Tokyo's Relic launches fan-driven anime project using NFT and blockchain

BitMEX Co-Founder Forecasts $750K to $1 Million Bitcoin Price by 2026In a recent interview with YouTuber Tom Bilyeu, Arthur Hayes, Co-Founder of the Seychelles-registered cryptocurrency exchange and derivative trading platform BitMEX, has expressed his bullish outlook on Bitcoin’s future price, projecting a valuation of $750,000 to $1 million for the leading cryptocurrency by the year 2026.Photo by Kanchanara on UnsplashFinite supply to drive price dynamicHayes’ optimism is rooted in several factors that he believes will shape the next Bitcoin cycle. One of the key factors driving Hayes’ projection is Bitcoin’s limited supply. With a maximum cap of 21 million coins, Bitcoin’s scarcity is expected to propel the unit price of the asset in tandem with growing demand as more investors seek to secure a piece of this finite resource.The idea that Bitcoin’s scarcity will drive its value higher has been a fundamental tenet of the cryptocurrency since its inception. In 2010 the leading cryptocurrency’s pseudonymous Founder stated: “When someone tries to buy all the world’s supply of a scarce asset, the more they buy the higher the price goes.”ETF potentialHayes also highlighted the potential for Bitcoin spot exchange-traded funds (ETFs) to become available in major regulated markets. The introduction of Bitcoin ETFs could attract institutional investors and provide a more accessible way for the broader public to invest in Bitcoin, further boosting its demand.However, Hayes also speculates about the risks associated with a Bitcoin ETF. He stated: “Are we inviting in something that’s going to fundamentally change what Bitcoin is?”Geopolitical factorsGeopolitical uncertainty plays a significant role in Hayes’ forecast also. As global economic and political instability persists, investors may turn to Bitcoin and other alternative assets as hedges against traditional financial instruments.However, it’s important to note that Hayes contextualized his Bitcoin price prediction within a larger bullish macroeconomic environment. From his perspective the surge in asset prices will not be limited to cryptocurrencies alone. He anticipates a substantial boom in financial markets, with not only Bitcoin but also traditional assets like stocks experiencing substantial price growth.Hayes stated: “I think it will be the biggest boom in financial markets we have ever seen in human history. Bitcoin will have a ridiculous price, Nasdaq will have a ridiculous price, S&P will have a ridiculous price.”Known for his thoughtful and insightful writings on the subject area, Hayes wrote in July that he believes that Bitcoin will be the currency of choice when it comes to the growing need for artificial intelligence (AI) to work directly with a means of payment.$1 million BTC by 2026While Hayes’ projection of a $1 million Bitcoin price by 2026 may seem ambitious, his short-term predictions are more moderate. He foresees Bitcoin trading in the $30,000 range for the current year. Building upon that thesis, he maintains that the possibility exists of it reaching $70,000 by 2024.This aligns with the views of other industry analysts who anticipate challenges and headwinds in the near term. There’s little doubt that recent platform failures and speculation with regard to the health of other leading crypto platforms have been retarding market performance more recently.While the road ahead may hold fluctuations and challenges, many experts believe that Bitcoin’s long-term trajectory remains promising, driven by its unique attributes and the changing dynamics of global finance.

Venture Smart Financial Holdings Ltd. (VSFG), a Hong Kong-based financial services firm, is strategically positioning itself to enter the growing cryptocurrency exchange-traded fund (ETF) market, with its latest reveal being an interest in launching a spot ETH ETF in Q2.Photo by Michael Förtsch on UnsplashIn a recent interview with The Block, VSFG Chairman Lawrence Chu revealed the company's plans to apply for a spot ether ETF in Hong Kong. Executing on that plan is contingent upon the successful launch and approval of its spot bitcoin ETF. Q1 launch for bitcoin ETFLast month, the firm disclosed that it is gearing up for a spot bitcoin ETF launch within the first quarter of this year. VSFG was the first to reveal such an intention within the ETF space in Hong Kong. However, competition is already starting to bubble, as subsequently, Chinese asset manager Harvest Fund announced that it has gone one better and actually filed an application for a spot bitcoin ETF product in the Chinese autonomous territory. Chu shared insights into the firm's current status, mentioning that VSFG is in the final phase of preparing its application for a spot bitcoin ETF to be submitted to the Hong Kong Securities and Futures Commission. He emphasized the rigorous regulatory discussions that precede such submissions in Hong Kong, characterizing the imminent application as being in the advanced stages, stating, “Submission [for application] is almost like when you're 95% there.” Chu acknowledged the importance of ongoing conversations with regulators, expressing readiness by stating, “but that really depends on the conversation we have with the regulator. We will be ready.” Competitive spotlight on ETF feesHighlighting the evolving landscape in Hong Kong, Chu noted that nearly 10 fund companies are exploring the launch of potential spot crypto ETFs in the city. That call echoes similar comments made recently by Livio Weng, CEO of digital assets firm HashKey. The prospect of a potential fee war among asset managers was also discussed, drawing parallels with developments observed in the U.S. bitcoin ETF market. That seems likely, given that downward pressure on spot bitcoin ETF fees in the United States has also spread to Europe where Invesco and WisdomTree have cut fees by 60% on similar products. Global ether ETPsWhile commentators such as Standard Chartered Bank speculate on the likely approval of spot ether ETF products in the U.S. by May and VSFG indicates a potential Q2 launch in Hong Kong, there are already a number of similar products out in the wild around the world. According to data compiled by crypto data aggregator platform CoinGecko, the top 10 ether funds account for $5.5 billion in value. Among them is the XBT Provider ether exchange-traded product (ETP), the world’s first Ethereum-based security made available on a regulated exchange, namely Nasdaq Stockholm in Sweden, by crypto ETP specialist CoinShares. While the race is on in Hong Kong to launch crypto ETFs, on an international basis, competition is heating up as various global fintech hubs look to kindle what is likely to make up a significant part of the ETF sector pie in the years to come.

Singapore Pledges $112M to Boost Fintech Solutions Including Web3Acknowledging the growing significance of collaboration with industry stakeholders in propelling advancements in emergent technologies such as Web3, Singapore’s central bank, the Monetary Authority of Singapore (MAS), has unveiled plans to allocate up to 150 million Singapore dollars (approximately $112 million) towards supporting a spectrum of financial technology solutions, with a special focus on Web3.Photo by Jason Leung on UnsplashDistributed over three yearsThis financial commitment, outlined in a press release published to the MAS website on Monday, will be distributed over a three-year period as part of the revamped Financial Sector Technology and Innovation Scheme (FSTI 3.0), designed to invigorate and fortify innovation by backing projects that leverage cutting-edge technologies.The renewed innovation scheme encompasses multiple avenues, including the Enhanced Centre of Excellence track, the Environmental, Social and Governance (ESG) fintech track, and the Innovation Acceleration track — the last incorporating the realm of Web3.Emphasizing industry partnershipsMAS underlined the importance of forging partnerships with industry participants to bolster inventive fintech solutions originating from emerging technologies such as Web3.“MAS will conduct open calls for the use of innovative technologies in industry use cases. Grant funding will be provided to support actual trial and commercialization,” the central bank stated.In addition to these efforts, the initiative will maintain its commitment to encouraging adoption across domains like artificial intelligence, data analytics, and regulatory technology (RegTech). Furthermore, there will be an emphasis on fostering adoption within companies that are still digitally maturing and seeking to integrate RegTech solutions.Applicants across the various program tracks will be required to allocate resources toward nurturing talent. This strategy aims to augment Singapore’s fintech talent pool, ultimately contributing to the nation’s expertise in the sector.Ravi Menon, the Managing Director of MAS, underscored the substantial investment that the Financial Sector Development Fund (FSDF) has funneled into the FSTI program since its inception in 2015.Menon highlighted that this initiative’s overarching objective is to spur innovation and facilitate the seamless integration of novel technologies within the financial landscape. Over the years, the program has exemplified its commitment to driving transformation and pioneering the adoption of new technology across the financial sector.Nurturing Web3 innovationPotential Web3 and crypto hubs have come and gone, but Singapore has been vying to take its place as a center for Web3 innovation over a sustained period after it suffered some setbacks in 2022 related to a string of crypto business failures.While Binance had not been permitted to serve customers in the city-state, that meant that a disproportionate number of Singaporeans got caught up in the failure of the FTX crypto exchange. Alongside that regulatory failure, state investment giant Temasek had to write off a substantial investment in the company, while suffering reputational damage for not having detected the FTX fraud.The city-state has also been home to the failure of crypto lender Hodlnaut and crypto hedge fund Three Arrows Capital (3AC). Despite these setbacks, Singaporean authorities are continuing to work towards setting the proper stage to further develop Web3 innovation. In June, MAS proposed a comprehensive framework for the design of open networks relative to tokenized digital assets. This latest initiative will further Singapore’s ambition to grow its Web3 sector.