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Blockchain adoption continues unabated — Bloomberg analyst

Blockchain adoption has been "unabated" throughout bull and bear markets over the past years, says Bloomberg analyst Jamie Coutts.

Should the current rate of adoption continue, blockchain technology could have 100 million daily users by 2028, according to projections by Bloomberg Intelligence analyst Jamie Coutts. 

On X (formerly Twitter), Coutts pointed out that blockchain adoption has been "unabated" throughout bull and bear markets over the past years. "Not having exposure to one of the largest structural trends of the next decade could be costly," said the analyst.

Daily active addresses exceed 5 million in the third quarter of 2023, up 14% from 2022, according to Coutts, while quarter-on-quarter growth has averaged 29% since 2019. "If we apply a more moderate 20% QoQ growth rate then we could reach 100 million daily users by 2028."

Coutts compared blockchain rate adoption with PayPal’s rate growth. According to him, it took the fintech giant 13 years to reach 100 million daily users. "If Ethereum was day zero for smart contracts (2015) then it may take a similar time frame for blockchains to reach similar level of adoption," he added.

Keeping the current pace of adoption, blockchain-based companies may also see a rise in valuations. Coutts noted that basic regressions show the blockchain ecosystem could be valued between $5 trillion to $14 trillion once 100 million users are onboard. "Thats up from $350b today."

Coutts projections are consistent with data suggesting sustained interest in blockchain technology. In spite of the market downturn, development in the crypto industry rose 5% in 2022. Additionally, a survey conducted by Celent in 2022 showed that 91% of institutional investors are interested in investing in tokenized assets — blockchain-based tokens that represent ownership of physical and digital assets.

"While overly simplistic extrapolations such as this should never be soley relied on for valuation purposes it, the exercise illustrates that users and prices are inextricably linked and that as adoption continues prices are likely to track much higher for some assets," Coutts predicted.

Magazine: Ethereum restaking — Blockchain innovation or dangerous house of cards?

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First Bitcoin Futures ETF Registers $1,700,000,000 in Trading Volume Last Week: Bloomberg Analyst

First Bitcoin Futures ETF Registers ,700,000,000 in Trading Volume Last Week: Bloomberg Analyst

The latest data reveals that the first Bitcoin (BTC) exchange-traded fund (ETF) registered its highest weekly trading volume since its inception. According to senior Bloomberg ETF analyst Eric Balchunas, BITO – the BTC futures ETF released by ProShares – recorded $1.7 billion in trading volume while the Grayscale Bitcoin Trust (GBTC) saw $800 million. Balchunas […]

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Bloomberg Analyst Says ‘Air Pocket’ on Bitcoin Chart Could Trigger BTC Explosion to $39,000

Bloomberg Analyst Says ‘Air Pocket’ on Bitcoin Chart Could Trigger BTC Explosion to ,000

A Bloomberg crypto analyst says that Bitcoin’s price chart has an “air pocket” that could send BTC higher much quicker than traders realize. Blockchain analyst Jamie Coutts says on social media platform X that Bitcoin has sat in such a tight range for over six months that an eventual break to the upside could be […]

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Bloomberg Analyst Issues Bitcoin Warning, Says BTC ‘Coiled to Move’ – Here’s His Forecast

Bloomberg Analyst Issues Bitcoin Warning, Says BTC ‘Coiled to Move’ – Here’s His Forecast

A Bloomberg analyst is issuing a warning to traders, saying that Bitcoin (BTC) is winding up to make a big move. Bloomberg Intelligence’s senior macro strategist Mike McGlone tells his 61,300 followers on the social media platform X that the king crypto is as “coiled” up in between a narrow range between major moving averages, […]

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US Government Has No Option Except Currency Debasement, and Bitcoin (BTC) Stands To Benefit: Bloomberg Analyst

US Government Has No Option Except Currency Debasement, and Bitcoin (BTC) Stands To Benefit: Bloomberg Analyst

A Bloomberg crypto market analyst says that Bitcoin (BTC) will be one of the main beneficiaries of an inevitable return to currency debasement by the US government. Jamie Coutts says on the social media platform X that allocating 1% of a traditional 60/40 (stock and bonds) portfolio to BTC between 2015 and 2022 would have […]

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US Bonds Crater As Bloomberg Crypto Analyst Says Bullish Signal Popping Off for Bitcoin (BTC) – Here’s His Forecast

US Bonds Crater As Bloomberg Crypto Analyst Says Bullish Signal Popping Off for Bitcoin (BTC) – Here’s His Forecast

Bloomberg crypto analyst Jamie Coutts says that Bitcoin (BTC) is flashing an unexpected bullish signal as US long bonds continue their collapse. Coutts says on the social media platform X that Bloomberg’s trend model has suddenly signaled bullishness despite a deterioration of the macro landscape. Last week, yields on 30-year Treasuries went above the 5% […]

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Many of Ethereum’s Rivals May Not Recover in Next Bull Market Cycle, According to Bloomberg Crypto Analyst

Many of Ethereum’s Rivals May Not Recover in Next Bull Market Cycle, According to Bloomberg Crypto Analyst

Alternative layer-1s attempting to dethrone Ethereum (ETH) might be running on borrowed time, according to Bloomberg crypto market analyst Jamie Coutts. Coutts says on the social media platform X that the rise of Ethereum layer-2s (L2s) is helping to take revenue away from ETH competitors. “The rise in L2s has meant that the Ethereum network […]

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US Commodities Regulator Mulling Enforcement Action Against Co-Founder of Bankrupt Crypto Lender Voyager: Report

US Commodities Regulator Mulling Enforcement Action Against Co-Founder of Bankrupt Crypto Lender Voyager: Report

The Commodity Futures Trading Commission (CTFC) is reportedly contemplating taking enforcement action against the co-founder of a bankrupt crypto lender. According to a new report by Bloomberg, the CTFC is considering charging Stephen Ehrlich, the ex-chief executive of Voyager, of misleading customers about the safety of their assets after launching an investigation into the troubled […]

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12 people will decide the fate of former FTX CEO Sam Bankman-Fried

45 prospective jurors were narrowed down to 12 after they were asked to discuss their background, employment, education, partners, children and their age.

A pregnant physician’s assistant, a train conductor, and a retired investment banker are reportedly among 12 individuals who will eventually decide on the fate of former FTX CEO Sam Bankman-Fried.

As per a report from Cointelegraph's on-the-ground reporter Ana Paula Pereira, the 12 jurors were narrowed down from a list of 45 on Oct. 4,  the second day of trial in Manhattan.

The potential jurors were each given a minute to introduce themselves by sharing their background, age, employment, education, relationship history, and children.

Cointelegraph reporter Pereira noted that one prospective juror said his wife worked for a law firm that provided services to FTX in the past — though it isn’t clear whether he was selected.

One prospective juror was reportedly excused after revealing she worked for a firm that invested in FTX and Alameda Research, according to Matthew Russell Lee from Inner City Press.

District Court Judge Lewis A. Kaplan then discussed jury selection with the prosecutors and Bankman-Fried’s defense lawyers before revealing the final 12 jury members about 15 minutes later.

Scenes from outside New York’s Supreme Court — a short walk away from where Bankman-Fried’s fraud trial is being held. Source: Cointelegraph

As per Oct. 4 reports from Bloomberg and TechCrunch, the final list or jurors shows the panel will be female-dominated, comprising nine women and three men.

Their ages range from the early 30s to the late 60s, and their professions span various industries, including health, financial, legal, IT, and education. Five of them are university-educated. The full list of jurors is below: 

  • A man, aged in his late 60’s, was an investment banker at a firm called Salomon Brothers. He completed his Master of Business Administration at Stanford University.
  • A man, aged 59, didn’t say what he does for work but says his company is currently being sued. It is understood the man has served as a jury member in the past.
  • A man, aged 61, works at the United States Postal Service. He has no wife or children and has served as a jury member in the past.
  • A woman, aged 39, currently works as a physician assistant and was once a medical missionary in the Dominican Republic. She’s 10 weeks pregnant, and married to a web developer.
  • A middle-aged woman, who once studied at Duke University and has experience working with non-profits and managing fundraisers.
  • A woman, aged 50, works as a train conductor. She’s a mother of five children. Two of the five children have reportedly been convicted of crimes.
  • A woman, aged 65, is a retired corrections officer.
  • A woman, aged 33, works as a nurse in Westchester, New York and reportedly studied at the State University of New York, Binghamton.
  • A woman, aged 40, is currently unemployed as a social worker and previously studied at Princeton University and Columbia University.
  • A woman, who works at a school in the Bronx, New York. She previously studied at the University of Buffalo and Syracuse University.
  • A woman, who works in advertising. She has an 18-year-old daughter and a 12-year-old son.
  • A woman, aged 55, working as a special education teacher in Rockland, New York.

Related: Sam Bankman-Fried FTX trial — 5 things you need to know

After the jury members were selected, a 15-minute opening statement was delivered by the prosecutors and defense. Testimonies from Marc Julliard — a Coca broker who lost about $80,000 to FTX — and Adam Yedidia — Bankman-Fried’s former close friend — were then heard before Judge Kaplan called it a day.

Bankman-Fried’s criminal trial is expected to take place over six weeks. He is facing seven fraud-related charges for his role as CEO in FTX’s shock collapse in November.

Magazine: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis

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Flood of Ethereum Futures Exchange-Traded Funds Could Launch on Monday, According to Bloomberg ETF Analyst

Flood of Ethereum Futures Exchange-Traded Funds Could Launch on Monday, According to Bloomberg ETF Analyst

A Bloomberg exchange-traded fund (ETF) analyst says that the market could be inundated by Ethereum (ETH) futures ETFs starting on October 2nd. In a new thread on the social media platform X, Bloomberg ETF analyst James Seyffart notes that nine different ETH-based futures ETFs are set to potentially launch on Monday, adding that it will […]

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