CityLabs Secures 8.55% Stake in Gopax

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.

South Korea’s southeastern port city of Busan signed a memorandum of understanding (MOU) on Wednesday with the BDX Consortium led by ITCEN GROUP, a Seoul-based tech company specializing in system integrations. This marks the beginning of the establishment of the Busan Digital Asset Exchange (BDX). Photo by Minku Kang on UnsplashPlans to establish BDX CorporationFollowing the MOU signing, Busan and the BDX Consortium plan to join forces to set up and operate BDX successfully. The two entities are also dedicated to swiftly establishing a private entity, “BDX Corporation,” within the blockchain regulation-free zone in Busan, as part of their ambitious plan to make Busan into a global blockchain hub.  ITCEN GROUP is known to have extensive experience in trading real-world assets (RWAs) such as gold, silver and copper. Other participants of the BDX Consortium include Hana Securities, Hana Bank, OCON and Barunson, who are set to provide RWAs and intellectual properties (IP) to BDX in cooperation with ITCEN GROUP. Following the founding of BDX Corporation, the BDX Consortium is required to provide investment capital to the city of Busan until April, in accordance with its business plan.  A blockchain exchange with its own mainnet based on decentralized governanceThe decentralized governance upon which BDX will operate is an independent framework capable of handling securities settlements, listing assessments and market monitoring. It also serves as an investor protection measure through its mutual check and balance system.  BDX plans to support 24/7 transactions of various assets including commodities, jewelry, IP and carbon credit, all of which will be tokenized into small units for convenient trade.  “This partnership lays the foundation for the BDX launch, which will serve as a cornerstone of the city’s plan to foster the blockchain industry. In close cooperation with local enterprises, Busan will do its best to build and operate the exchange and contribute to the city’s economic growth,” stated Park Hyeong-joon, the mayor of Busan. 

Midas Investments Founder Launches Locus FinanceIakov Levin, the founder of the recently failed Dubai-headquartered custodial crypto investment platform Midas Investments, has unveiled his latest project, Locus Finance, a DeFi platform.Photo by Shubham’s Web3 on UnsplashStarting overThat’s according to a recent report published by The Block. Locus Finance’s main focus lies in providing connectivity with high-yield tokenized vaults. In its initial stages, the company will introduce three yield-generating products, centered around Ethereum staking, DeFi expansion, and Arbitrum trading.Levin believes that investors are not interested in the intricacies of blockchains, protocols, or daily portfolio management. This is where vaults play a crucial role, catering to the retail yield market and generating profits for retail investors. In a statement Levin said:“Investors don’t want to worry about blockchains, protocols, transaction costs, and daily portfolio management. They need specific exposure in a set-and-forget style. Vaults represent a unique approach necessary for maturing the retail yield market, allowing for optimal wealth generation for retail investors.”With Locus Finance, Levin aims to learn from past experiences and provide a platform that meets the demands of retail investors seeking a more simplified and profitable DeFi experience. The company’s approach centers around yield generation and a seamless user experience, allowing users to focus on their investments without being bogged down by complex technicalities.Midas downfallMidas Investments, established in 2018, had seen significant success as a custodial crypto investment platform which offered yields on a range of digital assets. It managed assets worth over $250 million at its peak in 2021. However, the volatile market conditions in 2022 led to losses exceeding $50 million, forcing the company to close its doors in December 2022.The loss incurred accounted for 20% of the $250 million assets under management (AUM). The platform’s demise followed the collapse of prominent projects like Terra, FTX, and Celsius earlier in 2022. Those collapses prompted Midas Investments users to withdraw over 60% of their assets. That run on the platform rendered its fixed yield model unsustainable.Midas faced total liabilities of $115 million in Bitcoin, ETH, and stablecoins, with assets valued at $51.7 million. At the time of the platform’s collapse, Levin expressed his optimism about future plans. He disclosed plans to introduce an offering that would feature new investment strategies. Fast forward seven months and it appears that those plans have taken shape in the form of this newly-launched Locus Finance platform.However, Locus Finance’s success will be closely monitored in light of the challenges faced by its predecessor. A former Midas Investments customer took to Reddit three months ago to warn people to stay away from the new platform once launched.At that time, Midas Investments management had advised customers of its intention to start over via Lotus Finance. “Users lost tons of money and Midas got away with the bags. . . . I’d recommend staying as far away from them as possible,” the former customer warned.