Bitcoin Is Not a Risk-On Asset According to BlackRock Head of Crypto Executive
BlackRock’s head of digital assets, Robbie Mitchnick, believes that Bitcoin has been mislabeled as an “asset” and says it behaves differently than stocks or other risky investments. He added that Bitcoin’s main drivers, such as its role as a decentralized, non-peer-based entity with no specific countries or different risks, are different from stocks that have always existed. Michnik believes that Bitcoin is a “special diversification tool” and a hedge against geographic and currency risks, contrary to its description as a speculative asset. BlackRock’s latest Bitcoin ETF change is a routine event and Michnick dismisses concerns about operational changes. Meanwhile, cryptocurrency analyst PlanB has sparked controversy with his prediction that Bitcoin will reach $1 million by 2025, which many in the community believe is unrealistic.
Australia's Crypto Sector Faces Stricter Oversight with Licensing Mandate
Australia is set to expand licensing rules not just for digital currency platforms but also for cryptocurrency exchanges. The Australian Securities and Investments Commission (ASIC) plans to mandate financial services licenses for major crypto assets such as Bitcoin and Ethereum, citing the need to strengthen user protection products and fair trading. ASIC will release new guidance in the coming months and will be open to industry input. ASIC aims to support innovation while also eliminating the risk of consumer harm and abuse. Meanwhile, Senator Andrew Bragg has criticized the government for dragging its feet on cryptocurrency regulation, claiming that Australia is lagging in cryptocurrency culture due to inaction.
Solana's Meme Coin POPCAT Rockets Past $1 Billion Market Cap
Popcat (POPCAT), a Solana-based meme token, recently reached an all-time high of $1.08, breaking the $1 barrier after several failed attempts. Its market cap has also reached $1 billion, indicating good growth in value and investor interest. On-chain data shows open interest, indicating new money entering the market, which will help boost value. However, technical indicators such as Bollinger Bands and Relative Strength Index suggest that POPCAT is overbought, which could lead to a return to $0.90 or lower unless there is more buying.
Google Cloud and Solana Labs Join Forces to Unlock the Full Potential of Web3 Games
Google Cloud and Solana Labs have partnered to create GameShift, a service designed to help game developers integrate Web3 features like NFTs and digital assets into existing cloud games. Available on Google Cloud Marketplace, GameShift simplifies the process of integrating blockchain content, allowing developers to transition to Web3. The partnership reflects Google’s growing support for Web3 technology and complements its other blockchain initiatives. For Solana, the partnership is an opportunity to expand its user base, which has been bolstered by recent developments including partnerships with major financial institutions and the launch of new products.
Kamala Harris Pushes for U.S. Blockchain Supremacy in Global Digital Economy
Democratic presidential candidate Kamala Harris has expressed support for the US to remain a leader in blockchain, artificial intelligence, and other technologies. In a recent speech at the Economic Club of Pittsburgh, Harris emphasized the importance of innovation in areas such as biomanufacturing, clean energy, and digital assets while ensuring consumer goods are protected. Harris has previously been quiet on the subject of cryptocurrencies but has now emphasized the role of digital assets in her financial plan. Analysts have mixed predictions on how the election results will affect Bitcoin, with some suggesting that Harris could benefit Bitcoin, while others believe that Trump could lead to further growth in the cryptocurrency market.
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