This Week In Crypto | 8 - 14 December

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Dacxi

Dec 14, 2021

5 MIN

NUG Decides to Accept Tether

90% of Bitcoin Supply Mined Already

Fan Token Market Cap Grows by $157 Mn

Migration from Stocks to Crypto Evident

Ether and Dogecoin Become Most Searched Terms on Google

 

In testimony to cryptocurrency’s worth as an intrusion-free fundraising tool, the Myanmar shadow government NUG has decided to accept USDT. While a large chunk of traditional equity stock investors is looking forward to crypto for diversification, the fan token market cap has reached $417 million. Ethereum price and Dogecoin have become two of the most searched terms on Google News.

 

Myanmar's NUG Decides to Accept Tether

The National Unity Government (NUG) of Myanmar comprises jailed leader Aung San Suu Kyi’s supporters. In a move that will be closely watched by many in the crypto industry, the NUG has decided to accept USDT for its ongoing fundraising campaign. It has also declared the Tether stablecoin, pegged to the US dollar, an official currency for local use and utilities. 

The NUG aims to uproot the prevailing military regime in Myanmar. To meet its goal, it has so far raised $9.5 million selling Spring Revolution Special Treasury Bonds. The objective is to take the amount to $1 billion. 

As far as the use of cryptocurrencies is concerned, the Central Bank of Myanmar had banned its use in May last year. The NUG’s decision is in defiance of that decision. The use of cryptocurrencies to raise funds would help stop efforts to seize funds by the present regime. But the NUG is also aiming to ramp up “the current trade, services, and payment systems.” 

 

90% of Bitcoin Supply Mined Already

It has already been one and a half years after the last halving and the latest available data shows that 90% of the Bitcoin supply has already been mined. The data also shows that the volume of total Bitcoin in circulation has already hit 19 million. The first 90% of the Bitcoin had taken 12 years to mine.

The hard cap of 21 million, put on Bitcoin’s total supply, is something that exists since its inception and is written in its source code. The network nodes enforce it. 

The process of Bitcoin halving cuts down the rate of producing new Bitcoins by half every four years. It will, therefore, take the Bitcoin mining process 119 years from now to complete, estimates one industry source.  

 

Fan Token Market Cap Grows by $157 Million

In mid-June, the market capitalization of all fan tokens combined was $260 million. At present, that market has gone past $417 million. Entities whose fan tokens are at the top of the list include Paris Saint-Germain (PSG) and Manchester City (CITY). These fan tokens have been brought into the market by Socios that leverage the blockchain infrastructure of Chilliz. The Lazio Fan token, launched on Binance Launchpad, is also going great. 

As elaborated by Alexander Dreyfus, the founder and CEO of Socios and Chilliz, their fan-token ecosystem alone has registered a sales volume of $250 million. He predicts the fan token market size to hit a mark of $10 billion within the next five years. One of the most significant benefits that make fan tokens stand out from the rest of the cryptocurrencies is their worth as an asset. Rather than facilitating purchase or trade, fan tokens come with fan benefits. 

 

Migration from Stocks to Crypto Evident

Consumer data aggregator CivicScience conducted a survey among 3,700 respondents in the US where it asked if one had the means and ability to invest their money in an asset, would they invest in stocks or cryptocurrencies? While 76% chose stocks, 24% chose cryptocurrencies. 

In a better indicator of the migration, 40% of the respondents said they knew someone who sold their traditional stocks to purchase crypto. However, this was among the sub-segment of respondents who declared that they followed the market ‘very closely’.

While the interest to experiment with crypto assets is visible, the intensity is not yet very strong as 44% of the respondents who had sold stocks for crypto sold less than one-tenth of their portfolios.

 

Ether and Dogecoin Become Most Searched Terms on Google

Both the coins have made it to the list of the world’s most searched terms in 2021 on Google. While Dogecoin was the fourth-most popular news search term on Google, news related to “Ethereum Price” ranked 10th. Interestingly, Bitcoin was not in the top 10 list, and the other eight news search terms had hardly anything to do with cryptocurrencies as well.