Stay ahead of the curve with News You May Have Missed This Week!
In this edition, we’re bringing you the top stories that flew under the radar. Catch up in minutes and stay informed with the stories that matter most.
Elon Musk Endorses Blockchain for U.S. Treasury to Combat Fraud
Elon Musk has publicly endorsed the use of blockchain technology to improve transparency in U.S. Treasury operations. His support follows concerns over career Treasury officials, which he highlighted in previous posts leading to his endorsement of the technology.
The discussion was sparked when crypto commentator Mario Nawfal asked on X whether the U.S. Treasury should implement blockchain to prevent fraud. Musk responded with a decisive “Yes!”—this prompted widespread debate among tech, government, and blockchain communities particularly on the social media platform.
As the head of the Department of Government Efficiency (D.O.G.E.) under President Donald Trump, Musk has been advocating for streamlined government processes.
VanEck Predicts Solana (SOL) Could Reach $520 by End of 2025
Investment firm VanEck predicts that Solana (SOL) could reach $520 by the end of 2025, driven by an expanding M2 money supply and growing demand for smart contract platforms (SCPs).
- The firm estimates that the M2 supply will rise to $22.3 trillion, boosting liquidity and encouraging more investment in cryptocurrencies.
- Meanwhile, the SCP market, where Solana competes, is projected to grow by 43% to $1.1 trillion, with Solana’s market share expected to increase from 15% to 22% by year-end 2025.
Using an autoregressive (AR) forecast model, VanEck estimates that Solana’s market cap could reach $250 billion, implying a $520 price per SOL based on 486 million floating tokens.
- The firm attributes this growth to Solana’s dominance in developer activity, rising DEX volumes, increasing revenues, and an expanding active user base.
- If these trends continue, Solana could become a leading force in the blockchain space, competing with Ethereum for market share in decentralized applications.
VanEck is also among several U.S. firms that filed for a Solana ETF in 2024, though the SEC had initially rejected such applications.
Gen Z Leads Crypto Adoption: Over 50% Invest in Digital Assets, Gemini Report Finds
A recent Gemini survey reveals that over 51% of Gen Z (ages 18-29) have owned or currently own cryptocurrency, significantly outpacing the 35% ownership rate of the general population.
- The 2024 State of Crypto Report, which surveyed 6,000 adults across the U.S., U.K., France, Singapore, and Turkey, highlights Gen Z’s strong engagement with digital assets.
- In the U.S., 33% of Gen Z respondents are comfortable allocating at least 5% of their portfolios to crypto, showcasing their confidence in the sector.
Despite regulatory uncertainties, Gen Z appears less concerned about government oversight, with only 31% strongly agreeing on the need for increased regulation, compared to 46% of the general population.
- Additionally, 48% of Gen Z see crypto as a primary income-generating investment, surpassing the 41% general population average.
- In the U.K., 42% of Gen Z respondents use crypto as a hedge against inflation, a significantly higher rate than the 32% national average.
The survey also highlights the influence of spot Bitcoin ETFs, with 48% of Gen Z respondents stating they are more likely to invest in crypto through ETFs, compared to 37% across all age groups.
Sony’s Soneium Launches First Music NFT Collection With Coop Records
Sony’s blockchain platform Soneium has debuted its first music NFT collection in collaboration with Web3 label Coop Records.
- The release features unreleased tracks from Tokyo-based producer NUU$HI and is available on Sonova, Soneium’s NFT marketplace. ‘
- Priced at 0.000777 ETH ($2.11), the collection has minted 124 out of 999,999 NFTs so far, indicating slow adoption.
Coop Records, founded by crypto entrepreneur Cooper Turley, has previously brought over 600 songs on-chain, working with major artists.
- However, Turley himself has acknowledged the struggles of creator tokenization, citing misaligned revenue expectations and a lack of sustainable token-based models.
Meanwhile, Soneium recorded 14 million user accounts and 47 million transactions during testing, but long-term adoption remains uncertain.
Cboe Seeks SEC Approval for Four Spot XRP ETFs Amid Market Downturn
Chicago’s Cboe Exchange has submitted four applications to the SEC to list and trade spot XRP ETFs from WisdomTree, Bitwise, 21Shares, and Canary.
- These filings come as asset managers aim to capitalize on the momentum from Bitcoin and Ethereum ETF approvals last year, despite XRP’s price dropping 25% in two weeks.
All four ETF applicants are relying on the July 2023 Ripple Labs court ruling, which held that XRP programmatic sales did not constitute securities offerings.
- However, the SEC has appealed this ruling, seeking to classify XRP as a security under federal law. Unlike Bitcoin and Ethereum, XRP lacks a CME futures market, which had been a key condition for previous crypto ETF approvals.
- To address concerns, asset managers propose safeguards such as sourcing XRP from secondary markets, using third-party custodians, and implementing surveillance measures to enhance market integrity.
The SEC now has 45 days to review the applications, with potential extensions of up to 90 days.
This article is published on BitPinas: Crypto News You May Have Missed This Week | Feb. 08, 2025
