Ripple (XRP) Becomes Sixth Largest Cryptocurrency in Market Cap

It’s been yet another exciting week in the crypto space. With additional crypto adoption policies being rolled out, several price predictions for ETH and BTC have been made. In this week's crypto scoop, we'll look at: 

• Bitcoin and Ethereum price predictions
• XRP becoming the sixth-largest cryptocurrency
• The burn of over 46.7 million SHIB tokens
• Russia’s initiative to recognise cryptocurrencies
• Zambia, Kenya, Zimbabwe’s CBDC initiative 
• Apple’s new crypto payment feature

Analysts Predict Major Price Gains For BTC and ETH

According to JPMorgan's newest projection, Bitcoin will eventually reach $150,000. To attain $150,000, Bitcoin would have to match the $2.7 trillion in private sector gold investment. JPMorgan notes that Bitcoin's current fair value is $38,000 because it is four times more volatile than gold.

The price of ethereum is expected to hit $6,500 by the end of the year, according to a panel of Finder fintech experts. By 2025, it will have risen to $10,810, before nearly tripling to $26,338 by 2030. The company stated that a panel of 33 fintech experts was polled from January 6 to January 17 this year and that 26 of the 33 panel members predicted the price of ETH. 

Fsinsight, a Fundstrat firm, stated this week in a note to investors that bitcoin may reach $200,000 in the second part of the year. Sean Farrell, Fsinsight's head of digital asset strategy, claimed the rapid increase will be due to "legacy market capital entering the fold."

 Amidst these optimistic takes on bitcoin and eth price increase, a former director of the Bank of Thailand has warned of an impending crypto collapse. He argued,  "A cryptocurrency bubble would erupt at the end of March when liquidity in the financial system declines." He noted that the first wave of the crypto boom had passed and that many cryptocurrencies had lost over 40% of their value this year.

While bitcoin helps develop a financial ecosystem in the digital economy, he explained that it also poses hazards to financial systems. He also advised risky asset investors to exercise extreme caution in the second quarter of this year.

46.7  Million Shiba Inu Tokens Burned as Shiba Inu announces a New project, Shiba Lands. 

According to Shibburn account data, the SHIB community has destroyed around 45 million SHIB tokens. It took 19 transactions to send this amount of SHIB  to a  dead wallet.

Steven Cooper's Bigger Entertainment is also organising a Valentine's Day party during which additional Shiba Inu Tokens will be burned. Over 191 million tokens have been burned thus far.

Shiba Inu developers have revealed Shiba Lands, a new project that would allow users to own digital real estate. According to the developers, holders of Doge Killer (LEASH), the ShibaSwap decentralised exchange's native token, will be granted access to the initial selling phase. After the initial sale, the remaining acreage will become available.

Russia Ignores Central Bank’s Suggestion to Ban Bitcoin and Resolves to Recognise it as a Currency.

The Central Bank of Russia has proposed a complete ban of cryptocurrencies in Russia, even recommending punishments for violation of the ban. However, many in the administration objected to such a move, believing that it would set Russia behind in its quest to stay current with technology.

According to the Russian newspaper Kommersant, the Bank of Russia and the government have achieved an agreement on crypto laws. Following this agreement, Russian lawmakers are developing legislation that will classify cryptocurrency as an "analogue of currencies" rather than digital financial assets.

The report went on to say that with such a designation, crypto's use would be restricted to the legal sector. This means that crypto will be integrated into the financial system, and users will only access it through licensed intermediaries and the banking system.

Following the announcement, Vladimir Gutenev, the head of the State Duma Industry Committee, urged that crypto miners be taxed at least 15%.

Crypto adoption policies in other countries

Michelle Rempel Garner, a member of Canada's House of Commons, has proposed that the government create a framework to promote the country's cryptocurrency sector to thrive.

Garner urged that Canada's Finance Minister collaborate with industry leaders to design a regulatory framework to encourage cryptocurrency innovation. The "Encouraging the Growth of the Cryptoasset Sector Act" would also mandate that the Finance Minister provide a report on the framework and introduce legislation within three years of its passage. 

The Governor's Office of New Hampshire has also announced Executive Order 2022-1. The Executive order establishes a Governor's Commission on Cryptocurrencies and Digital Assets.  Governor Sununu's decision to create the panel was based on the "increasing use and acceptability" of cryptocurrency and the rise of distributed ledger and blockchain technologies.

According to the executive order, the crypto commission will have 180 days — until August 8 — to submit a report to a New Hampshire state official. The report will include a "review and investigation regarding the current status of the cryptocurrency and digital asset industry" as well as applicable laws in the US and abroad.

Kenya, Zambia and Zimbabwe Explore CBDC options

The Central Bank of Kenya (CBK) has released a discussion paper on the possible benefits, hazards, and regulatory concerns of adopting a central bank digital currency (CBDC) in Kenya.

The use of a CBDC, according to CBK, might make cross-border payments more efficient and less expensive. CDBC solutions help flatten the multi-layered correspondent banking structure and reduce payment chains, according to the regulator. Kenyans have till May 20 to offer their opinions on the paper to the CBK. The CBK will next collect comments on the topic via an online form for 100 days.

According to the central bank, cryptocurrencies are not legal tender in Zambia, and "people who want to deal in them should have a clear understanding of all the risks that come with such payment and investment instruments." However, the Bank of Zambia is looking into CBDC, citing its potential to increase financial inclusion, improve traceability, safety, and efficiency of payment systems.

Zimbabwe's central bank, which has previously expressed resistance to cryptocurrencies, revealed Wednesday that it is investigating the feasibility of launching its own digital currency (CBDC).

Apple Announces New Crypto Payment Feature

Apple announced that its Apple Pay users will be able to use iPhone’s Tap to Pay feature to make crypto payments across mainstream merchants and businesses. Using near-field communication technology, or NFC, iPhone-owning merchants can accept contactless payments by using their mobile devices as a point-of-sale system.

Apple's soon-to-be-released Tap to Pay feature will support "Apple Pay, contactless credit and debit cards, and other digital wallets," according to the company. Customers who have a Coinbase Card, Crypto.com Visa Card, or a similar payments card will be able to use their bitcoin holdings to make payments using Tap to Pay unless Apple puts a direct obstacle in the way.