Market Trend｜Harvard Urges Governments To Hold Bitcoin, SBF To Speak At Conference Alongside President Zelensky Despite Investigation

In light of the domino effect on devastating FTX collapse recently, the cryptocurrency market has been plunged once again into a bearish crypto winter, comparable to that of the immense bear markets witnessed in previous years. Across the past day alone, the total cryptocurrency market volume has plunged by 11.78% to $53.06 billion, signifying that this bear market has deterred investors from remaining or entering the market. However, despite this widespread bearish sentiment among investors, a recent Harvard study has urged governments and central banks to hold In light of the devastating FTX collapse last week, the cryptocurrency market has been plunged once again into a bearish crypto winter, comparable to that of the immense bear markets witnessed in previous years. Across the past day alone, the total cryptocurrency market volume has plunged by 11.78% to $53.06 billion, signifying that this bear market has deterred investors from remaining or entering the market.

However, despite this widespread bearish sentiment among investors, a recent Harvard study has urged governments and central banks to hold Bitcoin reserves as a means of circumnavigating sanctions, suggesting that adding Bitcoin to balance sheets could be a means of furthering adoption in spite of the current market state.




Also on the institutional side, it has been revealed that Sam Bankman-Fried intends to speak at the annual New York Times’ DealBook Summit alongside the likes of Ukrainian President Zelensky, Meta founder Mark Zuckerberg, and US Treasury Secretary Janet Yellen, despite the ongoing intensive investigation into the recent FTX collapse. Yet, in light of the decimating widespread impacts of the FTX collapse, Coinmarketcap has recently unveiled a new Proof-Of-Reserve tracker for major exchanges, thus granting investors the necessary transparency required to make sensible investment decisions whilst mitigating the risk of severe financial loss in the event of illicit activity or bankruptcy.

Across the coming week, it is likely that the impacts of FTX’s dramatic collapse will continue to negatively influence the market and push it further into the ongoing crypto winter, affecting the likes of BTC, ETH, SOL, amongst hundreds of other top currencies, particularly those built on the latter blockchain.

On the flip side, Harvard’s study may prompt further adoption and an eagerness to understand the large cryptocurrency market, providing governments and central banks adhere to their advice. Similarly, ongoing initiatives to improve transparency within the wider cryptocurrency market may encourage new and returning investors to participate in the cryptocurrency market, thus potentially alleviating some of the effects of the bear market. Across the coming week, it is likely that the impacts of FTX’s dramatic collapse will continue to negatively influence the market and push it further into the ongoing crypto winter, affecting the likes of BTC, ETH, SOL, amongst hundreds of other top currencies, particularly those built on the latter blockchain. On the flip side, Harvard’s study may prompt further adoption and an eagerness to understand the large cryptocurrency market, providing governments and central banks adhere to their advice. Similarly, ongoing initiatives to improve transparency within the wider cryptocurrency market may encourage new and returning investors to participate in the cryptocurrency market, thus potentially alleviating some of the effects of the bear market.



Harvard Urges Governments To Hold Bitcoin

Undeniably, the current state of the cryptocurrency market currently is in jeopardy. With investors pulling out, international scrutiny, substantial valuation declines, projects falling apart, and general dismay at the market, crypto winter is in full swing. The current bearish landscape hasn’t completely resulted in negative sentiments, however, as a recent study by Harvard has urged governments and central banks to hold Bitcoin reserves and put it on their balance sheets as a means of circumnavigating sanctions.

A recent paper from a fifth-year Harvard PhD student called upon governments and central banks to add Bitcoin as an additional asset class to hedge against sanctions risk. Detailing the issue, the student, Matthew Ferranti, noted that sanctions could result in unprecedented consequences such as ‘hurting the population of the country you’re sanctioning’ in light of more nations turning to cryptocurrencies to facilitate cross-border payments and to reimagine their country’s economy.

Sparking this heated discussion is the intensifying economic sanctions on the likes of Russia and the Gulf countries, whereby other nations are attempting to minimise the number of offshore cryptocurrency transactions and investment opportunities to these nations. For example, despite El Salvador’s warmth towards Bitcoin, holding over 3,000 on its balance sheet, it has been subject to intensifying sanctions on the behalf of the USA for broadening its economic prospects. Ferranti believes that this could result in ‘unintended’ consequences and that in order to minimise further impacts of these sanctions, more nations need to come together and accept Bitcoin as a new asset class.




SBF To Speak At Conference Alongside President Zelensky Despite Investigation

Sam Bankman-Fried’s involvement in the exponential FTX crash in recent weeks has been one of intense discussion. With many calling for his prosecution in light of the ongoing dissolution of FTX and the subsequent investigation, it has been almost impossible to trace the whereabouts of SBF. Appearing to be illusive in light of the billions of investor funds being leached from the platform, SBF shockingly revealed that he intends to still speak alongside Mark Zuckerberg, President Zelensky, and Janet Yellen at the New York Times’ annual DealBook Summit.

Acting as one of the biggest summits surrounding finance, business, and policy, the DealBook Summit is to be hosted by Emmy winner Andrew Ross Sorkin, the Times columnist and DealBook founder. In a recent announcement, it was confirmed that some of ‘today’s top business and policy leaders will come together on a single stage to discuss their roles, products, industry issues, and other related fields of discussion. However, SBF was also listed as a speaker alongside a plethora of industry figureheads, prompting a stir within the cryptocurrency community.

In a recent tweet, SBF confirmed that he would be talking to Andrew Ross Sorkin at the event and alluded that he will delve further into his failed venture, FTX, and its collapse at the upcoming Summit.





With the aforementioned crash of the international exchange, FTX, and the recent fall of Terra Luna, many within the crypto sphere have become immensely cynical of more centralised ventures within the space. With many exchanges and protocols now operating under a more centralised model in order to adhere to growing regulatory standards and to provide more traditional banking products in a ‘decentralised’ format, the issue of reserves has arisen. Under many jurisdictions, traditional finance firms have to disclose their reserves as a testament to the integrity of the institution and to prove that they can provide the appropriate services to customers – however, this has not yet extended to the cryptocurrency world.

As a means of rectifying the regulatory oversight of the former, the market data and news aggregator, Coinmarketcap, has unveiled a new feature on its website that acts as a proof-of-reserve tracker for a range of exchanges. In doing so, Coinmarketcap aims to provide more transparency and security to those investing in the space, allowing them to access visible and un-manipulated data that represents the true reserve capacity of exchanges.

In doing so, more investors will be able to make sensible financial decisions that can support them in mitigating severe financial risk by investing via platforms with insufficient liquidity and reserves, often resulting in the loss of funds due to bankruptcy or dissolution (as revealed by recent news).




Author: Gate.io Researcher: Matthew Webster-Dowsing
* This article represents only the views of the researcher and does not constitute any investment suggestions.
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