Analysts expect crypto market cap to triple or more next year

Bitget Launches Blockchain4Youth ProjectSeychelles-headquartered crypto derivatives trading platform, Bitget, announced on Thursday the launch of a new corporate social responsibility (CSR) project. The initiative seizes upon an opportunity to execute on a public good while at the same time, benefiting the future prospects of the business itself alongside the overarching crypto space.Blockchain4Youth is a new initiative from the crypto business with the objective of “empowering and inspiring younger generations to use Web3 and crypto tools to create and engage in a decentralized space. ” With this goal, the trading platform believes that a blockchain future can be created.Photo by Jill Wellington on PexelYouth key to crypto adoptionWhile this is a CSR project, it’s easy to interpret it as a win/win. The future success of crypto lies with the younger demographic. They are the ones who are digitally native. They’re the ones that can more easily identify with truly digital money and digitally decentralized systems.Bitget seems to get this according to the statement it issued: “Bitget believes that a blockchain-based future is essential to building better products and tools to help people advance crypto adoption. The platform will be relying on the young generation to promote such ideas and will help them become proactive leaders.”This is telling as it demonstrates firstly that the Seychelles-based platform understands that the younger demographic represents its future customers. But it also clarifies that Bitget understands that future products need to be purpose built to meet the specific needs of that younger demographic.46% of millennials own cryptoIt appears that Bitget’s initiative is further motivated off the back of recent research it carried out. Released last month, that research study reveals that 46% of Millennial respondents said they owned cryptocurrencies, compared to 25% of Gen X-ers, 21% of Gen Z, and just 8% of Baby Boomers.The depth of the study extended to 255,000 survey responses received from respondents distributed across 26 countries, including places as diverse as the United States, Japan, China, Nigeria, Germany, Indonesia, and elsewhere. The study achieved responses per country of at least 10,000 respondents.The research also uncovered that “related statistics compiled on attitudes towards the regulation of digital assets indicate that each successive generation is more likely to factor in the attitudes of electoral candidates towards crypto regulation when casting their vote.”One of the study’s key findings is the following: “By 2030, all Gen Z members will be adults and the spread of blockchain technology by that time could lead to an increase in the percentage of cryptocurrency adopters across all generations. As such, the chances of the growth in acceptance of cryptocurrencies in the coming years are very high.”Broader industry involvementBitget intends to extend involvement in its Blockchain4Youth project beyond the company, with participation coming from other blockchain firms. The press release sets out that “the platform will also collaborate with other leading blockchain firms to incubate innovative projects by young entrepreneurs and host U30 (Under the age of 30) hackathons to identify the most promising ones.”The crypto derivatives platform is kicking things off later this month through a series of campus lectures in Thailand, Vietnam, and Taiwan covering the topic of Web3. As well as being open to collaborating with industry peers, the company also wants educators to take an active role in the initiative.

Authorities in China have disclosed that Yao Qian, a prominent figure in the country's blockchain industry and former head of China's central bank digital currency institute, is under investigation by the nation's anti-graft watchdog. The announcement was made on Friday, revealing that Yao is "suspected of serious violations of discipline and law." However, specific details regarding the nature of the investigation were not provided.Photo by Max van den Oetelaar on UnsplashCareer and recent roleYao Qian currently holds the position of head of the technology regulation department at the China Securities Regulatory Commission. Earlier in the month, he authored an opinion piece titled “Warnings Mount Over Novel Bitcoin ETFs That Have Taken the U.S. by Storm” on Caixin, a prominent Chinese financial news platform. Born in 1970, Yao initially served as the inaugural head of China's central bank digital currency research institute in 2017 before transitioning to the securities regulator in 2018. Contributions to blockchain discourseThroughout his career, Yao Qian has been actively involved in discussions surrounding blockchain technology. In 2022, he published a book covering various topics within the blockchain space, including DAOs, DeFi, NFTs and X-to-earn models. In the foreword of his book, Yao emphasized the growing significance of Web3 innovation, noting it as a development direction of high importance and value for nations. Lack of specifics surrounding investigationThe announcement of Yao Qian's investigation has left many observers in the blockchain industry with questions, as authorities did not provide clear reasons for the probe. Despite his past contributions and current role in technology regulation, the investigation raises uncertainties about Yao's future involvement in the blockchain sector and his standing within Chinese regulatory circles. As developments unfold, stakeholders within the blockchain community will continue to monitor the situation surrounding Yao Qian's investigation and its potential implications for China's blockchain policies and initiatives. 

Indonesia to Launch Blockchain Trials to Enhance Public ServicesIn the wake of its recent government-backed cryptocurrency exchange launch, Indonesia is moving further forward to launch trials that employ blockchain technology within its public services sector.Photo by Bisma Mahendra on UnsplashBlockchain-based land ownership recordsAt the recent Blockchain Economy Summit held in Dubai, Tuhu Nugraha, the Principal of the Indonesia Applied Digital Economy and Regulatory Network (IADERN), told Cointelegraph that these trials will encompass the utilization of blockchain-based digital certificates for land ownership and certificates of competence within the education sector.The executive believes that blockchain’s inherent attributes, which include characteristics such as immutability and transparency, can be harnessed to combat certificate fraud. By anchoring these certificates in blockchain’s secure ledger, the government can efficiently verify the authenticity of various digital certificates, which is a significant leap forward in ensuring the integrity of critical documents.Nugraha is an advisor to the Indonesian government on blockchain and metaverse technologies. He emphasized the government’s collaborative approach to Web3 technology. Additionally, Nugraha revealed that the Indonesian government is working in close partnership with various blockchain-focused associations to conduct experiments and gather insights into the multifaceted implications of blockchain across diverse sectors. Instead of imposing rigid regulations, Nugraha maintains that the Indonesian government is committed to crafting regulations that spur innovation.Cointelegraph also spoke with Grace Sabandar, Co-Founder of the Indonesia Blockchain and Metaverse Center (IBMC). Sabandar, an advocate of blockchain’s potential, emphasized the pivotal role of Indonesia’s youthful demographic on the basis that this dynamic demographic is inherently adaptable to new technology.Youthful demographic to capitalize on Web3Sabandar made the point that this younger Indonesian demographic has already demonstrated itself to be one of the world’s largest user bases for Web2 social media platforms such as Facebook and Instagram. On that basis, she believes Indonesia is poised to lead in the adoption of Web3 technology. She remarked:“We want to be the leader, not only the user of technology, because now, because of decentralization, anybody can do something, anybody can create something.”Furthermore, Sabandar highlighted the crucial educational role played by the IBMC in collaboration with the government, private sector stakeholders, media, and academia. Their mission revolves around enlightening the nation about the manifold benefits of blockchain, emphasizing transparency, the utility of smart contracts in business operations, the essence of decentralization, and other fundamental aspects.Realizing blockchain and Web3 potentialEarlier this week, a report published by South Korean crypto data platform Xangle in conjunction with Web3 consulting firm Tiger Research concluded that Indonesia has significant potential to grow its Web3 sector.Reports in recent days have also demonstrated further instances of the use of blockchain technology in the country, with state-owned ID Food collaborating with Singapore’s D3 Labs to establish a blockchain-based fish trading process. In July, South Korean tech company Milk Partners launched its blockchain-based reward points service in Indonesia.Indonesia’s blockchain development and adoption are being spurred on by the enthusiasm of its tech-savvy youth, collaborative partnerships, and a government dedicated to innovation and transparency. As it paves the way in the Web3 era, Indonesia seeks to leverage blockchain technology to benefit public services, foster trust, and lead by example in the global digital revolution.