Crypto Market Overview August 29th | Dex-Trade
"Kiyosaki's Prophecy" Is Coming True: Crypto Flies Down After the Classic Markets
Over the weekend, Bitcoin and most alternative coins fell by 2 — 10%, which was a reaction to the fall in stock market indices, which continues to hurt most financial institutions around the world. Back on Friday, well-known financial "apocalyptic" and writer, Robert Kiyosaki, tweeted: “All markets crashing: real estate, stocks, gold, silver, bitcoin. Middle class wiped out by higher oil inflation.” And on Sunday, the writer tweeted with a link to his 2013 book, “Rich Dad’s Prophecy: Why the Biggest Stock Market Crash in History Is Still Coming … And How You Can Prepare Yourself and Profit From It!” In his opinion, we are now witnessing the beginning of the biggest financial disaster in history. As for the reasons for what is happening, the global collapse occurred due to the fact that financial analysts predicted a "hot Monday" in the stock market. Trading platform provider IG Group tweeted about the apparent "jitters in the U.S. futures market," advising investors to "get your tin hats on." Many attribute these events to fears of an aggressive rate hike by the US Federal Reserve, promised by the chairman of the state agency Powell Jackson Hole last week. The market closed across the board on Friday, with the Dow Jones Industrial Average down more than 1,000 points, according to CNBC.
The "Wolf of Wall Street" Called Its Forecast for the Future of Crypto Wrong
Jordan Belfort, former stockbroker known as the "Wolf of Wall Street«», in an interview with Yahoo Finance admitted on August 27 that his initial prediction that Bitcoin would crash to zero was wrong. According to the businessman, his position in 2017 was due to his belief in the fraudulent nature of BTC, since the flagship crypto still has all the characteristics of a fraudulent project to this day. But Belfort went on to add that, in his opinion, further growth in the popularity of Bitcoin will lead to increased government crackdown on it, as this asset poses a threat. The former stockbroker also revealed that he changed his mind about BTC after the 2018 crypto winter when he realized that Bitcoin also had the properties of digital gold. In this regard, Belfort elaborated that as the top digital asset matures, it will likely trade as a store of value rather than as a growth stock. A little later, the businessman made a prediction that the growth trajectory of the crypto industry would be similar to the dot-com boom: some digital currencies will finally collapse before they re-enter trends. However, he believes that cryptocurrencies will remain useful and will be successfully regulated by states. In particular, Belfort believes that BTC and ETH will prosper in the long term.
The Number of Crypto Owners Has Grown to 320 Million: Data from a Recent Study
According to a study by TripleA, a company that processes cryptocurrency payments, the number of digital asset holders grew by about 4.2% during the year, which indicates that more than 320 million people around the world are now using virtual money. For the study, TripleA collected data from more than 12 reports and surveys, resulting in "obtain the most encompassing and accurate set of statistics." At the same time, the leaders in global adoption of cryptocurrencies are the United States, where there are 46 million users, followed by India and Pakistan with 27 and 26 million users, respectively. However, as a result of the distribution of the number of crypto owners by continent, it turned out that Asia occupies the leading position, in which there are 130 million users of crypto services. Africa comes in second with 53 million cryptocurrency users, followed by North America with 51 million users. As for the impact of cryptography on various business industries, the study highlights that 85% of companies based in the United States consider providing the ability to pay for goods and services with digital assets as a top priority for business development. In addition, companies accepting crypto payments have shown an increase in return on investment by an average of 327% and an increase in the customer base by up to 40%.
