Crypto Scoop: Stakeholders Share Price Predictions For Bitcoin Amid Crypto Initiatives

This week we see several countries rally to pursue crypto initiatives and regulations. In this edition of the crypto scoop, we review:

• Price moves and predictions for top cryptocurrencies
• Crypto Regulation And Initiatives in Nigeria, Namibia, Italy and Russia
• Metaverse and Web 3 Initiatives in London and Japan

Price Moves And Predictions For Top Cryptocurrencies

Dogecoin experienced a notable gain on Monday, surging by up to 5% after an announcement from Elon Musk. The billionaire entrepreneur revealed his plans to rebrand Twitter as "X," and speculators believe this new platform will enable users to make cryptocurrency payments, possibly including Dogecoin.

While Bitcoin did not record any significant price moves as it traded below $30,000 in a surprising move, US Presidential Candidate Robert Kennedy showed strong faith in the future of Bitcoin by purchasing 14 BTC, worth around $380,000, for his children.

Bullish predictions for Bitcoin's future continue to circulate, with Fundstrat's research note suggesting that the asset could surge as high as $180,000 by April 2024. This forecast hinges on approving a Bitcoin spot ETF in the United States, which the research firm believes could significantly impact Bitcoin's price equilibrium.

Cathie Wood, CEO of Ark Invest, revealed her firm's growing confidence in Bitcoin's price, reaching an astonishing $1.5 million. She pointed to Bitcoin's performance during a regional bank crisis earlier in the year, stating that it served as a safe-haven asset, likening it to insurance that everyone would desire eventually.

Ripple (XRP) has emerged as the most traded altcoin in 2023, according to Kaiko, an analytics resource. Its trading volume has surpassed other altcoins, signalling strong market interest in the token. Ripple’s Chief Legal Officer (CLO) Stuart Alderoty noted that the SEC ruling in favour of Ripple could significantly impact the ongoing lawsuits of SEC with Coinbase and Binance. He explained,  “In our case, we have a clear statement that the trading of a digital token … does not make a contract for an investment, and therefore there’s no security …. I think that ruling will play well in the Coinbase case and … equally well … in the Binance case.”

Crypto Regulation And Initiatives in Nigeria, Namibia, Italy, Canada and Russia

The Central Bank of Nigeria (CBN) is making efforts to boost the adoption of its central bank digital currency (CBDC), eNaira. Acting Governor Folashodun Shonubi stated they are modifying the eNaira model to encourage wider usage. Despite seeing a considerable increase in eNaira wallets, reaching 13 million between October 2022 and March 2023, this number is relatively small, considering Nigeria's large population of nearly 224 million.

In Namibia, the government has taken a U-turn on its cryptocurrency stance by officially signing a law to regulate Virtual Asset Service Providers (VASPs) operating in the country. This marks a reversal of their previous decision to ban cryptocurrency exchanges. The Namibia Virtual Assets Act 2023, approved by the National Assembly and signed by President Hage Geingob, assigns a regulatory authority to oversee crypto exchanges and lays out the country's first framework for regulating cryptocurrency-related activities.

The Bank of Italy's Milano Hub innovation centre is supporting a research project developed by Cetif Advisory. The project focuses on exploring a security token ecosystem for institutional decentralised finance (DeFi). Although the initiative does not have commercial purposes, it aims to broaden the understanding of security tokens and their role in secondary markets. The goal is to create a safe and supervised environment for DeFi operations.

Russia, the largest country by landmass, is gearing up to launch its digital ruble. President Vladimir Putin has approved the project, amending Russia's Civil Code to allow the digital ruble for payments. Starting from August 1, real citizens will have the option to use the digital ruble, which will be managed directly by the central bank, distinguishing it from commercial bank-managed accounts. Central Bank governor Elvira Nabiullina clarified that using the digital ruble is voluntary and presents new opportunities for more convenient and cost-effective transactions for individuals and businesses.

These developments indicate a growing recognition of the importance of cryptocurrency regulation and the potential benefits of digital currencies in various economies worldwide.

Metaverse and Web 3 Initiatives in London and Japan

In London, The British Museum, a renowned cultural landmark, is venturing into the Metaverse by collaborating with The Sandbox, an Ethereum-based metaverse game. Together with French startup LaCollection, they plan to create a series of NFT digital collectables that will showcase the breadth and depth of the museum's collections. These unique digital assets will offer users immersive experiences, allowing them to engage with historical and cultural artefacts in exciting new ways. 

The British Museum will also establish its own immersive space within The Sandbox, joining the ranks of modern cultural icons like Snoop Dogg, McDonald’s, Adidas, and Gucci. The partnership aims to provide The Sandbox players worldwide with an educational and enriching experience, delving into the incredible wealth of human history, art, and culture held by The British Museum.

Meanwhile, in Japan, Prime Minister Fumio Kishida has expressed the country's commitment to fostering the Web3 industry, recognising its potential to revolutionise the internet and bring about positive social change. Kishida emphasised the capacity of Web3 to drive innovation across various sectors. Speaking at the WebX conference in Tokyo, Kishida welcomed industry players to Japan, encouraging collaboration and the birth of new projects in the Web3 space. The government's focus on Web3 highlights the nation's readiness to embrace cutting-edge technologies and explore their transformative possibilities.