🔴 Bank of America Bets on Crypto

FTX’s CEO gives away his fortune, investment banks predict a bright future for crypto and can Bitcoin’s price reach $1 million? These stories and more this week in crypto.

FTX CEO Will Give Away His Earnings

The CEO of crypto exchange FTX plans to give away the majority of his fortune. Sam Bankman-Fried is one of the richest people in the world and will keep just 1% of his earnings from now on while the other 99% will be given away to charity. According to Forbes, Bankman-Fried’s current net worth is $24 billion.

BoA: Crypto to Outperform Bonds and Stocks

The Bank of America’s chief strategist explained in a weekly financial note to clients that the US economy is heading for recession and that cryptocurrencies could outperform bonds and stocks. Michael Hartnett said the macro-economic picture is deteriorating fast as the Federal Reserve tightens its monetary policy to control inflation.

JPMorgan: DeFi and Blockchain Are Real

Wall Street investment bank JPMorgan is convinced that DeFi and blockchain technology are at the forefront of innovation according to a letter to shareholders from its CEO Jamie Dimon. He wrote that decentralized finance and blockchain are real, new technologies and that the firm is already using blockchains to share complex information and move tokenized US dollars with its JPM Coin.

OpenSea Enables NFT Purchases With Credit Cards

Buyers on OpenSea, one of the world’s leading marketplaces for non-fungible tokens, can soon pay for NFTs with a credit card, debit card, or Apple Pay. The move comes through a partnership with MoonPay, a fintech firm that builds payment infrastructure in the crypto space with the aim of bringing in more mainstream buyers for NFTs.

Starbucks to Enter NFT Sector

Starbucks CEO, Howard Schultz announced that the coffee chain would enter the NFT sector by the end of 2022 and believes that Starbucks is uniquely positioned to succeed. According to Schultz the chain is equipped with the resources and knowledge necessary to establish itself in the virtual ecosystem from collectibles to the entire heritage of the company.

Kraken Leaves San Francisco

Kraken CEO Jesse Powell announced that he has made the decision to close Kraken’s global headquarters in San Francisco after numerous employees had been attacked, harassed and robbed on their way to and from the office. Coinbase, another U.S.-based cryptocurrency exchange, had already announced last year that it will also close its San Francisco headquarters in 2022.

Cardano to Give Ethiopians Digital Identities

Cardano’s long-running project to give young Ethiopians ownership of their digital identities is moving forward as the first pilot has been completed. Cardano’s team is now training the Ministry of Education on usage and projects that at least 800,000 decentralized identities and digital credentials will be issued for students by the end of the year.

Wood Confirms $1M BTC Price Target

ARK Invest founder Cathie Wood says banks have a “big problem” thanks to crypto. She says the  amount of interest investors are showing in decentralized finance could threaten the traditional banking world. At the Bitcoin 2022 conference in Miami, Wood also doubled down on her prediction saying that one Bitcoin would cost $1 million by 2030.

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That’s what’s happened this week in crypto, see you next week.