The Digest

• Elon Musk Is Not Thrilled by Web3, Warren Buffett’s Vice Chairman Says Crypto Ban Was the Right Call
• OkCoin Strikes A New Milestone Prior to DEX Launch. OkCoin wants 50% females in crypto by 2025
• Stablecoin Analytics USDT vs. USDC Official: Bank of France Declares that Crypto Regulation Must Come Before CBDC
• Beijing launches a new round of digital services ahead of the Winter Olympics
• NFT News: AMC Gets New Records with NFT, Deadmau5 releases a new NFT song, Adidas (OTC) Joins the Metaverse With New Partnerships

Elon Musk Is Not Thrilled by Web3, Warren Buffett’s Vice Chairman Says Crypto Ban Was the Right Call

Centibillionaire and founder of Tesla (NASDAQ:), Elon Musk, who has become famous for his crypto involvements, is unimpressed by Sam Altman’s explanation of Web3. Altman, the CEO and founder of AI deployment and research company OpenAI, took to Twitter (NYSE 🙂 to discuss Web3 (the decentralized internet).

In explaining the possibilities that lie within this technological advancement, Altman opined that “Web3 might still have 2010s-like returns.” However, unimpressed by his explanations, Musk remarked, “Web3 sounds like bs.”

The criticism continues with Warren Buffett’s Vice Chairman, Charlie Munger. According to the 97-year-old vice chairman, China’s decision to ban cryptocurrencies and mining was the right decision.

According to the investor, cryptocurrencies have made the investment space “a little more extreme” than what he had seen in his decades of experience. Mister Munger stated that he would never purchase a cryptocurrency and wished they had never been invented.

Flipsider:

• Although Warren Buffett is not a crypto-fan, many banking executives around the globe are accumulating cryptos.

What you should care about

The cryptocurrency industry is growing despite the many opinions. Its market capital will grow more than 3x by 2021, despite the differing views.

Cardano Hits a New Milestone Before DEX Launch. OkCoin Needs to Have 50% of Crypto Females by 2025

Although users didn’t receive the benefits of the upgrade to en-fanfare protocol, Alonzo immediately recognized that the network was growing. After just four years, Cardano reached 20 million transactions.

While Cardano is waiting to enjoy as many Decentralized Exchanges (DEXs) as – the pioneer of smart contracts – it has surpassed the transactions of the Ethereum network. Hoskinson explained the confusion surrounding ADA and also discussed why dapps take so long to appear on the Cardano network.

Flipsider:

• Cardano transactions surpass Ethereum, but ADA is underperforming right now

According to a survey, only 10%-15% of the investors in crypto are women. OkCoin invested $1 million in order to encourage more female participation in crypto.

OkCoin’s project aims to have equal crypto participation between men and women by 2025. Randi Zuckerberg has been appointed as the first brand advisory council member by OkCoin. OkCoin’s ambition is part of a greater quest to achieve mainstream DeFi (decentralized finance) adoption.

Stablecoin Analytics USDT vs. USDC Official: Bank of France Declares that Crypto Regulation Must Come Before CBDC

Stablecoins have been dominated by one asset: USDT. Even though they are involved in many controversies USDT is still the market leader and ranks as the fourth most valuable crypto. But there’s a contender for top stablecoin.

According to data from the Block, USDC ($38.77 billion) now has 50% of USDT’s circulating supply, worth $77.58 billion. Tether was launched July 2014 and USDC in September 2018. This is still a significant gap.

Tether reached a $38.77B market cap in just four years. It took Tether nearly seven years.

One of the largest central banks in the world, Bank of France, is currently studying whether a central bank can develop a digital currency.

Denis Beau is the former deputy governor of the bank. A CBDC, Beau says, does not pose a pressing concern. Beau is not a fan of cryptocurrency and believes that they should first be regulated in France by the Bank of France.

Flipsider:

• Beau has expressed concerns, saying digital currencies could affect the “smooth functioning of our payment system.”

Beijing launches a new round of digital RMB ahead of the Winter Olympics

Despite the fact that it is known for banning crypto and mining, China has been a leader in adopting its central banks digital currency, erenminbi. In October, we reported that China had pressured businesses like McDonald’s to the RMB before the Olympics.

Beijing is launching a pilot program to help consumers spend digital renminbi with the Winter Olympics just two months away. A new set of erenminbi coupons has been released by four state-run bank branches to evaluate its effectiveness in both small-amount payment and high frequency payments.

Three banks revealed their erenminbi coupon policy policies. You will receive coupons for transport, supermarkets, laundry, express delivery (10 yuan) and books (99 yuan).

Flipsider:

• There have been concerns about China’s CBDC, with the U.S. warning that it shouldn’t be used at the 2022 Olympics

What You Need to Care About

This is the 24th promotional campaign of the eCNY since its initial test in October 2020. It has been the most widely used CBDC up to this point.

NFT Updates: AMC Gets New Records with NFT, Deadmau5 releases a new NFT song, Adidas Joins the Metaverse With New Partnerships

AMC Theaters has begun to reap the benefits of non-fungible tokens after a deep dive into cryptoverse. Adam Aron says that partnering with Sony (NYSE:) Entertainment to offer 86,000 NFTs to the early buyers of “Spider-Man: No Way Home” helped AMC record its second-highest one-day ticket sales.

Canadian electronic music producer, DJ, and musician, Deadmau5, has collaborated with the rock band Portugal The Man to release a new single, “this is fine,” available for minting on Mintbase. Deadmau5 hopes this NFT song will go platinum.

Adidas, the German sportswear brand has confirmed that it will be entering the metaverse by forming new partnerships through NFT Projects Bored Ape Yacht Club as well as Punks Comic. In its tweet announcing its Metaverse, Adidas referred to it as “a world of limitless possibilities.”

Flipsider:

• According to investor Chesnais, the metaverse won’t be the turning point in cryptocurrency adoption

What You Need to Care About

With more megacorporations building different metaverses, it won’t be long before we begin seeing some real applications in everyday life.

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