Dacxi Crypto Wealth | This Week In Crypto | 15 - 21 December

This Week In Crypto | 15 - 21 December

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Dacxi

Dec 22, 2021

5 MIN

More and More Millennial Investors Are Now Investing in Crypto

Wikipedia-Themed NFT Auction at Christie's Draws Large Sums

IMF Chief Economist Pitches for a Global Crypto Policy

The Single Largest Ethereum Contract Is Sitting Idle

Polygon to Provide the Infrastructure for Reddit Co-Founder’s $200 Million Initiative

 

With 83% of millennial millionaires invested in crypto assets, the market of blockchain is on an ever-expanding mode.  Wikipedia themed NFTs have attracted sums of nearly $937,000 and Reddit co-founder has announced $200 million for Web 3 initiatives. Among all these, the IMF Chief Economist Gita Gopinath has advocated for a global crypto policy.

 

More and More Millennial Investors Are Now Investing in Crypto

Survey shows a growing willingness among millennial millionaires to invest a considerable share of their portfolio in cryptocurrencies. The survey assessed millionaires with assets of a minimum of one million or more. 

A whopping 83% of them had made crypto investments. As high as 53% of these millionaires had more than half of their portfolio in crypto. Another one-third of the survey participants had a minimum of 75% of their wealth in crypto assets. 

In sharp contrast to the millennial generation, only 4 out of 100 of the older generation were invested in digital assets. Among generation X, the crypto ownership rate is only 25%. 

 

Wikipedia-Themed NFT Auction at Christie's Draws Large Sums

The auction was to mark Wikipedia’s 20th anniversary in January. Named “The Birth of Wikipedia”, the auction had sold an NFT of Wikipedia’s first edit and the strawberry iMac used by Wikipedia co-founder Jimmy Wales to create Wikipedia. While the first one fetched US$750,000, the second one sold for $187,500. 

The sold lot featured the first message posted on Wikipedia by Wales in 2001, in which he wrote: “Hello, World!”

The NFT also comprises the layout of the Wikipedia Home Page in 2001 and the earliest surviving source code that formed it. Wikipedia will spend a part of the earnings to support WT.social, Wales’ alternative social media network pilot project. 

 

IMF Chief Economist Pitches for a Global Crypto Policy

IMF Chief Economist Gita Gopinath is absolutely against the banning of crypto and wants a global policy on it instead. Soon to become the deputy managing director of the IMF, Gopinath believes that banning crypto would result in losing control over offshore exchanges that do not come under the jurisdiction of a country’s regulatory framework. 

At a time when different economies are becoming increasingly concerned about how to control and regulate crypto, these comments made by Gopinath at a National Council of Applied Economic Research event hold special significance.

 

The Single Largest Ethereum Contract Is Sitting Idle

The contract is worth $33.5 billion and involves 8,641,954 Ether (ETH). It is an Eth 2.0 Beacon Chain staking contract and cannot be spent without a hard fork. The terms of the hard fork have not been decided yet and could only be done when the Beacon Chain merges with the Ethereum Mainnet. 

The fact that people are sending their ETH despite knowing that the hard fork terms have not been decided yet shows the demand and trust people have in the upcoming Eth2. 

 

Polygon to Provide the Infrastructure for Reddit Co-Founder’s $200 Million Initiative

Alexis Ohanian’s VC firm Seven Seven Six and Polygon Network are to take forward a $200 million initiative to invest in Social Media and Web 3-based projects. The purpose of the initiative includes exploring better ways for humans to connect online. Polygon will provide the infrastructure required to achieve the said purpose. 

The advantage of Polygon as an Eth2.0 layer 2 project is that it handles a large volume of data in a very short time. More than 3,000 dApps operate on it.