Gartner believes CFOs might learn more about crypto assets and blockchain technology in 2022. Large companies prefer CBDCs rather than investing in the development of their tools.

A study by consulting firm Gartner reveals that 20% of leading companies will use central bank digital currencies (CBDC) in 2024. They say that corporations will use them to make payments, store value, and take advantage of the performance of decentralized finance (DeFi).

According to the study, a growing number of traditional payment platforms accept crypto assets and CBDCs. That document highlights that these two factors will drive many leading companies to incorporate digital currencies into their applications.

Gartner notes that CFOs have been interested in blockchain applications since early 2021. They said in 2019 that companies had lost interest in blockchains as experiments and implementations were not working.

The Recommendations that Gartner Gives to Companies

The study recommends that companies interested in adopting CBDCs evaluate their specific use cases.

Gartner advises that CFOs and applications leaders assess several technologies, regulatory, legal, and strategic considerations. In addition, they should select the appropriate service providers and the ability to monitor and react to current regulatory guidance.

What Drives Companies to Adopt CBDCs

Companies do not have to invest in the development of applications on blockchains, which drives leading companies to adopt CBDCs. According to the study, many banks, payment platforms, institutional custodians of digital assets, and cryptocurrency wallets have already done the heavy lifting.

Another factor in the acceptance of CBDCs is that they can protect against the highest inflation in the United States in 39 years. At the beginning of December, the consumer price index (CPI) showed an inflation rate of 6.8%. That situation arose because the US Federal Reserve (Fed) has issued dollars at an unprecedented rate.

Gartner also noted that they expect CFOs to learn more about digital assets, currencies, and other blockchain applications. A growing number of professionals in financial institutions are aware of the relevance of cryptocurrencies and the technology behind them.

These Are Some Risks of CBDCs

Central bank digital currencies can favor cross-border trade for nations and businesses. However, their use involves the risk of losing the privacy that decentralized cryptocurrencies like Bitcoin offer.

As those digital currencies are not anonymous, governments can take advantage of them to exercise control over the population. In addition, the State has the right to confiscate them when it deems appropriate without users being able to do anything about it.

In contrast to decentralized cryptocurrencies like Bitcoin and Ether, they do not provide anonymity or independence from monetary authorities. On the other hand, they do not have volatility since they are electronic fiat money monopolized by the value of the US dollar.

The relevance of Bitcoin and altcoins in the economy has become increasingly evident, and financial institutions have not overlooked it. For that reason, several central banks worldwide have decided to issue their CBDCs to keep control over the way people use their money.

By Alexander Salazar

Chinese miners use tactics such as running their machines with clandestine energy sources to evade government restrictions. While some operators emigrate to seek new opportunities, those staying in China get around on their own to continue doing their activity.

The Chinese government restricted the development of cryptocurrency mining in the Asian country, but they did not fully achieve their objective. They have found it difficult to impose the ban since miners continue operating while hiding from the tracking by the authorities.

The mining farms run their machines with electrical power methods disconnected from the main supply chain. Besides, they hide their Internet connections to prevent regulatory agencies from detecting their crypto data.

Miners Continue Doing Their Activity Undercover in China

The government has struggled to reduce the influence and mining of cryptocurrencies, but the activity has not stopped. Miners have to constantly face the intention by the authorities to eliminate data centers that gather computing power to interact on the blockchain.

Those operators conduct their business with tactics to evade the restrictions imposed by the Chinese government. To continue operating, miners search for methods that allow them to obtain power without the Chinese authorities detecting them.

Those participating in the mining of cryptocurrencies use underground energy sources to avoid drawing attention. For example, some use hydroelectric generators, taking advantage of the flow of dams in remote places such as Sichuan and Yunnan.

Chinese miners perform IP address diversions through different virtual private networks (VPNs). In that way, they obfuscate the traffic from data centers and avoid being under government surveillance.

Miners from other parts of the world support part of the undercover operations, helping themselves with mining pools. In that way, those still in China can hide the processed blocks by not affixing a traceable identification mark to them.

The Persistence of Cryptocurrency Miners Is Evident

The Chinese government has hindered the development of the cryptocurrency industry considerably in the country. However, miners continue struggling to keep their farms alive. Many have left China behind to seek new opportunities abroad, but those who stay must get along themselves.

The authorities are still detecting thousands of IP addresses through which data from the blockchain transits. The Chinese cybersecurity firm Qihoo 360, estimates that more than 100,000 are currently active, getting past bans.

Considering the scenario where those miners continue operating, the persistence of operators is evident. However, the government continues looking for a way to strengthen its ban on cryptocurrencies, alleging the high energy consumption levels.

Even though the Chinese government has tightened the bans on cryptocurrencies, they have proved unbeatable. The country has seriously affected mining in the territory but has been unable to cause its elimination.

The relevant role that cryptocurrencies play in the economy is increasingly evident; governments cannot overlook this. Many countries have tightened the regulations on those assets and even banned their use. They have also alleged that the emissions of CO2 due to cryptocurrency mining harm the environment.

By Alexander Salazar

After trading below USD 46,000, Bitcoin recovered its breath and accumulated a profit of 6%. The largest cryptocurrency by market capitalization is currently worth above USD 48,000.

Bitcoin (BTC) strengthened after some days of uncertainty, and its price recently jumped above USD 48,500. That is its highest value in two weeks and has driven the rest of the cryptocurrency market.

There were both bearish and bullish predictions about the price of Bitcoin at a time when a trend could not yet consolidate. Now, the cryptocurrency is attempting to return to a floor of USD 50,000 to take off.

The pioneering cryptocurrency leads the rest of the ecosystem to profit with this start. For example, Ether (ETH) exceeded USD 4,000 again, with a 6% gain in the last 24 hours. In the case of Solana, it shows a similar performance and is now trading at around USD 180.

Analysts Predict the Price of Bitcoin

There have been many different forecasts about the price of Bitcoin for several weeks. Edward Moya, a senior market analyst at Oanda, believes the crypto space is undergoing significant repositioning. He said this led to unwanted selling pressure, but the medium and long-term outlook remains strong.

Craig Erlam, an analyst at Oanda, noted that Bitcoin is still trading in range after another chaotic week for the markets. However, he explained that the trend is against it despite the strong support of around USD 47,000. The expert considers that cryptocurrencies are entrenched and refuse to allow this year to end negatively.

He said that many expected the price of Bitcoin to reach six figures, alluding to the predictions that it would reach USD 100,000. He stated that people now can cross their fingers and wait for half that amount (USD 50,000).

The monetary policy decision by the US Federal Reserve complied with what analysts expected. However, there was no confirmation of the worst fears in the cryptocurrency market. Jerome Powell decided to double the tapering and foresaw interest rate hikes in 2022, as the risk for persistent inflation is now a reality.

However, Bitcoin, Ether, and most altcoins showed a slight rebound. That proved right those people claiming that cryptocurrencies had already discounted the possibility of moving with their previous drops.

Bitcoin Attempts to Gain Momentum above USD 50,000

The value of Bitcoin recently rose above USD 49,000, but a close below USD 47,000 raises a red flag. That price level has become a veritable waterline for the cryptocurrency, which it should maintain if it intends to stage a Christmas rally.

Erlam said the bearish bias maintaining the most traded cryptocurrency persists as it struggles to generate momentum above USD 50,000. However, the recent falls coincide with global fears about the COVID-19 Omicron variant pandemic in the market.

The bears that pile up in the derivatives market control USD 755 million worth of Bitcoin options. Those assets will expire on December 24^th, provided the price remains below USD 48,000.

In addition, the whales seem to be actively buying and entering the market at those prices. Analyst Michaël van de Poppe said that this gives hope that another bullish run may occur before the end of the year.

By Alexander Salazar

Cardi B sparked a wave of debate on Twitter by asking her followers if they think Bitcoin will replace the US dollar. Among those who responded was former Twitter CEO Jack Dorsey, who believes that this will be the case.

American rapper Cardi B recently asked her Twitter followers if they thought Bitcoin would replace the US dollar. The responses included a retweet from none other than Jack Dorsey, who said he believed that the cryptocurrency would displace the US dollar.

Strong Bitcoin proponent Jack Dorsey made the headlines some weeks ago for resigning from his CEO position at Twitter. He held that management position since the foundation of Twitter in 2006, but that was not the only thing that he did.

He has also worked on side projects in the cryptocurrency industry, which he recently decided to do full time by leaving Twitter. In 2009, he founded Block, originally Square, which became involved with cryptocurrencies. Besides, he currently runs a Bitcoin mining farm that he launched in August 2021.

Jack Dorsey Also Believes that Bitcoin Will Replace US Dollar

Jack Dorsey answered the question Cardi B posted on Twitter by saying that Bitcoin will replace the US dollar. In that way, the former CEO of Twitter made it clear that he has joined the analysts who believe that will happen at some point.

That agrees with the ideas of economists like Gael Sánchez Smith, who predicts that the cryptocurrency will be a common currency worldwide. In addition, they consider that the market will set the values of things in Bitcoin rather than the US dollar or another fiat currency.

They attribute that prediction to the growing number of people buying Bitcoin and its daily adoption for payments and money transactions. For that reason, some analysts think that it could replace fiat currencies such as the US dollar. Besides, the pioneering cryptocurrency does not depend on any centralized entity for its issuance.

In 2021, the cryptocurrency created by Satoshi Nakamoto managed to exceed USD 3 trillion in market capitalization. In the last week, Visa stated that cryptocurrencies would change the way people do business. In addition, their adoption has grown significantly in a short time, which suggests that it will continue.

Some People Prefer Bitcoin Due to the Current Devaluation of the US Dollar

Different public figures recently expressed that they prefer saving in Bitcoin rather than in US dollars due to the current inflation in the United States. The cryptocurrency shows long-term bullish signs, but the US dollar loses value over time. Jesse Powell, the CEO of Kraken, believes that this has driven the purchase of the crypto asset.

At the same time, enthusiasts have opposite positions about the first cryptocurrency in the market. Some consider that it is positive since it encourages decentralization and freedom, but the most traditional ones argue it is a threat if unregulated. The latter include former US presidential candidate Hillary Clinton, who said she fears it would replace the US dollar and other fiat currencies.

By Alexander Salazar

A big symmetrical triangle has locked the price of XRP, so it cannot grow too much due to lower volatility. A strong rejection of low prices and the rectangle where the value has been are clear signs of a possible reversal.

Amid the drop in prices in the crypto market, the value of the native cryptocurrency Ripple suddenly jumped higher. However, all those profits do not protect against the risk of further falls. The following technical analysis of XRP will help potential investors understand better where the asset may head.

When writing this article, XRP is trading at around USD 0.89 and has accumulated a 6.5% profit in the last 24 hours.  Its daily trading volume is above 4.5 billion, and its market capitalization is about USD 42.1 billion, according to CoinGecko.

The announcement that Ripple would partner with the Republic of Palau contributed to driving the recent rally. That nation seeks to explore the development of a central bank digital currency (CBDC) using the new XRP Ledger network.

The entrance of Ripple into the CBDC market is raising some optimism in the market of the XRP cryptocurrency. However, the general bearish trend in the crypto ecosystem prevents the gains from extending significantly.

The Technical Analysis of the Price of XRP

The weekly chart shows that a symmetrical triangle has locked the price of XRP for months. Given that its volatility has decreased, the value of the cryptocurrency cannot make movements to grow too much.

The price of XRP may currently be in a broad price range with no clear direction. Despite that, the previous dominant force is bullish, so it could probably break the triangle from the top. That possibility would give way to relevant momentum in the market of the Ripple cryptocurrency.

Short-Term Predictions about the Value of XRP

The technical analysis of the XRP daily chart indicates a smaller range, with resistance at USD 0.86 and support at USD 0.76.

Even though the short-term trend is bearish, there is a significant rejection of low prices. That adds to the rectangle where the value has been, a clear sign of a possible pullback.

The price will probably have some more losses over the next few days. However, the high-demand zone above USD 0.60 could curb sales, leading to a significant bullish rally.

The Position of XRP in the Ranking of Cryptocurrencies

The native cryptocurrency of Ripple occupies 7^th place in the cryptocurrency ranking below Solana (SOL). This week, XRP has grown by 14.2%, and SOL has accumulated a 16.2% profit.

Concerning SOL, it is currently trading at around USD 179.3 and has achieved a 4.4% gain in the last 24 hours. Its daily trading volume is above USD 1.7 billion, and its market capitalization is about USD 55.7 billion, according to CoinGecko.

The current uncertainty in the cryptocurrency market makes it difficult to predict the price of XRP in the short term. However, the above technical analysis indicates that there might be a pullback in its value.

By Alexander Salazar

According to Visa Cryptocurrencies are not only tools for exchanges or investment but a cultural movement. The Visa payments network generated at least 60 partnerships with cryptocurrency companies in the last year and a half.

An internal Visa official revealed many details about the company and its desires to take about bitcoin and the cryptocurrency ecosystem.

In an interview with NDTV, Cuy Sheffield, a Visa spokesperson, stated that cryptocurrencies will likely change all the business structure. That is the reason why VISA wants to support its corporate clients and help them understand and adopt these assets to update themselves in the digital age that the world lives in nowadays.

A study carried out by Visa in Argentina is the sole reason why the company believes that the adoption of these assets will continue to rise globally.

Regarding the research, Cuy Sheffield said the findings showed a universal knowledge of cryptocurrencies and how some respondents have already used them as an investment tool or as a medium of exchange.

The official also noted that digital currencies are not simply a technological phenomenon or an asset class. They do not use only to facilitate monetary transactions or as an investment. Cryptocurrencies like bitcoin encompass a cultural movement behind them, which will be part of the future of money, he said.

In a Short Time, Cryptocurrencies Got Noticed in Visa Cards

In the last year and a half, Visa has generated more than 60 partnerships with other companies so that its cards can serve to purchase and operate digital currencies like bitcoin. This information came from the company’s representative in the interview; he also highlighted that this sector has already moved more than 3.5 billion dollars.

Cuy Sheffield made clear that, although this figure represents a small part of the total money managed by the Visa payment network, it symbolizes something of great relevance. He explained that, when people consider that these programs did not exist in a significant way a year ago, it is an indication that they are starting to gain traction.

The company revealed this month that they would begin to advise their corporate clients on this matter. The entity expressed that at the end of the day, they just want to serve as a bridge connecting the cryptocurrency ecosystem with their global network of 80 million business locations and at least 15,000 financial institutions or more.

Visa Estimates that Companies Would Lose Customers if they do not Assimilate Bitcoin

Just as it believes it is an opportunity, Visa also believes that companies that do not adopt digital currencies like bitcoin could lose their customers.

He gave banks as an example. He highlights that at least 40% of cryptocurrency owners will likely change their primary banks to one that offers products with these assets. The company explains that this risk takes effect because there are platforms in the market that can replace the bank’s services.

These organizations bring savings banks for fiat money and cryptocurrencies, currency trading, custody, loans, making payments, investment plans, among other functions.

By: Jenson Nuñez