High net worth individuals (HNWI) have embraced cryptocurrencies and other digital assets, with 71% of wealthy individuals investing in digital assets according to a new survey. Technology consulting company Capgemini released its 2022 “World Wealth Report” on Tuesday. It polled 2,973 global HNWIs, with 54% reporting a wealth band ranging from $1 million to $30 million and 46% reporting wealth of $30 million and over. The survey asked about investment preferences for emerging asset classes such as digital assets, classifying them as cryptocurrencies, related exchange-traded funds (ETFs), nonfungible tokens (NFTs) and metaverse-related products. Of the roughly one in seven wealthy …

Illicit cryptocurrency activity in 2021 and the first quarter of 2022 has declined as a percentage of overall crypto activity, according to blockchain forensics firm CipherTrace. The cryptocurrency industry has long held a reputation in some jurisdictions as a haven for illegal activity. However, CipherTrace estimates that illicit activity was between 0.62% and 0.65% of overall cryptocurrency activity in 2020. The firm reported that it has now fallen to between 0.10% and 0.15% of overall activity in 2021. In its “Cryptocurrency Crime and Anti-Money Laundering” report released Monday, CipherTrace outlined that the top ten decentralized finance (DeFi) hacks in 2021 …

With the surging popularity of nonfungible tokens (NFTs), many have taken to “flipping” these assets as a trading strategy. Around 64% of people in a recent survey said their top reason for buying an NFT was “to make money.” Blockchain monitoring software company DEXterlab polled more than 1,300 people on Twitter about their NFT buying habits from late May to early June. Despite a majority looking to gain from NFT trading, less than 42% have made a profit so far, according to the results. Why do you buy NFTs? — DEXterLab (@Dexterlabdata) May 27, 2022 The second most cited reason …

The adoption of Bitcoin (BTC) could occur more rapidly than the adoption of past disruptive technologies such as automobiles and electric power, with global take-up likely to hit 10% by 2030 according to a new report. In its Wednesday report, Blockware Intelligence said it arrived at this forecast by examining historical adoption curves for nine past disruptive technologies including automobiles, electric power, smartphones, the internet and social media, along with the growth rate of Bitcoin adoption since 2009: “All disruptive technologies follow a similar exponential S-curve pattern, but [...] newer network-based technologies continue to be adopted much faster than the …

The market for nonfungible tokens, or NFTs, has slowed from its peak, but that doesn’t mean the industry is dead — far from it, actually. NFT sales volumes came in at a healthy $3.7 billion in May, according to DappRadar’s latest Industry Report, which was released on Wednesday. While volumes were down 20% compared with April, industry activity remains robust considering that crypto assets as a whole are in a bear market. DappRadar also highlighted the fact that marketplace volumes aren’t down nearly as much when measured in their native tokens such as Ether (ETH). Case in point: OpenSea, the …

United States-based insurers are the most interested in cryptocurrency investment according to a Goldman Sachs global survey of 328 chief financial and chief investment officers regarding their firm’s asset allocations and portfolios. The investment banking giant recently released its annual global insurance investment survey, which included responses regarding cryptocurrencies for the first time, finding that 11% of U.S. insurance firms indicated either an interest in investing or a current investment in crypto. Speaking on the company’s Exchanges at Goldman Sachs podcast on Tuesday, Goldman Sachs global head of insurance asset management Mike Siegel said he was surprised to get any …

A survey from digital payment company Block Inc. has found that the higher respondents rated their own level of cryptocurrency knowledge, the more optimistic they are about the future of Bitcoin (BTC). Block surveyed more than 9,500 people from the Americas (2,375), EMEA (4,360) and APAC (2,860) regions in January, ensuring to include 100 Bitcoin owners in each region for its 2022 Bitcoin Knowledge and Perceptions Report. The report, released on Tuesday, shows a correlation between optimism and the likelihood of purchasing, and compared the result with the respondent’s self-identified level of knowledge. Of those who identified as having fair …

Block, the pro-Bitcoin (BTC) umbrella company that hosts Cash App, Square and Afterpay, continues its growth in 2022. According to its Shareholder letter, in the first quarter of 2022, gross profits are “up 34% year over year.” In total, the group netted $1.29 billion in gross profits. However, operating costs were also up “$1.52 billion in the first quarter of 2022, up 70% year over year.” The group explains that the acquisition of Afterpay, a buy now pay later service, could explain the increasing costs. In total net Block’s revenues reached $3.96 billion from January to March 2022, down 22% …

Despite the generally negative price action across the crypto industry, continued venture capital investments in the space indicate that the industry is healthy and continues to evolve. Cointelegraph Research’s new venture capital database tracks the activity of VC firms and gives users access to the most important bellwether of innovation and early-stage activity. Macroeconomic factors have been strangling the crypto economy over the past few weeks and are stoking fears of a prolonged downturn. After the United States Federal Reserve announced it would hike interest rates by 50 basis points, crypto prices went into freefall. Then on May 9, a …

A report commissioned by South Korea’s federal government recommends the domestic crypto industry adopt a licensing system for exchanges and token issuers as a way of protecting investors. The report issued by the Financial Services Commission (FSC) to the National Assembly, the country’s legislature, also calls for new regulations to mitigate insider trading, pump-and-dump schemes and wash trading. The new regulations would be stricter, and the penalties for failure to comply would be harsher than those in the Capital Markets Act that the domestic crypto industry currently abides by. “The Comparative Analysis of the Virtual Property Industry Act” report obtained …

Crypto venture fund giant Andreessen Horowitz (a16z) has highlighted that development and demand on Ethereum are “unmatched” despite the network’s high transaction fees. The firm does warn, however, that its “popularity is also a double-edged sword,” given that Ethereum prioritizes decentralization over scaling, resulting in competing blockchains stealing market share with “promises of better performance and lower fees.” The comments came via a blog post introducing a16z’s 2022 “State of Crypto” report, with the firm’s data scientist Daren Matsuoka, head of protocol design and engineering Eddy Lazzarin, general partner Chris Dixon and head of content Robert Hackett all working together …

Bitcoin (BTC) proponent and MicroStrategy CEO Michael Saylor has welcomed the United States Financial Accounting Standards Board (FASB) vote to review accounting rules for digital assets and commodities. As it stands under current FASB guidelines — which is the source of authoritative Generally Accepted Accounting Principles (GAAP) — companies must report digital assets such as BTC as “intangible assets” on their balance sheets. This is due to crypto not meeting the agreed definition of “cash and cash equivalents, financial instruments, financial assets, and inventory” among the agency. Since crypto is deemed as an intangible asset, companies are required to measure …