more than ready for the adoption of said cryptocurrency as legal tender.

The famous promoter of Bitcoin, pointed out in an interview with Bloomberg, the growing possibility that more countries adopt the cryptocurrency as legal tender. The businessman also commented that “the adoption of Bitcoin in El Salvador is progressing quite well”, given that it is not a race but a marathon.

After the recent anniversary of the official adoption of Bitcoin as currency in El Salvador; -an anniversary that has not been exempt from comments, uncertainties, and criticism- Mow provides a completely positive comment on the process of adopting Bitcoin in the country.

And as if that were not enough, it expands it to the rest of the Central American territory, considering that these countries have already reached a certain maturity to guarantee a growing adoption. Regarding the outstanding Bitcoin bonds in El Salvador, Mow argued that it would only be a matter of time, given that the country has been hit with a whole series of unpredictable events.

Samson Mow and his Predictions in Favor of Hyperbitcoinization

Samson Mow is known for his commitment to accelerating hyperbitcoinization in El Salvador and the rest of Central America. He is also the architect of Bitcoin bonuses. About he highlighted at the beginning of the year that it has a high level of potential demand and that a project as peculiar as the Volcano Bonds has a high probability of success if it is carried out correctly:

“The bond market is massive, and there is an entire financial system waiting to be connected to Bitcoin, that is the bridge to Hyperbitcoinization. We can do securities with Bitcoin, Bonds with Bitcoin, and real estate operations with Bitcoin.”

In addition to such participation, Mow stands out for having contributed the idea of ​​El Salvador and Central America as examples to be followed by the rest of the world.

In an interview with Kitco news in May, Mow went so far as to cite the recent BTC adoption surprises in Panama and the Central African Republic, assuring that these “are just the beginning” of a number of countries that will soon add BTC to their economic legislation.

“I think definitely within this year we may see another country appear. In fact, I am also working in several countries, with Bitcoiners to measure the ground in different places. There are two paths here. One is actively pushing Bitcoin; the other path is natural adoption where (countries) find out for themselves and say ‘Okay, we’re going to use Bitcoin’. Our prospects look good this year.”

In regards to the adoption of cryptocurrencies such as Bitcoin by countries around the world, there are some who feel that Bitcoin can potentially provide significant benefits by increasing financial services access and overcoming social trust issues in developing nations. Essentially, some people consider Bitcoin as a medium for supporting the economic growth process in third-world countries, thus presumably providing better funds’ traceability while boosting financial inclusion.

By Audy Castaneda

The Cardano platform is approaching the Vasil Hard Fork scheduled as the remaining candidate 1.35.3 nodes have generated over 94% of the blocks. While many expect the price of ADA to soar, the two most anticipated events might reverse the script for the entire industry.

The Ethereum community has long heralded the Merge as a significant improvement to the underlying infrastructure of the network. Besides reducing its negative environmental effect, the PoS consensus protocol will provide its native token Ether (ETH) with staking.

The crypto space has been on the hunt for several weeks due to the vicinity of two crucial events. On September 22^nd, the Vasil hard fork will be complete, while the long-awaited Ethereum Merge is ready.

The first step toward change is the starting point for higher efficiency and scalability on the network. The second-largest crypto asset by market capitalization was recently trading at USD 1,755 amid a significant bullish trend. Therefore, the price might spiral up, exceed the barrier near USD 1,800, and settle near USD 2,000 in the short term.

Investors believe the Merge can help the value of the ETH to grow, evident in the sharp increase in loans. They have borrowed more than USD 1 billion worth of coins so far.

The developers behind Core Ethereum plan to continue to improve the open-source network after the Merge. They aim to reduce the costs of transactions even further and increase performance and security.

Vitalik Buterin has already speculated that nobody would see the full effects of the Merge for some time. The creator of Ethereum estimated that the price of ETH would not change for six to eight months.

The Cardano Hard Fork Is Now the Focus of Attention

According to recent information, the Cardano platform is rapidly approaching the Vasil Hard Fork scheduled for September 22^nd. The remaining candidate nodes (1.35.3) have generated over 94% of the blocks on the mainnet.

Binance, MEXC, BitTrue, Gate.io, BTC Turk, OKX, and WhiteBit, reported they are preparing for the upcoming event. Fifty percent of the most popular Cardano dApps are also ready for pre-production, while the rest continue testing. Over 3,000 scripts have appeared on Plutus, while nearly a thousand projects are underway on Cardano.

Many expect the price of ADA to skyrocket in the short term as market optimism and development efforts increase. That would provide the necessary boost for investors and the overall crypto market. Consequently, the two most anticipated events might reverse the script for the entire industry, helping the fourth quarter to strengthen.

While the community waits for the Vasil hard fork, the Cardano Input Output builder has progressed significantly toward it. Ninety-five percent of the blocks have already emerged from 1.35.3 nodes while the network must continue the upgrade to reach the 75% threshold. Since September 12^th, most leading liquidity exchanges have integrated Vasil or have started preparing for it.

Meanwhile, ADA is trading at around 0.46843 and has accumulated a 3.9% loss over the last 24 hours. While its daily trading volume is above USD 814.14 million, its market capitalization is about USD 11.54 billion, according to CoinGecko.

By Alexander Salazar

A Beijing court has determined that the cryptocurrency is protected by Chinese property law.

A court in China has ruled that cryptocurrencies are an asset that can be exchanged between individuals as long as the asset is not used as currency.

The recent ruling by the Beijing Number One Intermediate People’s Court upheld Chinese laws against virtual currencies, but at the same time found that Litecoin (LTC) is a virtual asset that does not meet currency standards.

The court concluded that crypto assets such as Litecoin can be considered the property of an individual, in the same way as data.

The court document states that: “According to the relevant administrative regulations and cases, our country only denies the monetary attributes of the virtual currency and prohibits its circulation as money, but the virtual currency itself is a virtual property protected by law.”

An Expensive Friendship

The Beijing court ruling comes in the case of two friends, one of whom had loaned the other 50,000 Litecoin. Zhai Wenjie stated that he had lent Ding Hao the Litecoin (LTC) sum in 2015. Ding promised to repay the sum over a certain period but failed to do so.

Ding had attempted to use China’s strict regulations as a defense against reimbursement, but the court was not inclined to favor that line of argument. Having considered the evidence that the Beijing court found in favor of Zhai.

Now Ding faces a much deeper problem. According to the court, the outstanding sum owed to Mr. Zhai is 33,000 LTC. In 2015, the price of a Litecoin was between 1 and 4 dollars. If Ding had paid off the remaining balance seven years ago, the value of the outstanding loan would have been $132,000.

Today, with LTC trading at $59.93 per coin, the equivalent dollar value of the outstanding loan is $1,977,690. That’s a lot of money in anyone’s book.

Chinese Law Explained: A Bit of Confusion

Cryptocurrencies remain subject to a ban in China. Therefore, cryptocurrency owners can be thankful that a Beijing court has found that cryptocurrencies do not meet the currency standard in China. Therefore, it is quite legal to own and trade cryptocurrencies in China, and for the cryptocurrency and its owners to be protected by Chinese property law.

When explained in English, the contradictory nature of these statements, all true, seem to make very little sense. Some clarity may be lost in the translation. Most likely, the judiciary is using semantics to pass sentences in a regulatory framework that would otherwise be impossible.

In any case, Chinese lawmakers and judges are proving adept at finding wiggle room in the nation’s difficult regulatory landscape.

China Remains Leader in Adoption

Cryptocurrency adoption remains strong in China. This is despite the confusing, complex, and sometimes downright hostile system.

According to data released by on-chain analytics firm Chainalysis, the nation remains among the top 10 markets for global crypto adopters, but only just barely. China currently rounds out the top 10 at position number 10.

The number 1 nation in the world is Vietnam. Ukraine is ranked 3rd, while Russia is one place above China at number 9.

The full top ten is as follows:

1. Vietnam
2. Philippines
3. Ukraine
4. India
5. United States
6. Pakistan
7. Brazil
8. Thailand
9. Russia
10. China

By Audy Castaneda

The author of Rich Dad Poor Dad expressed his opinion on the BTC futures market, claiming that the prices of gold and silver undergo manipulation. The businessman warns about the boom and bust cycles in the economy due to factors like the growing global debt and geopolitical tensions.

Despite the bearish crypto market starting in 2021, renowned American businessman Robert Kiyosaki believes the price of Bitcoin (BTC) will explode soon.

The investor and author of the best-selling book Rich Dad Poor Dad commented that Bitcoin would succeed despite its volatility and recent price drop. Anticipating that its value would rise, he said it would exceed the mark set by the industry and investors should buy more.

Kiyosaki said in an interview that he felt happy whenever the price of Bitcoin dropped. The author has also discussed his strategies and described the outlook for BTC in the short term on Twitter.

In a recent tweet, he argued that successful people learn from their mistakes, while losers quit when they lose. Therefore, he anticipates that the pioneering cryptocurrency will drop further and is waiting until it tests USD 1,100.

The Price of Gold and Silver Undergoes Manipulation

The financial expert accused JPMorgan of trading uncovered short positions on Comex and liquidating silver transactions, posing risks to investors.

Kiyosaki thinks that gold and silver are undergoing manipulation, saying that many have criticized JPMorgan for lowering their prices. He considers that clever people take advantage of that situation to buy more.

Metals analysts who agree with him have asked the authorities to fine JPMorgan for allegedly manipulating the prices of gold and silver in the futures market. The expert thinks that smart people seize that opportunity to buy cheaply.

The famous author has warned investors about the volatility of cryptocurrencies related to falling prices through his books. The 80% drop of Bitcoin in 2018 represented a moment of panic as it was one of the worst resets in the industry.

Political Movements Are a Crucial Factor in the Economic Recession

The American investor also commented that the rising global debt and geopolitical tensions are crucial factors in an economic downturn. For example, the announcements about growing inflation rates, the war between Russia and Ukraine, and tweets by well-known personalities contribute to it.

Kiyosaki recommended that governments, like the Biden administration, create institutions in line with the middle class and the poor. He also stressed it is necessary to learn from the effects of the Russia-Ukraine conflict on the price of gasoline in the United States.

Decentralized cryptocurrencies such as Bitcoin are relevant in the economy, which financial experts like Robert Kiyosaki know well. Although the crypto market is undergoing a bearish trend, many analysts believe the price of BTC might rise significantly soon.

Meanwhile, Bitcoin is trading at around USD 20,093 and has accumulated a 4.2% gain over the past week. While its daily trading volume is above USD 38.54 billion, its market capitalization is about USD 384.80 billion, according to CoinGecko.

By Alexander Salazar