Elon Musk says Tesla will start accepting dogecoin for some merchandise — sending the token soaring as much as 30%

Tesla CEO Elon Musk
Elon Musk has long supported dogecoin, a meme cryptocurrency.

  • Tesla will start to let people buy some of its merchandise with dogecoin, Elon Musk said Tuesday.
  • Musk tweeted: “Tesla will make some merch buyable with Doge & see how it goes.”
  • The meme cryptocurrency skyrocketed after Musk’s tweet, soaring as much as 30% early Tuesday.

Elon Musk has said Tesla will let people purchase some of its merchandise with the meme cryptocurrency dogecoin.

“Tesla will make some merch buyable with Doge & see how it goes,” Musk tweeted Tuesday.

Dogecoin’s price was down before Musk’s announcement but then skyrocketed as much as 30%. It was last up 26% at $0.2092, according to crypto data website Coinmarketcap.

The Tesla CEO has been a long-running supporter of dogecoin, a Japanese Shiba Inu dog-themed cryptocurrency that was started as a joke in 2013.

In May, he asked his Twitter followers whether Tesla should start accepting dogecoin, to which the overwhelming response was “yes.”

Earlier the same month, Musk said he thought dogecoin could ironically become the future of cryptocurrencies.

Tesla wouldn’t be the first company to accept the meme token in payment. The Dallas Mavericks — the basketball team owned by crypto fan Mark Cuban — began selling tickets and merchandise in exchange for it earlier this year.

Musk and Tesla have been key drivers of the cryptocurrency boom in 2021. The electric-car maker bought $1.5 billion bitcoin in January, and then in March, announced it would start accepting the cryptocurrency in payment for cars.

However, Musk rowed back on that idea in May, criticizing bitcoin’s “insane” energy use. Bitcoin and other cryptocurrencies, including dogecoin, are secured and “mined” using lots of computing power.

Musk began to talk more about dogecoin as he backed away from bitcoin in May, saying he was working with developers to improve its efficiency.

Read more: These 3 proof-of-stake altcoins can surge in the long-term – although shiba inu fever will soon die down, according to a top exec at a platform that hosts almost $3 billion worth of blockchain nodes

It’s been a busy week for Musk, who just sold another $900 million of Tesla stock, taking his total sales since early November to just under $13 billion.

The world’s wealthiest man, he was chosen Monday by Time Magazine as its Person of the Year. The publication called Musk “clown, genius, edgelord, visionary, industrialist, showman, [and] cad.”

Dogecoin’s Tuesday jump was out of keeping with the rest of the crypto sector, which was a sea of red. Digital assets are seen by most investors as highly speculative, and have suffered as the Federal Reserve has talked up the chances of tighter monetary policy.

Tesla did not immediately respond to Insider’s request for further comment.

Read the original article on Business Insider

Elon Musk says Tesla will start accepting dogecoin for some merchandise — sending the meme token soaring as much as 16%

Tesla CEO Elon Musk
Elon Musk has long supported dogecoin, a meme cryptocurrency.

  • Tesla will start to let people buy some of its merchandise with dogecoin, Elon Musk said Tuesday.
  • Musk tweeted: “Tesla will make some merch buyable with Doge & see how it goes.”
  • The meme cryptocurrency skyrocketed after Musk’s tweet, rising as much as 16% early Tuesday.

Elon Musk has said Tesla will let people purchase some of its merchandise with the meme cryptocurrency dogecoin.

“Tesla will make some merch buyable with Doge & see how it goes,” Musk tweeted Tuesday.

Dogecoin’s price was down before Musk’s announcement but then skyrocketed. It was last up 16% at $0.19243, according to crypto data website Coingecko.

The Tesla CEO has been a long-running supporter of dogecoin, a Japanese Shiba Inu dog-themed cryptocurrency that was started as a joke in 2013.

In May, he asked his Twitter followers whether Tesla should start accepting dogecoin, to which the overwhelming response was “yes.”

Earlier the same month, Musk said he thought dogecoin could ironically become the future of cryptocurrencies.

Tesla wouldn’t be the first company to accept the meme token in payment. The Dallas Mavericks — the basketball team owned by crypto fan Mark Cuban — began selling tickets and merchandise in exchange for it earlier this year.

Musk and Tesla have been key drivers of the cryptocurrency boom in 2021. The electric-car maker bought $1.5 billion bitcoin in January, and then in March, announced it would start accepting the cryptocurrency in payment for cars.

However, Musk rowed back on that idea in May, criticizing bitcoin’s “insane” energy use. Bitcoin and other cryptocurrencies, including dogecoin, are secured and “mined” using lots of computing power.

Musk began to talk more about dogecoin as he backed away from bitcoin in May, saying he was working with developers to improve its efficiency.

Read more: These 3 proof-of-stake altcoins can surge in the long-term – although shiba inu fever will soon die down, according to a top exec at a platform that hosts almost $3 billion worth of blockchain nodes

It’s been a busy week for Musk, who just sold another $900 million of Tesla stock, taking his total sales since early November to just under $13 billion.

The world’s wealthiest man, he was chosen Monday by Time Magazine as its Person of the Year. The publication called Musk “clown, genius, edgelord, visionary, industrialist, showman, [and] cad.”

Dogecoin’s Tuesday jump was out of keeping with the rest of the crypto sector, which was a sea of red. Digital assets are seen by most investors as highly speculative, and have suffered as the Federal Reserve has talked up the chances of tighter monetary policy.

Tesla did not immediately respond to Insider’s request for further comment.

Read the original article on Business Insider

All museums will build a metaverse copy using NFTs, predicts contemporary art chief at world’s largest museum

NFT art
NFT.

  • The head of contemporary art at the State Hermitage Museum predicts museums will have digital copies of themselves in the metaverse.
  • In an interview with Cointelegraph, Dmitry Ozerkov discussed his vision for the future of artwork on the metaverse.
  • Ozekov curated the “The Ethereal Aether,” the museum’s first-ever NFT exhibit. 

Museums all over the world will eventually build digital copies of themselves in the metaverse.

That’s according to Dmitry Ozerkov, the head of the contemporary art department at the State Hermitage Museum, which is the largest in the world by gallery space and houses 3 million works of art.

He has a vision for the historic museum in St. Petersburg, Russia, to fully integrate with the metaverse. 

“We are all moving into the digital era and our digital twin will be following us everywhere,” Ozerkov said in an interview with Cointelegraph

He also curated “The Ethereal Aether,” the State Hermitage Museum’s first virtual exhibition, which went on display last month. The platform featured digital artwork in the form of non-fungible tokens, or NFTs. 

The exhibition differs from the physical museum because onlookers were able to interact with the NFTs on display. 

And as he develops the museum’s digital twin — dubbed the Celestial Hermitage — Ozerkov he sees NFTs as a new opportunity for the art world. 

“You can pass through these doors without touching anything, while in the virtual world, you can do anything: you can play with artworks, you can make them interactive, you can add data to it,” he said.

Read the original article on Business Insider

Jefferies says the metaverse is as big an investment opportunity as the early internet

An art exhibit depicting the metaverse.
Skeptics argue that no-one really knows what the metaverse is.

  • Investors should consider the metaverse as like the early days of the internet, according to Jefferies’ head of thematic research.
  • Simon Powell noted key stocks to watch, telling CNBC people will want to “own the Ciscos” of the metaverse.
  • Yet many are still skeptical of the idea, with one investor saying proper metaverses are still years away.

Wall Street is getting very excited about the metaverse, with investment bank Jefferies perhaps the most optimistic.

Its head of thematic research Simon Powell told CNBC that the metaverse is an investment opportunity akin to the early days of the internet.

“The way to think about it is [that] all human activity that hasn’t moved online is about to move online in the next five to 10 years,” he said. “We can only imagine what it can be.”

Powell was speaking to CNBC’s “Worldwide Exchange” on Friday, after Jefferies released a research note saying the metaverse will be the biggest disruption to how people live ever seen.

The metaverse is a fuzzy term that refers to a wide range of virtual worlds, in which people use avatars to play games, watch virtual concerts, work, build things, and even buy and sell crypto assets such as non-fungible tokens, or NFTs.

Social media giant Facebook recently changed its name to Meta to mark a switch in focus to the metaverse. The move spurred a surge of interest in the idea among investors and other technology companies.

Powell said investors should be thinking about investing in the metaverse as though they were investing in the early internet. That means first focusing on hardware providers; then on software providers; then on companies that actually operate inside the technology.

“What did you want to own from 1989 to 2000? You wanted to own the Ciscos of the world. And I think the same is going to be true for the metaverse,” he said.

Powell recommended investors think about chipmakers such as Nvidia and AMD, saying that the push into virtual worlds will require a huge amount of computing power.

He also recommended device manufacturers, for example, those that make virtual reality headsets. “It’s all about infrastructure for the next few years,” he said.

Read more: Universal Music Group bets on the metaverse by partnering with Genies to make digital avatars and wearables

However, there are plenty of skeptics about the metaverse who argue that it’s far too soon to predict whether the idea will become a major part of everyday life.

Jon Jordan, blockchain specialist at venture capital firm Hiro Capital, told Insider that “no one knows what [the metaverse] is.” He added: “Nothing that is yet live, I would call a metaverse.”

The uncertainty makes investing decisions about the metaverse tricky, Jordan said.

Jefferies’ Powell said it’s still uncertain whether the metaverse will be dominated by the likes of Facebook/Meta or by decentralized virtual worlds such as The Sandbox or Decentraland.

Decentralized virtual worlds, in which users can create and sell their own items in the form of NFTs, have recently been attracting a lot of attention, with virtual land selling for millions of dollars.

This story has been amended to give the correct name for Jefferies’ head of thematic research, Simon Powell.

Read the original article on Business Insider

The ‘seesaw’ in markets is a signal to dump bubble assets like tech stocks and crypto, investment chief Richard Bernstein says

Traders work through the closing minutes of trading Tuesday on the New York Stock Exchange floor on February 25, 2020 in New York City.
  • Investors should ditch overvalued assets like tech and crypto, Richard Bernstein said.
  • He slammed cryptocurrencies as being the biggest financial bubble in history.
  • Bernstein expects bitcoin to tumble 90% from current levels.

Investment chief Richard Bernstein said he’s skeptical of assets with high valuations, and called cryptocurrencies the biggest-ever financial bubble.

The investing world can be viewed as a risky seesaw with bubble assets balanced to one side, Bernstein said.

“On one side, we have all that I would call the bubble assets: tech, innovation, disruption, cryptocurrencies,” he said in an interview on CNBC’s “Trading Nation” on Friday.

“On the other side of this seesaw, you have literally everything else in the world,” he continued. “I think if you’re looking at 2022 into 2023, you want to be in the ‘everything else in the world’ side of that seesaw.”

Tech stocks, including those benefiting from the shift to remote work during the pandemic, have continued their upward ascent in 2021, with many investors viewing the FAANG group as a comfort zone. The tech-heavy Nasdaq is up about 27% so far this year.

While tech valuations appear overvalued to some, others have trumpeted the prospect of growth in segments including cloud, cyber security, 5G, and the metaverse as unparalleled in history.

But Bernstein warned investors could be hurt by “bubble assets.” “Valuations are very high and what you have to remember is the valuation is more important than the story,” he said.

Even participants in the tech bubble of the 2000s took years to pocket profits, he noted. “If you invested in the Nasdaq 100, which were the real companies at the time, it took you 14 years to break even,” Bernstein said. “Something tells me that the people today are not paying attention to valuations, but also aren’t thinking it’s going to take them 14 years to break even.”

Bernstein said there’s a scarcity of capital on the other side of the seesaw, which is likely to generate higher returns. 

After earlier this year calling oil the most ignored bull market, he said the top play for 2022 should be the energy sector. The Energy Select Sector SPDR Fund, which measures stocks in the sector, is up 51% so far this year, according to data from TradingView

“The last time the FCF [free cash flow] yield for the energy sector was this high relative to either the market or the tech sector was around the tech bubble, and energy outperformed for a decade. The sector’s dividend yield is >3x the S&P 500′s dividend yield,” Bernstein wrote in a note to CNBC.

As for cryptocurrencies, the investing chief expects bitcoin to tumble 90% from current levels. “Cryptos are the biggest financial bubble ever in history,” he said. “This is just a monster one.”

Bitcoin was last trading around $48,509 at last check Monday. While its year-to-date gains stand at 66%, the crypto is down 28% from its record high in November.

“I think one wants to wait to look at the true fundamentals, and look at the valuations before deciding that this is all over,” Bernstein said.

Read More: A couple on track to retire in their 30s share their top 3 strategies for achieving financial freedom, including their house-hacking tactics

Read the original article on Business Insider

Jefferies says the metaverse is as big an investment opportunity as the early internet, as its research chief lays out the bull case

An art exhibit depicting the metaverse.
Skeptics argue that no-one really knows what the metaverse is.

  • Investors should consider the metaverse as like the early days of the internet, according to Jefferies’ head of thematic research.
  • Simon Powell noted key stocks to watch, telling CNBC people will want to “own the Ciscos” of the metaverse.
  • Yet many are still skeptical of the idea, with one investor saying proper metaverses are still years away.

Wall Street is getting very excited about the metaverse, with investment bank Jefferies perhaps the most optimistic.

Its head of thematic research Richard Powell told CNBC that the metaverse is an investment opportunity akin to the early days of the internet.

“The way to think about it is [that] all human activity that hasn’t moved online is about to move online in the next five to 10 years,” he said. “We can only imagine what it can be.”

Powell was speaking to CNBC’s “Worldwide Exchange” on Friday, after Jefferies released a research note saying the metaverse will be the biggest disruption to how people live ever seen.

The metaverse is a fuzzy term that refers to a wide range of virtual worlds, in which people use avatars to play games, watch virtual concerts, work, build things, and even buy and sell crypto assets such as non-fungible tokens, or NFTs.

Social media giant Facebook recently changed its name to Meta to mark a switch in focus to the metaverse. The move spurred a surge of interest in the idea among investors and other technology companies.

Powell said investors should be thinking about investing in the metaverse as though they were investing in the early internet. That means first focusing on hardware providers; then on software providers; then on companies that actually operate inside the technology.

“What did you want to own from 1989 to 2000? You wanted to own the Ciscos of the world. And I think the same is going to be true for the metaverse,” he said.

Powell recommended investors think about chipmakers such as Nvidia and AMD, saying that the push into virtual worlds will require a huge amount of computing power.

He also recommended device manufacturers, for example, those that make virtual reality headsets. “It’s all about infrastructure for the next few years,” he said.

Read more: Universal Music Group bets on the metaverse by partnering with Genies to make digital avatars and wearables

However, there are plenty of skeptics about the metaverse who argue that it’s far too soon to predict whether the idea will become a major part of everyday life.

Jon Jordan, blockchain specialist at venture capital firm Hiro Capital, told Insider that “no one knows what [the metaverse] is.” He added: “Nothing that is yet live, I would call a metaverse.”

The uncertainty makes investing decisions about the metaverse tricky, Jordan said.

Jefferies’ Powell said it’s still uncertain whether the metaverse will be dominated by the likes of Facebook/Meta or by decentralized virtual worlds such as The Sandbox or Decentraland.

Decentralized virtual worlds, in which users can create and sell their own items in the form of NFTs, have recently been attracting a lot of attention, with virtual land selling for millions of dollars.

Read the original article on Business Insider

Battle of the metaverses and a billion-dollar hack — 13 expert predictions for what’s next for crypto in 2022

Traffic lights with green light replaced by bitcoin sign, clouds and light blue sky in the background
Experts share their predictions for crypto in 2022.

  • After an eventful 2021 in crypto, experts shared their predictions for the sector next year with Insider.
  • Among them: Expect a battle for the metaverse, the first billion-dollar hack, and the use of bots to buy NFTs.
  • The crypto economy will top $7.5 trillion in 2022, and most jobs will partly be in the metaverse, were others.

Events in the crypto space are moving a mile a minute — and expect next year to keep up the pace as big business stakes out its turf, blockchains refine their tech, and easier points of entry let newcomers in.

Consider what happened in 2021: El Salvador adopted the top cryptocurrency bitcoin as legal tender. Retail investors dived in. China cracked down on crypto mining. Facebook went all-in on the metaverse, which has Wall Street seeing dollar signs.

Digital currencies are now well on their way to becoming part of mainstream finance. The US approved the first bitcoin futures ETF, while crypto leaders urged regulators to provide clearer rules for the $3 trillion industry.

That flurry of developments, which came as the pandemic played out, generated a whirlwind of excitement among investors. To learn what drivers might lie ahead, Insider asked industry experts to predict what’s next for crypto.

These are the top 13 predictions for the crypto sector in 2022:

1. Ethereum’s price will rise at a much faster rate than bitcoin, due to the move to proof of stake. Tom Higgins, CEO at asset management platform Gold-i.

2. Bitcoin may gain the upper hand versus stocks in 2022. Mike McGlone, head crypto analyst at Bloomberg Intelligence.

3. A Fortune 500 crypto company that has gone remote-first will declare their official headquarters to be on one of the competing metaverses. — Brandon Arvanaghi, CEO of crypto startup Meow.

4. The metaverse will become the new interface for people to engage with the web and each other. — Justin Banon, co-founder of decentralized network Boson Protocol.

5. Expect a battle between crypto-native metaverse and ones launched by gaming and corporate entities like Meta. — Brock Pierce, chairman of the Bitcoin Foundation.

6. The crypto-economy market capitalization will rise from a peak of $3 trillion in 2021 to over $7.5 trillion at some point in 2022. — Rohit Talwar, CEO at insight and research business Fast Future.

7. Next year will see the world’s first billion-dollar hack as DeFi activity continues to increase. — Benjamin Whitby, who oversees regulatory affairs at cross-chain protocol Qredo, on decentralized finance.

8. At least 25 countries will be using a central bank digital currency by the end of 2022. Either their own, or one issued by another country, such as China’s digital yuan. — Fast Future’s Talwar.

9. Investors will use bots to make purchases during NFT minting events, which could potentially shut out less sophisticated users. — Ethan McMahon, economist at blockchain data platform Chainalysis, on non-fungible tokens.

10. Most people will operate day-to-day jobs partially in the metaverse. — Shane Molidor, chief revenue officer at digital asset financial platform AscendEx.

11. Banks will look to crypto for fraud trends. — Chris Stephens, head of fraud and security analytics at identification platform Callsign.

12. Initial Game Offerings will become popular. Expect the larger organizations like GameStop and Epic to begin making plays at some point in 2022. — Nick Saponaro, co-founder and CEO of decentralized payment ecosystem Divi Project.

13. If countries take a hostile stance, adoption will be much slower. — Witek Radomski, co-founder and CTO at blockchain platform Enjin.

Read More: If you’re a millennial or Gen Z crypto investor, it’s time to diversify, according to the investment chief for a firm managing $260 billion. He breaks down 6 ‘less fashionable’ assets offering uncorrelated returns.

Read the original article on Business Insider

Binance says it will withdraw Singapore licence application and wind down its digital payment token business in the country

Binance
Binance says it will withdraw its Singapore licence application.

  • Crypto exchange Binance’s Singapore unit had applied for a license to operate in the city-state.
  • It is now withdrawing the application and winding down its Singapore digital payment token business.
  • Singapore is among the forerunners globally in developing a formal licensing framework.

The Singapore affiliate of Binance, one of the world’s largest cryptocurrency exchanges, said on Monday it will withdraw its local license application and wind down its digital payment token business in the broadly crypto-friendly city-state.

The company, which has come under growing scrutiny globally, did not give a reason for its decision beyond “strategic, commercial and developmental” considerations and said it would refocus the local unit’s operations on becoming a blockchain innovation hub.

Governments and financial watchdogs around the world have intensified scrutiny of the cryptocurrency industry this year, posing a challenge to exchanges that have thrived in a mostly unregulated environment.

The move comes a week after Binance said it plans to file for a license from the UK’s Financial Conduct Authority, and to become a registered crypto asset firm there within six to 18 months. Since clashing with the regulator in June, Binance has established a UK office with a large number of compliance staff.

Singapore is a popular location for cryptocurrency firms due to a comparatively clear regulatory and operating environment and is among the forerunners globally in developing a formal licensing framework.

Binance’s Singapore unit was one of well over a hundred cryptocurrency companies to apply for a license to operate in Singapore and had been allowed to do business while its license request was being processed.

Singapore issued its first licenses this year, including to a unit of Southeast Asia’s largest bank DBS, however, dozens of others have been withdrawn or rejected.

Binance said its Singapore platform for trading fiat and cryptocurrencies will close by mid-February. In September, the company said that because of local regulation, users in Singapore would not be able to trade on its global platform.

“I think this signifies again Singapore’s license regime is quite stringent,” said Chia Hock Lai, co-chairman, Blockchain Association Singapore.

“Having said that, Binance also stated that Singapore will remain as their blockchain innovation hub, so it is still consistent with the narrative that Singapore is a very important blockchain hub.”

Financial regulators in Hong Kong, Germany, and Japan, among others, have targeted Binance, raising issues such as consumer protection and anti-money laundering checks. Some have banned the platform from certain activities, while others have warned consumers that it was unlicensed to operate. 

In September, the Commodity Futures Trading Commission and other US regulators launched a probe into whether Binance engaged in insider trading and market manipulation. 

Read the original article on Business Insider

Forget gift cards. Here’s how to give the gift of crypto and buy someone an NFT for the holidays this year.

Hands holding NFT against purple background.
Hands holding NFT against purple background. Getty Images stock photo

  • In the market for an interesting holiday gift? Maybe consider a unique piece of digital art.
  • An NFT could be both valuable and sentimental, said Kosala Hemachandra, the cofounder of MyEtherWallet.
  • In the next five years, NFTs could be come a  more mainstream Christmas present, he added.

Instead of giving someone cash or a gift card for Christmas this year, how about an NFT?

It’s unique. It’s trendy. Its crypto. 

An NFT  “adds that extra value. It just adds a little bit of emotion to it because you know something about that person,” said Kosala Hemachandra, the cofounder and head of MyEtherWallet, or MEW.

Hemachandra, who created NFT project ETHBlocks, said you can find the perfect piece of digital art for the nature enthusiast, the robot-obsessed, or the art lover in your life. 

People this year have been clamoring for NFTs, or non-fungible tokens, which are pieces of digital art minted on the blockchain. The market is set to hit a record $17.7 billion by the end of 2021, boosted by mega sales of items like Beeple’s $69 million sale of “Everdays” and metaverse hype.

So how does one gift an NFT?

For one, be prepared to spend a minimum of $200-$500 on your gift. Just because the NFT itself might be a meager $10, the red-hot transaction fees on ethereum tack on a big price tag, Hemachandra said.

To start, take a look on one of the popular NFT marketplaces and browse some collections. OpenSea is a popular site for NFT sales, and items can be filtered by price. 

Once you’ve zeroed in on a piece, the easiest way to buy an NFT is with a crypto wallet, which can be set up with an app like MEW or MetaMask, for example. Many popular crypto exchanges like Coinbase and Kraken also have wallet services. You’ll have to purchase some ethereum on an exchange and then move the crypto to your wallet (ethereum is trading around $4,020 as of Friday afternoon but you can purchase any amount you like).

If the recipient doesn’t have their own wallet for you to transfer the NFT to or isn’t well-versed in crypto, you can set up the wallet for them and transfer the NFT and provide them with the details after you’ve given the gift. The recipient can also claim the NFT with a phone number or email. This, however, sort of goes against the concept of “decentralization,” said Hemachandra. 

When the crypto newbie “unwraps” the gift, take a simple approach to explaining what it is, Hemachandra said. You can say, “This is for you; you own it, and if you ever decide to sell it for a higher price, you can go ahead and do that.”

The more likely scenario, though, is that one crypto enthusiast will gift another crypto enthusiast a piece of digital art, he said. But, within the next five years, Hemachandra sees NFTs becoming a more a common Christmas gift. 

Read the original article on Business Insider

Battle of the metaverses and a billion-dollar hack — 13 expert predictions of what’s next for crypto in 2022

Traffic lights with green light replaced by bitcoin sign, clouds and light blue sky in the background
Experts share their predictions for crypto in 2022.

  • After an eventful 2021 in crypto, experts shared their predictions for the sector next year with Insider.
  • Among them: Expect a battle for the metaverse, the first billion-dollar hack, and the use of bots to buy NFTs.
  • The crypto economy will top $7.5 trillion in 2022, and most jobs will partly be in the metaverse, were others.

Events in the crypto space are moving a mile a minute — and expect next year to keep up the pace as big business stakes out its turf, blockchains refine their tech, and easier points of entry let newcomers in.

Consider what happened in 2021: El Salvador adopted the top cryptocurrency bitcoin as legal tender. Retail investors dived in. China cracked down on crypto mining. Facebook went all-in on the metaverse, which has Wall Street seeing dollar signs.

Digital currencies are now well on their way to becoming part of mainstream finance. The US approved the first bitcoin futures ETF, while crypto leaders urged regulators to provide clearer rules for the $3 trillion industry.

That flurry of developments, which came as the pandemic played out, generated a whirlwind of excitement among investors. To learn what drivers might lie ahead, Insider asked industry experts to predict what’s next for crypto.

These are the top 13 predictions for the crypto sector in 2022:

1. Ethereum’s price will rise at a much faster rate than bitcoin, due to the move to proof of stake. Tom Higgins, CEO at asset management platform Gold-i.

2. Bitcoin may gain the upper hand versus stocks in 2022. Mike McGlone, head crypto analyst at Bloomberg Intelligence.

3. A Fortune 500 crypto company that has gone remote-first will declare their official headquarters to be on one of the competing metaverses. — Brandon Arvanaghi, CEO of crypto startup Meow.

4. The metaverse will become the new interface for people to engage with the web and each other. — Justin Banon, co-founder of decentralized network Boson Protocol.

5. Expect a battle between crypto-native metaverse and ones launched by gaming and corporate entities like Meta. — Brock Pierce, chairman of the Bitcoin Foundation.

6. The crypto-economy market capitalization will rise from a peak of $3 trillion in 2021 to over $7.5 trillion at some point in 2022. — Rohit Talwar, CEO at insight and research business Fast Future.

7. Next year will see the world’s first billion-dollar hack as DeFi activity continues to increase. — Benjamin Whitby, who oversees regulatory affairs at cross-chain protocol Qredo, on decentralized finance.

8. At least 25 countries will be using a central bank digital currency by the end of 2022. Either their own, or one issued by another country, such as China’s digital yuan. — Fast Future’s Talwar.

9. Investors will use bots to make purchases during NFT minting events, which could potentially shut out less sophisticated users. — Ethan McMahon, economist at blockchain data platform Chainalysis, on non-fungible tokens.

10. Most people will operate day-to-day jobs partially in the metaverse. — Shane Molidor, chief revenue officer at digital asset financial platform AscendEx.

11. Banks will look to crypto for fraud trends. — Chris Stephens, head of fraud and security analytics at identification platform Callsign.

12. Initial Game Offerings will become popular. Expect the larger organizations like GameStop and Epic to begin making plays at some point in 2022. — Nick Saponaro, co-founder and CEO of decentralized payment ecosystem Divi Project.

13. If countries take a hostile stance, adoption will be much slower. — Witek Radomski, co-founder and CTO at blockchain platform Enjin.

Read More: If you’re a millennial or Gen Z crypto investor, it’s time to diversify, according to the investment chief for a firm managing $260 billion. He breaks down 6 ‘less fashionable’ assets offering uncorrelated returns.

Read the original article on Business Insider