kazakhstan - Pwim.Net

Belt and Road Summit 2019—Iranian Investment, Malaysian FinTech and the Kazakh Belt Buckle

Rounding off our exclusive interviews for the 2019 Belt and Road Summit, jointly organized by the Hong Kong Trade and Distribution Council (HKTDC) and the HKSAR Government, we share three brief insights from Reza Esmkhani, Consul of Economic & Political Affairs, Iran Consulate General; Miss Noor Ezzwanee binti Ahmad, Trade Commissioner of Consulate General of Malaysia; and, Diana Ablyakimova, Brand Manager of Invest Kazakhstan.IranAs reported by the Arab News, at the conception of China’s Belt and Road Initiative (BRI), there were few details regarding the participation of Gulf and Middle Eastern countries, possibly due to the prevailing confrontations and conflict. The only countries from the region identified in the BRI were Turkey and Iran which are both located directly on the Eurasian land routes.

Relationship MattersThe Consulate General of the Islamic Republic of Iran has a duty to preserve its national interests and fostering a continued trade partnership with China and Hong Kong is clearly in the Iran’s interests. Esmkhani highlighted, “China is our biggest trading partner with a volume of over $30 billion U.S. dollars, and Iran and Hong Kong also have an annual trade relationship that sits at around $500 million U.S. dollars.”

Iran is a founding member and major stakeholder of the Asian Infrastructure Investment Bank (AIIB) and has worked in collaboration with the Islamic Republic on several infrastructure projects. Despite this history with the AIIB, Esmkhani feels, “The AIIB should play a bigger role in Iran, especially as Iran was part of the original silk road. When looking at comparisons between our nation and say the investment of the bank in Pakistan, it is a little disappointing and we are eager to receive some RMB funding.”

When asked about the most attractive opportunities for international investment in Iran, Esmkhani outlined, “Iran is one of the largest economies in the region and the 18th largest economy in the world with a population of 82 million—the market opportunities are vast for companies eager to invest and produces commodities in Iran. Labor costs are low and Iran is very safe in the region.” He continued, “The Iranian economy holds a large capacity for investment in infrastructure, tourism, mining, in petrochemicals and oil, even in car production.”

Esmkhani sees the Belt and Road Initiative as an alternative to US unilateralism in trade, commenting, “Giving a greater role to RMB trade and also having greater trade relations between our regions can be leveraged to decrease the bad effects of this unilateralism and this trade war. The Belt and Road initiative is a perfect platform to increase our opportunities and create more win-win trade situations.”

Malaysia

Malaysia has benefited a lot under the Asian Infrastructure Investment Bank (AIIB)—which is directly linked to various organizations, companies and infrastructure projects along the Belt and Road. Ahmad stated that creating links between the AIIB and projects within Malaysia is a major function of the Consulate General.

On Malaysian sectors that have received international and Chinese interest, Ahmad said, “From our observations, there has been a lot of property investment coming from China and Hong Kong particularly in commercial and residential property development. Of course, a lot of Chinese companies and other ASEAN countries are looking to move manufacturing production to countries in South East Asia like Malaysia.”

Malaysia is at the center of the ASEAN countries, and according to Ahmad, is set to be a hub for investors looking to break into the market of around 650 million people. Ahmad explained, “A lot of this will be traditional investment in manufacturing, but we are trying to promote investment in new technologies, such as aerospace, biotech, and automation.” Through the BRI, technological information is passed more freely through the participating countries, Ahmad said, “We will do technology exchanges and transfers with our partners in China and Hong Kong which empowers us to stay ahead and accelerate our technological development.”

Islamic FinTech

Malaysia is quickly developing and wants to present itself to the international market as an opportune place for the investment and development of new technologies. One area that Malaysia is breaking new ground is Islamic Financial Technology (FinTech) which has come about due to the majority Muslim population. Malaysia had produced around 26% of the Shariah-compliant financial assets by the end of 2017 and the market is expanding. Ahmad concluded, “Malaysia is a world leader in Islamic FinTech which we can share with other ASEAN and Belt and Road countries, which also tend to have high Muslim populations.”

Kazakhstan

The BRI adheres to the principle of wide consultation, joint contribution, and shared benefits, with the aim of injecting impetus into world economy and boosting the common development of all countries, against the backdrop of resurging trade protectionism and rising anti-globalization. Through the BRI cooperation, China and Kazakhstan have already seen positive outcomes—in 2018 along, the trade volume between the two countries reached $19.885 billion. Among this trade activity, Kazakh exports to China were worth $8.535 billion which marked a 30% increase from the previous year.

Diana Ablyakimova is the Brand Manager of Invest Kazakhstan, a one-stop-shop for foreign investors in Kazakhstan that provides a full range of services to support projects from conception to implementation through to post-investment—effectively supporting the whole life-cycle of the investment.

On the BRI, Ablyakimova said, “Kazakhstan has supported the initiative since the very first day. The historical Silk Road runs directly through our country, in fact, Kazakhstan has been coined the ‘belt buckle’ of the Belt and Road due to our geographic position.” She continued, “Currently around 70% of BRI land transit traffic goes through Kazakhstan which reduces transport times between China and Europe by 15 days. To go by sea from China to Europe can take up to 45 days so we are very strategically placed.”

Ablyakimova highlighted that China and Kazakhstan have developed a comprehensive strategic partnership, she said, “China is one of our top five investors—since the time we established our independence (1990), our country has received over $300 billion dollars of investments and of which China accounts for 5%.”

Image via Shutterstock

Kazakhstan Intends to Attract Over $738 Million in Crypto Investments in Next Three Years

The government of Kazakhstan is making plans to attract $738 million in investments related to cryptocurrencies and digital mining activities set up with the nation over the next three years.

Askar Zhumagaliyev, Kazakhstan’s minister of digital development, innovation, and Aerospace industry, disclosed the plan while addressing the June 11 plenary session of the Senate, the Upper House of the Kazakh parliament.

The deputies of the Senate discussed the current law on the floor, which associates with the regulation of digital technologies that forbids the circulation and issuance of unsecured crypto assets, with one main exception, “except as otherwise provided by law.”

Where Kazakhstan seeks to get its funding

The draft bill also does not ban digital mining since it does not regard it as an entrepreneurial activity. While addressing the senate, Zhumagaliyev mentioned that digital mining has become available to many people in the nation and recognized the huge potential.

Zhumagaliyev stated, “According to the report that we have prepared with international experts, we expect another 300 billion tenges ($738.4 million) in the next three years as digital investments and in general, the further development of digital mining.”

The minister highlighted that they studied the experience of other nations like South Korea, Sweden, and the United States in the field of crypto and digital mining. They have seen that today activities like cryptocurrency and digital mining are part of everyday lives in Kazakhstan.

The minister mentioned that this sector has been experiencing growth in the country. He said that currently, Kazakhstan has 14 digital mining farms built near energy sources.

The digital mining farms have already brought an estimate of 82 billion tenges ($201.7 million) of investments in the nation. Most of such digital farms are located in the northern region of the country, as well as in Pavlodar, Uralsk, and East Kazakhstan regions.

The Senate adopted the document and is now awaiting approval by the Kazakh president.

Oxford law researchers call for strict cryptocurrency regulation to avoid another financial crisis

Law researchers at Oxford University recently published a blog post saying that they have seen a rising trend of people moving their assets into cryptocurrencies. They said that recent phenomena show that people see cryptocurrencies as a safe haven in response to the current financial crisis.

However, the researchers see increasing cryptocurrency investments as a threat to traditional finance.

They thus advocate for stricter regulations during this difficult time facing the world so that to prevent alternative digital assets and cryptocurrencies from posing a systemic risk to the traditional financial system.

This is not the first time that authorities call for regulation of cryptocurrencies. In several cases, authorities are calling upon central banks and government officials to take a closer look at the impact of cryptocurrencies on crime, investors, and the world economy. It is widely known that cryptocurrencies pose a significant risk to investors with regard to their use for illegal activities.

Kazakhstan to Secure $700 Million Funds to Boost its Bitcoin and Crypto Mining Projects

The government of Kazakhstan through its Minister of Digital Development, Bagdat Mussin has confirmed in a government meeting that the country is on track with its crypto mining farm projects. Mussin noted that the country is in talks to attract about 300 billion tenges ($714 million) of investment to fund the project which it first proposed back in July.

As reported, the move by the Kazakhstan government to invest in cryptocurrency mining was pioneered by former minister of Digital Development Askar Zhumagaliyev who acknowledged that cryptocurrency mining has become available to many people, further reiterating its potentials. Per his words, Zhumagaliyev stated that “According to the report that we have prepared with international experts, we expect another 300 billion tenges ($738.4 million) in the next three years as digital investments and in general, the further development of digital mining.”

Today’s exposition given by Minister Mussin reveals that “More than 80 billion tenges ($190 million) has been invested in the sector,” adding that the country had a “preliminary agreement on attracting investments worth 300 billion tenges.”

According to Mussin, thirteen cryptocurrency “mining farms” are already operating in the Central Asian nation and four are under construction.

Just like Iran that recently legalized digital currency mining, Kazakhstan has joined the nations looking to tap into the digital currency mining rush. While Iran appears to be fueling the crypto mining surge in order to pump liquidity into the economy, Kazakhstan hopes that the mining activities will boost its oil-dominated economy, Per Reuters. However, both countries favor crypto mining based on a cheap electric power supply.

Currently, Kazakhstan claims to account for about 6% of the global cryptocurrency mining. Under the current Kazakh laws, the mining of asset-backed digital cryptocurrencies are allowed while the mining of major cryptocurrencies like Bitcoin and other unsecured ones are prohibited

Kazakhstan Launches Public Consultation for Its Proposed CBDC

The National Bank of the Republic of Kazakhstan (NBRK) is set to launch a public consultation for its proposed digital tenge currency, the nation’s official Central Bank Digital Currency (CBDC).

As detailed by the NBRK, the development of the digital tenge will take a two-tier structure in which the apex bank will provide the infrastructure backing the CBDC rollout while the financial market participants will provide payment services.

The development of the digital tenge according to the NBRK will seek to serve as a complement to the fiat currency, and not as a replacement.

“National digital currency is a promising form of funds that are the obligation of the National Bank of the Republic of Kazakhstan and presented in digital form. The digital tenge will be a legal tender, a measure of value, and a store of value,” the bank said in its public announcement.

To make for a successful digital tenge, the NBRK has highlighted the need to consult relevant stakeholders by working together with financial market participants, the expert community, and international partners. The pilot test will be kickstarted with the study of the risks and benefits associated with the issuance of a digital tenge in the nation.

“To make a decision on the issue of the Digital Tenge, it is necessary to conduct a comprehensive study of the benefits and risks with the definition of the tasks solved by the digital currency, the method of its emission and distribution, the technology used, the impact on monetary policy, financial stability and the payment ecosystem,” the NBRK noted.

Kazakhstan has been a very bullish nation when it comes to digital currency innovations, adequately nurturing plans to attract as much as $738 million in crypto-based investments over the course of three years. The country also has a dedicated crypto mining engagement, for which it plans to invest $700 million.

The digital tenge project is a development that models similar efforts by other advanced economies including the United States, Britain, and China, to name a few. Kazakhstan has no set deadline on CBDC issuance.

Kazakhstan to Embrace Cryptocurrency with Exchanges

The Kazakh Association of Blockchain and Data Center Industry has announced that cryptocurrency exchanges registered on the Astana International Financial Center (AIFC) will soon begin working with local banks to allow their customers to have the opportunity to transact cryptocurrencies officially.

The development is set to become possible after successfully completing a pilot project launched by AIFC with second-tier banks.

Potential investors who want to buy, sell and hold cryptocurrencies will be required to have a legal account in one of the banks registered with the AIFC. The move would allow them to transfer fiat money, purchase digital assets, and conduct other transactions in Kazakhstan’s crypto trading market.

The pilot project is anticipated to last one year as the Kazakh government plans to use it to assess the benefits and risks of digital assets. Currently, the circulation of crypto assets is still prohibited in the country, but the experts hope that the restrictions will be removed or lifted once the project is completed.

Some experts explained the reasons for the revision of the official policy toward digital assets. Sergey Putra, Government Relations Coordinator of the Kazakh Association of Blockchain and Data Center Industry, said:

“The global premise is that crypto turnover is a fairly large volume of finance. It is billions of dollars of daily turnover around the world. And even if Kazakhstan takes a fraction of a per cent, even one per cent of this turnover, this is serious money that will come to Kazakhstan in the form of investments and will remain here in the form of taxes, jobs and salaries. This is a very large industry, which Kazakhstan is still bypassing.”

The second reason why the cryptocurrency is recognised in Kazakhstan is that the share of the country’s crypto mining has risen six times and becomes the third-largest producer of cryptocurrencies globally. This has happened after China’s share in global Bitcoin mining declined by nearly 30% since September 2019 and now accounts for less than 50% of the entire network’s capacity.

Another reason is that the introduction of legal cryptocurrency trading is being recognised as an important effort to curb cryptocurrency fraud. Authorities expect that the project will assist in preventing fraud in the crypto industry by facilitating safe cryptocurrency trading and exchanges for local residents. Cases of local investors being lured into fake crypto investment schemes and losing money have been rising.

Reaping fruits of China’s crypto crackdown

Since China “declared war” on its booming crypto sector, Kazakhstan was tipped to benefit from the industry-shaking exodus.

In recent weeks, Chinese authorities have been implementing its crackdown agenda, shutting down almost 90% of crypto mining operations countrywide.

Kazakhstan has recently emerged as the major destination for cryptocurrency activities in the world. The third world nation has become a connection hub to complex computers and billion-dollars crypto trends. Such development has been influenced by a mix of cheap electricity and the allegiance of lawmakers, which attract big players from Western nations who are already hungry for new crypto investment opportunities.

Long hailed for its extensive mineral wealth, Kazakhstan is now pursuing a different sort of cryptocurrency investment. Not iron, Copper, or Gold, but rather cryptocurrency trading and mining has surfaced as an attractive investment opportunity in the Central Asian nation.

Bitfinex to Launch New Security Token Offering Platform Regulated by Kazakhstan

One of the major cryptocurrency exchanges founded in 2012, Bitfinex, is launching a new security token offering (STO) platform regulated by Kazakhstan.

The platform will provide users with a large number of more diversified financial products, mainly stocks and bonds based on blockchain and investment funds.

The company announced that Bitfinex Securities Ltd, an investment product provider under Bitfinex, has obtained approval from Kazakhstan’s national financial hub, the Astana International Financial Center (AIFC), and launched a regulated investment exchange.

Paolo Ardoino, Chief Technology Officer of Bitfinex Securities, stated that the investment exchange would have an independent system in Kazakhstan, a special economic zone. He added that:

“The financial framework of the AIFC is based upon the best standards from developed financial centers such as the UK, Singapore, Abu Dhabi, and Dubai. Kazakhstan is an emerging hub in Asia well placed geographically to service our Asian and European markets and it’s poised to play an important role in this emerging alternative financial system.”

According to the official announcement, the Bitfinex securities platform continues to trade on digital token exchanges. The operation and service are available 24-7 to provide global investors with low-cost, high-efficiency, and optimised financing opportunities to enter the global securities trading market.

Bitfinex wrote in the announcement:

“The Bitfinex Securities platform is designed to facilitate the raising of capital for issuers seeking to have their tokenized securities publicly traded through an easily accessible “admission to trading” process. This meaningful step for the industry will widen access to a variety of innovative financial products, including notably blockchain-based equities and bonds, along with investment funds.”

As early as July of this year, The Kazakh Association of Blockchain and Data Center Industry has announced that cryptocurrency exchanges registered on the Astana International Financial Center (AIFC) will soon begin working with local banks to allow their customers to have the opportunity to transact cryptocurrencies officially.

The government of Kazakhstan is making plans to attract $738 million in investments related to cryptocurrencies and digital mining activities set up with the nation over the next three years, as reported by Blockchain.New on June 17, 2020.

Energy Crisis Is Forcing Cryptocurrency Mining Companies Out of Kazakhstan

Power shortages are causing some cryptocurrency mining firms to leave Kazakhstan and move to other nations.

Crypto mining company Xive announced on Wednesday, November 24 that it is moving its mining farm out of Southern Kazakhstan due to electricity shortages.

Didar Bekbau, the co-founder of Xive cryptocurrency mining firm, talked about the development and said that the firm is shutting down a 2,500-rig mine in South Kazakhstan because of a lack of adequate electricity supply from the national grid.

“Sad to shut down our mining farm in south [Kazakhstan],” he stated.

Bekbau said that the southern part of Kazakhstan is no longer a viable place for cryptocurrency mining activities because of electricity shortage and the national grid has made it difficult to transfer power from energy-rich areas in the north to more energy scarce regions in the south.

The southern part of the nation is especially vulnerable as the region lacks sufficient electricity generating plants and the national grid cannot reliably transfer electricity from the energy-rich northern region.

It is clear that mining in south Kazakhstan is not possible anymore, Bekbau stated. While he did not mention if he was moving mining out of the nation entirely, he stated that Xive is preparing a new site for its over 2,500 machines.

Crypto miners such as Energix and Xive, have been facing electricity issues since September because of the rationing from KEGOC, the national grid operator of Kazakhstan.

Bekbau disclosed that some crypto mining firms are moving from the country to places like Russia and the U.S. as there are no options left in Kazakhstan.

The Mining Sector After the Boom

According to data from Cambridge Centre For Alternative Finance, Kazakhstan currently ranks second behind the U.S. in global Bitcoin mining, accounting for an 18.1% Bitcoin mining hashrate, up from 8.8% in June.

The nation is struggling to meet the energy needs because of its booming cryptocurrency mining industry, which has been flourishing thanks to cheap power and an influx of crypto miners from neighbouring China.

Miners flocked to Kazakhstan after China banned crypto mining in May.

But the mining boom has strained Kazakhstan’s energy supply which is majorly powered by coal production in the northern part of the country. And since July, the country has experienced blackouts in different parts of the nation.

Lawmakers in the country have blamed energy shortages on cryptocurrency mining farms. Kazakhstan’s first vice Minister of energy, Murat Zhurebekov, announced in a press conference in early November that cryptocurrency mining has caused an 8% rise in energy demands on the national grid this year. Electricity demand normally increases by 1% or 2% every year, he stated.

On November 19, Kazakhstan President Kassym-Jomart Tokayev acknowledged in a press briefing that the country is number 2 in the world in terms of crypto mining, but does not see financial returns.

Unregulated farms have been mentioned as the reason why the government so far has witnessed little benefit from the mining boom. Kazakh officials claim that illegal crypto mining activities are the key root cause of the nation’s energy problems.

In the press conference, Zhurebekov admitted that Kazakhstan is not going to simply watch illegal miners consume electricity and contribute to the energy shortage.

However, the country appears friendly and has been careful towards handling the crypto mining activities and as result is pushing for more regulations of the industry rather than imposing a total ban on the sector.

Canaan Deploys 10,300 Mining Machines in Kazakhstan, Expanding its Mining Operations

Canaan, a Chinese Bitcoin mining manufacturer engaged in independent AI chip research and development as well as providing high-performance computing services, announced that it has signed strategic cooperation agreements with a number of crypto mining companies and plans to launch joint mining operations in Kazakhstan.

According to the official announcement, as of the end of 2021, a total of 10,300 AvalonMiners have been invested in Kazakhstan.

Zhang Nangeng, Chairman and CEO of Jianan Zhizhi, said that:

“The deployment of over 10,000 mining machines not only deepens our collaboration with leading local mining farms, but also marks our great strikes in our cultivation of the Bitcoin mining business.”

“As we expand our involvement further down the Bitcoin value chain, we are enhancing the depth and width of our global presence while solidifying our business operations. Joining hands with mining firms, we are excited to leverage each of our respective strengths and resources to maximize profits and capitalize on the growth of the digital assets industry,” Zhang added.

Canaan stated that on December 22, 2021, the last batch of mining machines deployed by the company in the first phase of Kazakhstan has been successfully launched.

Due to China’s crackdown on crypto mining, many bitcoin miners have shifted their base out of China.

As the increase of illegal coal extraction prompted China’s latest crackdown on cryptocurrency mining. As a result, the Communist party-led administration forced them to crack the whip because these illicit activities endangered people’s lives and undermined the government’s ambitious environmental objectives on May 25, 2021.

The multinational semiconductor company Bitmain Technology Holding, therefore, announced that from October 11, 2021, Bitmain’s Antminer will stop shipping to mainland China to comply with a series of local bans on strict crackdowns on cryptocurrencies.

As China is stifling the crypto mining industry, neighbouring Kazakhstan is eager to use its rich coal resources and cheaper labour to fill up companies that had previously mined in Chinese mining pools.

The government of Kazakhstan is making plans to attract $738 million in investments related to cryptocurrencies and digital mining activities set up with the nation over the next three years.

After six months of recovery, the hash rate of the Bitcoin network hit a record high on January 2.

Kazakhstan-Based Crypto Miners Face Unprecedented Situation

Kazakhstan-based crypto miners have been witnessing an unprecedented situation as they find themselves surrounded by uncertainty due to political forces.

The country’s fast-growing cryptocurrency mining industry was affected last week when it was trapped in a nationwide internet shutdown amid a deadly uprising that began with protests in the west of Kazakhstan against a New Year’s Day fuel price hike.

The move likely prevented Kazakhstan-based miners from accessing the bitcoin network, Reuters reported.

While CNBC said, citing comments from Kevin Zhang of digital currency company Foundry, the internet blockage sent an estimated 15% of the world’s bitcoin miners offline.

On January 7th, due to the volatile situation bitcoin tumbled under $41,000 as it slumped as much as 5% to its lowest since late September.

Ethereum also saw a dip as it dropped below $3,200 Friday morning after trading above $4,000 for much of December 2021.

Cryptocurrencies such as bitcoin are created or “mined” by using high-powered computers which are interconnected globally and compete with each other to solve complex mathematical puzzles in a highly energy-intensive process.

According to the most recent data available from August 2021, Kazakhstan accounted for 18% of the global “hashrate” – a crypto term for the amount of power being used by computers linked to the bitcoin network.

In April, before China’s latest clampdown on bitcoin mining, the figure was just 8%.

Crypto mining scene

Since the Chinese clampdown of cryptocurrencies in 2021, many crypto miners migrated to the United States and Kazakhstan, which has led the two countries to become the first and second-largest centres for bitcoin mining respectively.

Although reports have stated that the internet services have now been restored, the situation raises a question about the confidence of crypto miners towards the tightly controlled former Soviet state’s political stability and future scenario of the domestic crypto landscape.

According to a November 26, 2021, report by Blockchain.News, power shortages have already been causing some cryptocurrency mining firms to leave Kazakhstan and move to other nations.

Crypto mining company Xive announced on November 24 that it will move its mining farm out of Southern Kazakhstan due to electricity shortages.

Crypto miners such as Energix and Xive, have been facing electricity issues since September 2021 because of the rationing from KEGOC, the national grid operator of Kazakhstan.

Bekbau disclosed that some crypto mining firms are moving from the country to places like Russia and the U.S. as there are no options left in Kazakhstan.

Kazakhstan’s crypto landscape was not as gloomy as it is now.

According to a September 3, 2020, report by Blockchain.News, the crypto miners safe haven had confirmed in a government meeting that the country was on track with its crypto mining farm projects.

The Minister of Digital Development, Bagdat Mussin, had said that the country was in talks to attract about 300 billion tenges ($714 million) of investment to fund the project which it first proposed back in July.

While in June 2022, the central Asian country made plans to attract $738 million in investments related to cryptocurrencies and digital mining activities over the next three years.

Spanish Lawmaker Tables a Proposal to be Bitcoin Mining Hub after Kazakhstan Internet Shutdown

Maria Munoz, a member of the Congress of Deputies, seeks to make Spain a Bitcoin mining hub while the turmoil is still rocking Kazakhstan.

Munoz pointed out:

“The protests in Kazakhstan have repercussions all over the world including Bitcoin. We propose that Spain position itself as a safe destination for investments in cryptocurrencies to develop a flexible, efficient and safe sector.”

Munoz added that the BTC hashrate was nosedived in just two days based on the internet shutdown experienced in Kazakhstan. Therefore, Spain should position itself to gain a competitive edge regarding Bitcoin mining.

As the second-largest BTC mining hub, Kazakhstan experienced a wave of protests due to high energy costs. As a result, the government imposed a countrywide internet shutdown to tame the unrest, prompting BTC miners to shut down their operations. This caused the hashrate to slip by 19.6% from the peak of 229 EH/s recorded on January 1 to lows of 184.25 EH/s.

The slip in hashrate has also made mining difficulty on the Bitcoin network to hit a 7-month high, acknowledged by market insight provider Glassnode.

The hashrate is used to measure the processing power of the BTC network. It allows computers to process and solve problems that enable transactions to be approved and confirmed across the network.

Meanwhile, JPMorgan Chase sees more crypto adoption happening this year. The leading investment bank noted that Bitcoin was well-designed as a modern store of value, and its robust design was prompting more confidence and value.

Top American multinational investment bank Goldman Sachs echoed similar sentiments and stated that Bitcoin would “most likely” become a bigger proportion over time. Precisely, if Bitcoin were to grab a 50% market share, its price would reach just over $100,000.