Survey: Cryptocurrency Adoption to Grow Significantly This Year in Latam

Sherlock Communications has released a new survey that presents a positive outlook for the future of cryptocurrency in Latin America. According to the report, countries such as Argentina or Brazil are likely to see big gains in cryptocurrency adoption. In Argentina, for example, the number of people who buy cryptocurrencies will more than triple. It is projected that it will go from 5.55% up to 18.4% and grow by 235%.

This optimism is not limited to Argentina. This optimistic outlook is repeated in all other countries in the region. The third country on the list is Argentina. Brazil leads the list with 25% of those surveyed saying they plan to purchase cryptocurrency. Colombia is next with 22.3%.

Other countries, where crypto is less popular, are expected to see a higher growth rate. Peru is an example of this. With only 12% of respondents indicating that they intend to purchase crypto, the projected growth in this metric is more than 1,000%.

Patrick O’Neill, Director of Sherlock Communications stated:

Our survey revealed that Latin America is poised to see a significant increase in digital currencies being incorporated in many countries.

The Reasons for Expected Growth

One of its earlier studies on the crypto scene in Latam said that the growth is due to the unique circumstances citizens are in. In some Latam countries, trust in financial institutions and financial organizations is low. There are also low levels of banking inclusion.

Crypto adoption has also been influenced by crises, as countries such as Argentina and Venezuela face serious economic problems that crypto could help solve. A Latam-centric report by the same company found that 58% of Argentinians believe that crypto investment would help them protect their assets from inflation. It is a reason that 55% of Brazilians choose to invest in crypto.

Crypto Exchange Kraken Pledges Over $10 Million to Support Ukrainian Users

U.S.-based crypto trading platform Kraken will distribute $10 million to Ukrainian clients affected by the Russian invasion. Clients who opened an account in Ukraine between March 10th and July 1 at the ‘Intermediate or ‘Pro level verification will be eligible for $1,000 in bitcoin ( BTC), according to the platform. This announcement was made via a blog post as well as social media.

Kraken will distribute more than $10 million worth to clients in Ukraine. Recipients of Tranche 1 will receive $1000 in #BTC. This credit can be withdrawn tomorrow. This package is funded from historical Ukraine revenues as well as H1 2022 revenue from Russia-based trading. https://t.co/DdkY2TsVoB

– Kraken Exchange (@krakenfx) March 9, 2022

Users from Ukraine will be able withdraw funds immediately from the exchange, and currency conversion fees up to $1,000 will be waived. The total fees that residents of Ukraine have paid since 2013 will be roughly equal to the first of three tranches.

A donation will be made to cover the Kraken user fees in the Russian Federation during the first half. According to the exchange, it could grant further aid in future. Jesse Powell, Kraken CEO, stated that the Ukraine crisis is getting worse.

We want to be able to continue to offer critical financial services to our clients in Russia and Ukraine in times of need. The use of cryptocurrency is an important humanitarian tool at a time in which many people around the globe can no longer depend on traditional banks or custodians.

The government in Kyiv asked cryptocurrency exchanges to block Russian users’ accounts after Moscow launched its offensive in February. Major global platforms like Binance and Kraken have denied the request to unilaterally impose these restrictions on Russian traders. Powell stated at the time that this was not an option for his company.

Kraken’s aid distribution initiative is the first of its kind. It represents Kraken’s efforts to align itself with the values and ideals of the crypto community. For example, the belief that everyone should have financial services. The exchange added that this includes Russian clients who might be trying to protest the ongoing conflict.

This aid program is beneficial to both our company as well as our clients. It ensures that no one is disenfranchised due to the actions of their leaders and representatives.

Kraken also stated that it is ready to respond any requests made by authorities in the affected areas and is monitoring closely the situation in Ukraine in order to ensure compliance with relevant sanctions. This announcement includes detailed information about how and when the crypto aid will go out, as well as the eligibility requirements.

Officials and volunteers from Ukraine have actively sought funding via crypto donations. Since the start of the conflict, the digital money raised has been used to fund both defense efforts as well as humanitarian issues.

Binance, the world’s largest crypto exchange in terms of trading volume, is also supporting humanitarian efforts in Ukraine. The platform announced a donation worth $10 million to the Ukrainian people, and the Binance Charity Foundation donated Unicef $2.5 millions of cryptocurrency to help children and their families.

Bitcoin climbs to breach $44,000 mark for the first time this week

There have been ripple effects across all industries due to tensions between Russia and Ukraine. As we get closer to de-escalation Russia announced that it will be redeploying some troops from the Ukrainian border to their bases. Even though it comes with some uncertainty, this news seems to have given enough impetus for investors, which has in turn had an impact on cryptocurrency prices.

As their prices fluctuate, cryptocurrencies have been volatile on the market recently.

However, this recent development is positive news for crypto-world as Bitcoin, the most widely used cryptocurrency, crossed the $44,000 mark for its first time since last week.

Although its price fell to $41,928.19 yesterday, it is currently trading at $44,135 – a far lower amount than the $69000 record it set last November , It is down about 6% so far this year and 35% from its peak. Expect more short-term price increases.

It may reach the $45,000 mark if things go according to plan.

Not only has Bitcoin seen a rebound, but so did Ethereum. Ethereum, another popular cryptocurrency, has moved up from its previous low of $2867.31. It rose almost 7% to surpass the $3000 mark. Today, it traded at $3118.59 and hit an intraday peak of $3115.69. DeFi’s favorite Aave rose around 7% while Dogecoin rose $0.15 (a 2.79%) increase). Polygon’s price increased by 9.63% to $1.79.

Mudrex CEO and co-founder Edul Patel believes that recent volatility could be due to a wider market selloff. The market is oscillating between highs and lows because of the fear surrounding a hawkish Federal Reserve. The tensions in Ukraine could spark market movements in the next few weeks.

Russians Own $215 Billion in Crypto Suggests Estimate Attributed to Government

According to Bloomberg, Russian citizens have cryptocurrencies worth more than 16.5 trillion rubles (about $215 billion). Bloomberg reported that this estimate was made by Moscow authorities. This figure was revealed as Russian government institutions attempt to establish a comprehensive policy for the future of decentralized digital assets.

After a call from President Vladimir Putin, regulators have been scrambling to get the country’s growing crypto-space in order. The directive was issued after the Bank of Russia suggested a blanket ban of crypto-related activities. This idea has been rejected by several officials as being counterproductive.

Russian media revealed recently that the government had drafted a roadmap in order to regulate and not prohibit crypto transactions. Bloomberg was informed by people familiar with the proposals that the most recent estimate was based on analysis of IP addresses and other information. Two sources chose not to reveal their identities as the policies are still being finalized.

According to the report, Russians own around 12% of global cryptocurrency holdings. This is according to Coinmarketcap data and equals a third to the market capitalization for their benchmark stock index. This could be one of the reasons the Russian government is more inclined than others to regulate the industry rather than imposing a broad ban.

This figure surpasses previous estimates by $215 billion. Anatoly Aksakov (head of the parliamentary Financial Market Committee) stated that Russian citizens had invested $5 trillion in crypto ($67 billion). According to the Bank of Russia, Russians make crypto transactions in excess of $5 billion each year.

The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain ( Racial) and the Singapore-based TripleA payment gateway claim that more than 17,000,000 Russians have their own cryptocurrency, which amounts to over a tenth of Russia’s total population. Dmitry Chernyshenko’s representative, who signed the regulatory roadmap, said that the government also refers to this figure but declined to estimate the total crypto holdings for Russian residents.

Warren Buffett’s right-hand man called bitcoin ‘rat poison’ to protect casual investors from crypto losses, veteran investor Guy Spier says

Charlie Munger, Warren Buffett’s business associate, called bitcoin ‘rat poison’. Guy Spier is a value investor who was one of the pair’s students. stated in a podcast that Charlie Munger a href=”https://www.youtube.com/watch?v=nisSTAp91-Y”> branded bitcoin as ‘rat poison’ in 2013.

Spier stated that many people approach the crypto world in a not very intelligent way. He is probably right to say that people are more likely to lose money than to make a fortune on a hill.

Spier likened the crypto space with a poker room. The smartest crypto investors are poker players who maximise their chances of success by playing at the right tables.

“Maybe there are only 1% of those tables worth playing at, but I know people who are very likely to find their places,” he stated. He also said that Munger doesn’t advise elite investors to avoid Bitcoin at all costs.

Spier, who manages the Aquamarine fund, partnered up with Mohnish Pabrai, an investor, to place the winning bid for Buffett’s 2008 charity lunch. Spier tried initially to replicate the Berkshire Hathaway CEO’s approach to investing and living, but he soon realized it was not necessary and focused on creating his own style.

“We are not going to be good investors eating peanut brittle, drinking Coca-Colas, or Cherry Cokes all the time, even though that’s fun,” Spier stated. He was referring to Buffett’s love for See’s Candy and sodas.

Spier recalls a high-ranking investor promoting Apple to him at one of Berkshire’s annual meetings in mid-2000s. Aquamarine boss Spier dismissed the stock tip, saying that Buffett was averse to tech stocks. Berkshire, however, built a stake at Apple a decade later and has more than quadrupled the amount it bet on the bet.

Spier also highlighted the difficulty in identifying the best investments, since they aren’t popular almost by definition. Spier said that while the next generation might appear expensive to the untrained eye but those who do their research will find they are actually quite affordable.

Spier stated, “If you only look at the S&P 500 leaders, you’re already missing the boat.”