U.Today’s daily news digest keeps you informed of the most important updates in the crypto industry
U.Today presents the top four news stories over the past day. Take a closer look at the world of crypto!
Bitcoin can potentially hit $8,000 ultimate bottom from here: Guggenheim’s Scott Minerd
During his recent interview with CNBC Squawk Box in Davos, Guggenheim’s global chief investment officer, Scott Minerd, shared that should Bitcoin break substantially below the $30,000 zone, the ultimate bottom for it would be $8,000. He also added that considering the current state of the market, the flagship crypto has a long way to fall. Even BTC’s technical factors being better than those of other cryptocurrencies does not help the situation, said Minerd. Per the Guggenheim CIO, there are no dominant players in crypto yet, and the right crypto prototype has not yet been created. Minerd then named three criteria a proper cryptocurrency should meet: be a store of value, a medium of exchange and a unit of account, noting that most existing cryptos cannot meet even one of these.
Cardano’s founder reacts to user’s allegation of loss worth over 7,000 euros
One of the Cardano community members has recently highlighted “a dishonorable mention” in a CNBC article. The article is devoted to European Central Bank President Christine Lagarde, who said that cryptocurrencies were worthless during the Dutch talk show “College Tour” on Sunday. One person from the show’s audience claimed they lost 7,000 euros ($7,469) after purchasing Cardano. Charles Hoskinson replied to it in a sarcastic manner, asking his followers if he should make a “Where’s Waldo?” version of ADA.
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The Cardano founder has already commented on ADA’s underperformance, indicating that cryptocurrencies may have entered a bear market.
12% of US adults used crypto in 2021: Federal Reserve
The Federal Reserve conducted yet another annual survey to observe the economic health of the United States. For the first time, however, it included questions related to cryptocurrencies—Bitcoin, Ethereum, etc. The results of the survey showed increasing interest in crypto among adults, with 12% of Americans holding crypto as an investment tool and 3% using it for payments. As per Pew Research Center, in November of last year, 16% of Americans (males between 18 and 29) admitted they had used crypto for trading, investing or payment.
Bank of England Governor claims Bitcoin will fail as payment method
Bank of England Governor Andrew Bailey predicted that Bitcoin would not end up becoming a widely accepted form of payment since it is not “practical.” He argues that Bitcoin has value only because people want to own it. “People collect all sorts of things,” Bailey said. This is not the first time a high-profile central banker slams crypto. As reported by U.Today, Shaktikanta Das, the governor of the Reserve Bank of India, said that crypto has no underlying value, echoing Bailey’s comments. Additionally, Sweden’s Riksbank explained why Bitcoin and other cryptocurrencies cannot be classified as money in the latest Twitter thread.