CRIX | Financial News

🖼 Maximillian White, Europe’s wealthiest legal cannabis entrepreneur, has faced significant financial setbacks, including losing $29 million in the Cypriot banking collapse of 2012. Rather than retreating, he bought a Rolls Royce to maintain appearances, saying,

"I didn’t want people to think I was lost"

and admitting,

"I may also be a poser."

White’s resilience and work ethic are evident throughout his career, from music production to creating Europe’s largest medicinal marijuana farm. White is now leveraging blockchain technology for his business, particularly through unique use cases for NFTs. He believes that combining cannabis, blockchain, and crypto creates a powerful synergy:

“It’s the combination of cannabis, blockchain, and crypto – you can’t go wrong.”

White’s new project, Dr Green, uses NFTs as business passes, allowing holders to access a DApp for selling cannabis, ensuring product traceability and compliance through blockchain. He highlights the practical application of NFTs in business, stating,

“Our NFTs are acting like a digital key or real-world asset, where you can plug into the systems of a company that is already up and running.”

While excited about blockchain’s potential, White remains cautious about cryptocurrency as a financial instrument, questioning its valuation against traditional currencies:

“If the price of crypto is always going to be valued in real-world money, then how can it be decentralized?”

White’s story underscores the innovative intersections of technology and entrepreneurship, despite the controversies and challenges. #nft CRIX Financial | News, Insights, Analysis

📉 Despite a lower debt-to-GDP ratio compared to Japan, the United States faces a looming financial crisis due to the nature of its debt. In 2023, Japan's debt stood at 255% of GDP, while the US was at 123%. However, 90% of Japan's debt is domestically owned, whereas about a quarter of US debt is held by international buyers. This necessitates high yields to keep foreign investors interested, increasing risk as debt grows. Last year, Fitch Ratings downgraded US government debt, followed by Moody's giving a negative outlook. These downgrades were largely ignored, but they highlight growing concerns. Unlike Japan, which holds more foreign assets than it owes, the US struggles with higher inflation, peaking at 9.1% in June 2022, compared to Japan's 4.3% peak. The Federal Reserve's restrictive monetary policy to combat inflation has led to higher debt repayments, lower consumer confidence, and whispers of stagflation—a scenario with rising inflation and stagnant economic growth. This situation limits the government's fiscal powers to counteract a slowing economy. 💰 As the US faces rising debt and potential stagflation, cryptocurrency, particularly Bitcoin, might benefit. Rising debt levels typically devalue the currency, and with the US dollar's vulnerability due to high foreign debt ownership, Bitcoin could serve as a hedge against dollar weakness. In summary, while Japan manages its debt through domestic ownership and lower inflation, the US faces significant challenges with foreign-held debt, high inflation, and economic stagnation, potentially boosting Bitcoin as a safe-haven asset. #politics #bitcoin CRIX Financial | News, Insights, Analysis

📈The State of Wisconsin Investment Board (SWIB) has significantly increased its cryptocurrency exposure by investing in Bitcoin ETFs managed by Grayscale and BlackRock. A recent SEC filing reveals SWIB holds over $164 million in these ETFs, showcasing a bold move into digital assets. This decision is part of SWIB's broader strategy to diversify the Wisconsin Retirement System's portfolio beyond traditional assets. The board manages assets exceeding $156 billion, with a significant emphasis on public equity and innovative technology investments. 🌐 The investment reflects a growing trend among major financial institutions to incorporate cryptocurrencies into their investment strategies. Bloomberg ETF analyst Eric Balchunas highlighted the early adoption of these ETFs by large institutions as a positive sign that others may follow. The involvement of significant players like SWIB underscores the increasing acceptance of cryptocurrencies in institutional portfolios. This strategic diversification could pave the way for more traditional investors to embrace cryptocurrencies. 📅 The SEC's recent approval of Bitcoin ETFs and the pending decision on an Ether ETF signal a promising future for cryptocurrency integration into mainstream financial products. #politics #coins CRIX Financial | News, Insights, Analysis

👤 Cryptocurrency trading has its dark side, with potential ties to terrorism, drugs, sanctions evasion, and fraud. Even if you're not dealing with sanctioned oil, interactions with shady exchanges and services can still leave you tainted, especially those under investigation in the US. Exchanges may freeze accounts, requiring proof of fund origin. Some services may refuse to transact with you. Even USDT on your wallet can get frozen. 🔎 How to Verify Cleanliness: Platforms like Getblock, amlbot, and Arkham can help track suspicious transactions. However, worrying is only necessary if you receive crypto from questionable sources. What to Do If You Receive Dirty Crypto: Use a Mixer: Mixing services work, but they're risky since tomorrow's mixer might get flagged. Use DEX and Bridges: Exchange dirty USDT for Monero and then back to clean USDT on a different wallet. P2P with Sanctioned Exchanges: Risky but possible if you need to convert to fiat. Auction in the US: The only 100% legal way to turn dirty crypto clean, where authorities sell confiscated crypto removing all red flags. Recent events, like the BlackRock incident, shed light on crypto laundering issues. As of today, nothing stops someone from depositing dirty crypto into any account, making it hard to prove anything. Cryptocurrency's dark side poses risks, but with vigilance and legal means, the community hopes to address the issue. However, until then, it remains a challenge to ensure the cleanliness of crypto transactions. #coins CRIX Financial | News, Insights, Analysis

🌐 The Philippines central bank, in collaboration with Coins.ph, has begun testing the PHPC stablecoin, pegged 1:1 to the peso. This test under the BSP’s Regulatory Sandbox Framework aims to assess PHPC's performance and its integration into the local financial ecosystem. The stablecoin will be evaluated for use in payments, trading, and DeFi applications. It's designed to facilitate both domestic and cross-border transactions, offering a stable digital currency option. Outcomes and Future: Results from the sandbox will determine PHPC's readiness for wider deployment, with formal public launch dependent on comprehensive evaluations. The test phase may last from three to twelve months, focusing on the stablecoin's impact and functionality. #coins CRIX Financial | News, Insights, Analysis

🇸🇻El Salvador now monitors its Bitcoin reserves via a new website, reflecting the nation's 5,748 BTC valued at approximately $360 million. 💰As the first country to adopt Bitcoin as legal tender, El Salvador continues to expand its holdings, aiming for financial independence and potential debt relief with the IMF. Amidst fluctuating Bitcoin prices, El Salvador reports over $57 million in unrealized profits, showcasing the success of its investment approach. #bitcoin #politics CRIX Financial | News, Insights, Analysis

⚙️During a recent interview on the All-In podcast, OpenAI CEO and Tools for Humanity Chairperson Sam Altman shared his vision for the future of socioeconomics. He suggested that treating "compute" as a resource could replace monetary income to provide universal basic income (UBI). Altman expressed concerns about the potential dangers of artificial intelligence and proposed the establishment of a global oversight board to regulate the most powerful AI systems while allowing startups to innovate without stifling regulations.

“I think there will come a time ... where the frontier AI systems are capable of causing significant global harm. And, for those kinds of systems ... I would like to see some sort of international agency."

Altman, a staunch advocate for UBI, criticized government poverty assistance programs and advocated for a simple, respectful approach to UBI.

“If you could just give people money they would make good decisions and the market would do its thing.”

He acknowledged that money alone wouldn't solve all problems but believed it could provide people with a better horizon to help themselves. Altman's proposals aim to address socioeconomic challenges while harnessing the potential of AI for positive impact. 📈Sam speculated about the future of UBI:

“I wonder if the future looks something more like universal basic compute than universal basic income and everybody gets a slice of GPT-7’s compute."

#ai CRIX Financial | News, Insights, Analysis

🤑Bitcoin (BTC) struggles around $61,351 this week, facing resistance near $62,650 and potential downside risks if it fails to hold above $59,600. Analysts, however, remain optimistic about long-term prospects, with predictions of a surge to $175,000 - $350,000 by 2025. Meanwhile, traditional finance giants like JPMorgan Chase and Wells Fargo show interest in Bitcoin, adding to its credibility. As Bitcoin consolidates, attention turns to promising altcoins: 🤑TONcoin (TON) faces resistance at $7.23 but maintains support. A break above $7.23 could target $7.67, with strong bullish signals supported by moving averages and RSI. 🤑Render (RNDR) shows signs of recovery after breaking above moving averages. A hold above $9.59 could lead to gains towards $13.83, but a drop below the 20-EMA may signal weakness. 🤑Pepe (PEPE) forms an inverse head-and-shoulders pattern, suggesting bullish momentum above $0.0000092. Strong support from moving averages indicates positive sentiment, with potential targets at $0.0000145. 🤑Arweave (AR) exhibits upward momentum, supported by the 20-day EMA and RSI. A move above $47.51 could accelerate gains towards $52 and $68, while a drop below moving averages may lead to a correction towards $26.50. As Bitcoin trades sideways, altcoins TON, RNDR, PEPE, and AR show potential for significant moves in the near term. #bitcoin #coins CRIX Financial | News, Insights, Analysis

⚡️Weekly News Recap⚡️ 🪙 FTX liquidators rolled out a new plan whereby 98% of creditors will receive 118% compensation, while the remaining will get 100% of their funds plus up to 9% in compensation. However, this plan still needs court approval and will only come into effect 60 days after approval. The plan has sparked criticism online as it returns funds at the prices during bankruptcy, with BTC trading at $16,000 at that time. 😎 Sam Bankman-Fried gave his first interview from prison. In summary, Sam shares a cell with 35 people, mostly murderers, trades rice, plays on a tablet without internet, lost 11kg, but is preparing an appeal. On the downside, cellmates wake him up at night to ask for the current rice price. 🇳🇬 Nigeria's regulator is imposing a ban on using the local currency in P2P transactions - presumably to combat inflation. Richard Teng (new CEO of Binance) revealed that the exchange collaborated with Nigerian authorities, but Binance was asked for a bribe to settle all issues. As a result, a Binance employee has been in custody in the African country since March, with no one rushing to rescue him. 🎪 An unknown sender sent 1 ETH to BlackRock's address using the Tornado Cash mixer, whose founders in the US are facing charges. BlackRock's multimillion-dollar balance now has the tag "Tornado Cash Recipient" and is technically considered tainted/dirty/fraudulent, etc. 🦅 Donald Trump hosted a private crypto gathering with holders of his NFT collection, sharing his market forecast, starting fundraising in crypto for his campaign, and promising to be crypto-friendly if elected, with some criticism of Biden thrown in. ❌ Ton network is seeing a surge in scams: NFTs of anonymous numbers with scam links are being sent to wallets, NFT owners are being messaged to buy their numbers through scam intermediaries, and even a scam site TON-USD(dot)org has emerged. Be cautious! #recap #politics #scam #nft #coins CRIX Financial | News, Insights, Analysis

🚀 What's New? Social media platform X announced a game-changing feature for advertisers: "AI Audience." This tool, powered by artificial intelligence, allows advertisers to quickly define target demographics, with X's AI then generating a relevant user pool in seconds. Advertisers simply input a target group, like "Technology Leaders," and X's AI swiftly compiles a list of suitable users, complete with detailed demographic stats. This rapid, AI-driven process aims to revolutionize ad targeting, offering precision and efficiency previously unseen. 📈 If X's AI proves accurate over time, this innovation could significantly outpace competitors in ad efficiency, potentially setting a new standard in digital advertising. While some users herald this as a "game changer," others express concerns about potential biases the AI might perpetuate. Still, the overall sentiment leans towards excitement and approval of this forward-thinking technology. 💬 Elon Musk's Vision: Amidst ongoing developments and a proactive push towards integrating AI, X owner Elon Musk remains a pivotal figure in leveraging AI for enhanced user engagement and advertiser value. #AI #technologies CRIX Financial | News, Insights, Analysis