Capital Gain

This Week in Fintech ending 21 May 2021 – Daily Fintech

Published: in FINTECH by .


This week our experts brought you the following insights based on their experience as investors, entrepreneurs & executives.

Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at  Kryptonio a “keyless” non-custodial bitcoin and cryptocurrency wallet, that lets users manage bitcoin and crypto, without private keys or passwords and Weekly Columnist at Daily Fintech) @iliashatzis wrote Why did Elon slam the brakes on bitcoin?

In a single tweet, Elon Musk made bitcoin go into a free fall. The announcement caused the price of bitcoin drop by more than 10% and the cryptocurrency market to lose $365 billion. Apparently, bitcoin is not green enough. According to Elon, mining Bitcoin uses up too much electricity and that’s bad for our planet. Tesla will no longer accept bitcoin as payment for its cars, saying that it goes against its environmental protection provisions. While the market has slightly recovered since the announcement on Wednesday, it’s still pretty shaken up. Going back in time, in February the price of bitcoin was just over $37,000 when Musk disclosed his company’s $1.5 billion bitcoin investment and his plans to start accepting it as payment for cars. Bitcoin’s price was already on rocket trajectory, but after the announcement, bitcoin and the entire market soared even more, and every media outlet was talking about crypto. Elon tweets and the world listens – the crypto market goes to the moon, or it crashes. He mentions Dogecoin and now we have Dogecoin millionaires. Regardless of Elon’s next move, his recent pullback doesn’t change crypto’s trajectory, as the adoption of bitcoin and cryptocurrencies is continuing to grow. But his move brought to the forefront an ongoing debate about crypto’s environmental impact. What happened is not a bad thing, it could actually push market stakeholders to make crypto’s infrastructure more sustainable.

Editor note: Truth is stranger than fiction, nobody would have invented this script. Musk may end up richer financially but not in reputation and that is abad trade for him.

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Tuesday Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: DeFi Part 3. If it is broke then fix it says Tigger

The attendees at the decentralised conference entitled The Pooh Corner Debate on DeFi cheered Tigger when he went on stage. This was not surprising because a) most of the attendees were DeFi fans and b) Eeyore’s advice to investors to be wary of DeFi was a bit depressing.

Tigger, bouncing up and down in his characteristic style, focussed on 4 bullish points about DeFi.

Editor note: if Eeyore was too bearish for you last week, read this bullish take on DeFi.

Wednesday Alan Scott Managing Director EMEA at 24 Exchange @Alan_SmartMoney wrote his weekly roundup of Stablecoin news.

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Thursday

Rintu Patnaik, an Insurtech expert based in India, wrote: Alternative Risk Financing: Rise of the Captives

The count of captive insurance companies globally is estimated to be over 7000, domiciled in 70+ jurisdictions. Captives have been established by nearly 70% of Fortune 500 companies in the USA. The high captive proliferation among large corporations in advanced markets in now spreading to Asia and Latin America. Globally, 46% of companies are reported to be exploring a new captive. In APAC and Latin America, that share is higher at 57%. These latest trends are being triggered in a commercial insurance market, witnessing rate increases, capacity reductions and tighter underwriting as carriers adapt to pandemic-related and above-average catastrophe losses amid decreasing investment returns.

Editor note: Large companies do not really need an Insurance company as an intermediary.

Christian Dreyer @x3er, the Swiss based CFA who focusses on how XBRL changes our world wrote his weekly roundup of XBRL news.

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Friday Howard Tolman, a well-known banker, technologist and entrepreneur in London, wrote his weekly roundup of Alt Lending news.

Editor note: This weekly snapshot is the news that matters in the Alt Lending market.

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