Crypto Goes To Hollywood | Stuff.co.nz

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This article first appeared on thebit.nz

Seeing Matt Damon in front of an advertisement for the crypto.com cryptocurrency exchange this week was not just a smart marketing flex for the company, but an indication that crypto has indeed entered mainstream culture. .

Gwyneth Paltrow, Kim Kardashian, Lionel Messi, Johnny Depp and Floyd Mayweather are other celebrities fronting for crypto platforms in a trend some have called the Hollywoodization of crypto.

Then there’s New York City’s new mayor, Eric Adams, who takes his first bitcoin paychecks and thinks crypto should be taught in schools.

READ MORE: * New York Mayor-elect Eric Adams says he’ll take his first three bitcoin paychecks * ‘Squid Game’ cryptocurrency crooks reportedly walked away with millions * Is it ethical invest in cryptocurrency? * New Zealand’s first bitcoin – only investment fund launched

Closer to Home All Black legend Dan Carter is involved with Glorious, a Kiwi-owned studio and NFT marketplace, with all of his sales made in crypto.

Eduardo Munoz / AP

Incoming New York Mayor Eric Adams takes his first bitcoin paychecks and thinks crypto should be taught in schools.

Although considered by some, such as mathematician and author Nassim Nicholas Taleb, to be a gigantic Ponzi scheme (I realized that [crypto] was not a currency without government. It was pure speculation. It’s just like a game. Nothing. I mean, nothing else. I mean you can make another game and call it a currency) Cryptocurrencies are a growing player in the monetary system and the market cap is over US $ 2.5 trillion (NZ 3.5 tonnes ) with more than 200 million users worldwide.

The New Zealand digital asset market is estimated to be worth NZ $ 210 million and rising as bitcoin prices have nearly doubled in the past year, standing at US $ 67,402.56 (95,404 , NZ $ 95) as of this writing.

Faced with this, governments, banks, and credit card companies, after sitting on their hands hoping that it won’t explode and disappear, are starting to embrace it.

This week, Mastercard announced the launch of its first cryptocurrency-linked payment cards in the Asia-Pacific region.

It partners with Amber Group in Singapore, Bitkub in Thailand and CoinJar in Australia, all of which offer cryptocurrency buying and trading services in their respective home markets.

While some merchants already accept payments in digital currencies such as Bitcoin or Ethereum, until now you cannot access your local PakN Save and pay in bitcoin.

Andrew Cornaga / Photosport NZ

All Black legend Dan Carter is involved with Glorious, a Kiwi-owned NFT studio and marketplace, with all of his sales being done in crypto.

Cardholders will now be able to instantly convert their cryptocurrencies into traditional fiat currency that can be spent anywhere Mastercard is accepted, both online and offline.

The currency enters the Mastercard network as traditional fiat currency, making purchasing goods and services as easy as swiping your credit card.

The move follows research by Mastercard that revealed growing interest in crypto across the Asia-Pacific region.

Forty-five percent of those polled in APAC say they will likely consider using cryptocurrency next year, a huge jump from the 12% who used it last year, and over the world average of 40%.

Even former prime minister and ANZ NZ chairman John Key is pushing crypto. I think central banks could increasingly issue their own cryptocurrencies and if not issue them, definitely support them, he said at a recent online event.

The problem Key acknowledges is that banks are stepping in now or risking losing a very profitable industry.

If cryptocurrencies have been allowed to roam, mostly unchecked, this window will close quickly.

US President Joe Biden is laying the groundwork for regulation, but faces a big fight in Congress.

Alex Brandon / AP

US President Joe Biden is laying the groundwork for cryptocurrency regulation, but faces a big fight in Congress.

For the most part, crypto platforms operate here with minimal oversight. Yes, they are required to follow our tax, anti-terrorism and anti-money laundering rules and must register with the Home Affairs Department, but no other safeguards are in place for users.

Even the platforms themselves are asking for guidance, it would be great to have more clarity and guidance from regulators, Pav Hundal told me of the recent arrival of crypto Swyftx when I interviewed him in September.

If a platform is hacked and you haven’t stored your crypto in a wallet, you remember the 2019 $ 24 million hack of the Christchurch crypto-currency platform Cryptopia, but if you had Had your money in the bank, your money would have been safe as the RB requires the for most Australian banks to raise $ 20 billion to meet security requirements.

The other thing potential investors should keep in mind is that anyone can create a cryptocurrency dogecoin, for example, was launched as a joke, but its value has soared by thousands of percentage points. in a few weeks. Research is vital in determining whether a part is legitimate or fraudulent.

Even the two main coins, bitcoin and ether, can be incredibly volatile.

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The other thing potential investors should keep in mind is that anyone can create a cryptocurrency dogecoin, for example, was launched as a joke, but its value has soared by thousands of percentage points. in a few weeks.

New Zealand Crypto Investigation

Not before the hour in July, the Finance and Expenditure Committee, chaired by Labor MP Duncan Webb, launched an investigation into cryptocurrencies.

In addition to looking at the perceived negatives of crypto volatility, the energy implications, with criminals using digital assets for money laundering or extortion, Webb said they also wanted to look at the positives.

It’s not all down, but also up, he told RNZ.

We want to understand whether the government should consider regulating or encouraging this type of technology.

We are still awaiting the results of the investigation, but if the reserve bank submission were to happen, don’t expect New Zealand to be at the forefront of innovation in this space.

He argued that New Zealand regulators will need improved regulatory toolkits to manage the risks posed by certain forms of cryptoassets, saying he was particularly troubled by stable cryptocurrencies tied to the value of official currencies. (as was Facebooks doomed diem coin) like the New Zealand dollar, but which are not backed by a legal claim on the central bank.

His submission went on to say that the Reserve Bank prefers not to use the term cryptocurrency as it involves assigning a safe reserve of value, a stable medium of exchange, and a reliable unit of account associated with conventional currencies that the cryptocurrencies do. not have.

Clearly disrupted by the prospect of a decentralized monetary system, he would have little control over the Reserve Bank, instead considering launching his own central bank digital currency. This would allow money in your bank account to be withdrawn in central bank money backed by the New Zealand government, currently only available in physical cash.

As regulators manipulate the message that cryptocurrency is the new class of investment asset, one promoted by Hollywood’s biggest stars, is growing.

New Zealand crypto market Easy Crypto last month secured $ 17 million in an oversubscribed investment round.

In a revealing comment to Stuff, Easy Crypto chief executive and co-founder Janine Grainger said it took 13 months to get her first dollar investment, then she raised the $ 17 million in only three weeks.

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