Ark Investment Stands By Bitcoin $1M Prediction
Ripple has announced its first On-Demand Liquidity (ODL) customer in France as it partners with Parisian payments provider Lemonway, a press release said.
The partnership will allow Lemonway to use Ripplenet ODL, leveraging XRP for crypto-enabled payments to power its own payment processes. The partnership will allow Lemonway to drive operational efficiencies, as it will not need to pre-fund overseas accounts – and they will have the ability to use previously captured pre-funded capital to grow the business.
It comes as France has adopted more crypto technology.
Meanwhile, the Financial Stability Board has published a framework for international crypto regulation.
The recommendations are based on the principle of “same activity, same risk, same regulation” in that crypto-assets should be treated like the traditional financial sector, along with addressing various financial stability risks.
In further crypto news, The Financial Crimes Enforcement Network (FinCEN) has leveled a civil monetary penalty against Bittrex for violating the Bank Secrecy Act, when the company allegedly failed to maintain an effective AML program, according to a press release.
FinCEN Acting Director Himamauli Das said Bittrex’s AML program unnecessarily exposed the US financial system to threat actors, allowing exposure “to high-risk counterparties including sanctioned jurisdictions, darknet markets and ransomware attackers.”
Furthermore, venture capital investment in crypto is at its lowest level in more than a year as of Tuesday (October 11), with startups reeling from this year’s big sell-off in digital currencies, Bloomberg wrote.
VC firms globally invested $4.44 billion in crypto startups during the quarter, a 37% drop from the same period last year, per PitchBook statistics.
The setback also comes as there has been a slowdown in overall technology investment, although crypto investment has seen a steeper decline due to higher risk.
Finally, Ark Investment Management analyst Yassine Elmandjra has said he still stands by a prediction from the company that bitcoin’s price could exceed $1 million, even with sales this year, Bloomberg wrote.
Cathie Wood, the fund manager behind Ark’s ETFs, had said earlier this year that bitcoin could reach $1 million or more by 2030 – but that was before the mass sell-off that came this year amid global financial turmoil.
Elmandjra said that is still an opportunity, saying that there are many use cases and when “you stack each use case on top of another, you get to an opportunity of about $28 trillion, which is more than a million dollars per Bitcoin .”
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