Daily Flash | Cryptocurrency shall be considered as lottery；Bitcoin will eventually reach $250,000

Today's Topic - Should cryptocurrencies be considered lottery?

According to Finbold, Caroline Pham, Commissioner of the US Commodity Futures Trading Commission (CFTC), called on investors to consider cryptocurrency as a lottery that can expect profits or losses.


Pham stressed in an interview: "most crypto projects lack customer disclosure, but investors eventually buy them and believe that they will get rich. Frankly, people need to start thinking of some of these really novel crypto tokens as lottery tickets. When you buy lottery tickets, you may either make a lot of money and get rich soon or suffer heavy losses. "



According to Pham, the Terra crash is a tragedy for the market and a reality test for relevant stakeholders, especially for the risk nature of some assets. The UST collapse is a guide for regulators to take measures, because the collapse indicates that shadow banks may reappear.

Pham also pointed out that regulators can extend existing traditional financial laws to the crypto market.

Do you think cryptocurrency is a lottery? Or is it securities or commodities or something else?



Today's Chart - Nearly 70% of the global blockchain investment funds come from the United States and China

According to the data, 51% of the investment funds obtained by blockchain companies worldwide in 2022 are expected to come from the United States, 18% from China, 5% from Switzerland and 4% from the United Kingdom.

It is estimated that by 2026, the blockchain market will grow from 7.18 billion to $67.4 billion, and the compound annual growth rate will reach 68.4%.


According to the analysis of BanklessTimes, some of the main factors leading to the rapid expansion of the blockchain market are the increase of venture capital funds, the government is also increasing the development of this emerging technology and trying to adopt blockchain in network security.

Especially in the past three to five years, the application of blockchain technology solutions in various commercial applications such as payment, trading platform, smart contract and digital identity has become a large-scale phenomenon.



Today's Influencer - Tim Draper believes that Bitcoin will eventually reach $250,000 at the beginning of 2023

On May 29, Tim Draper, a well-known American investor, still believed that the price of Bitcoin would eventually reach $250,000.

In a recent interview with Scott Melker, a well-known cryptocurrency trader, he predicted that more women would start using Bitcoin, which would significantly expand the user base of cryptocurrency. Meanwhile, he also said that retailers can save 2% of the cost by accepting Bitcoin payment instead of credit cards issued by banks, which may double their profits because their profit margins are very low.

Previously, Tim Draper has repeatedly predicted that the price of Bitcoin will reach $250,000 in early 2023. As early as 2020, Draper said that if he was elected president, he would make Bitcoin the official currency of the United States.

Tim Draper was an early investor in Skype and Hotmail. He first proposed the concept of "viral marketing" of Internet products using e-mail, which was adopted by hundreds of companies as a standard marketing technology. Draper is also the founding partner of DFJ investment fund, which manages a total of $2billion in capital and invests in more than 200 start-ups.



Hot events yesterday - #The son of ECB President Lagarde invested in cryptocurrency; #CBDCs can coexist with stablecoin




Author: Gate.io Researcher Byron B. Translator: Joy Z.
* This article represents only the views of the researcher and does not constitute any investment advice.*Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.