BlockByBlock | MENA Governments Convene Around Blockchain
Local Developments
Movements In The GCC 👇
The UAE Council for Artificial Intelligence and Blockchain vows to train more than 100 leaders in advanced technologies and further the reach of AI and blockchain applications nationally.
The Jordanian government launches its first metaverse-payment portal, which will be used for transactions between government intermediaries and suppliers.
The Abu Dhabi Investment Authority (ADIA), the UAE's largest sovereign wealth fund, plans to establish a research center for transformative technologies, which include blockchain, FinTech and energy tech.
"We are witnessing rapid adoption of blockchain technology in the region and we believe there is huge potential for the UAE to soon become a leading virtual asset hub,” says Richard Teng, Regional Head of MENA at Binance.
What To Expect In The Crypto Market In 2023
Bitcoin & Ethereum To Continue Their Descents In 2023👇
Bitcoin is down nearly 74% from its all-time high in Nov. 2021. Ethereum suffers a similar fate. By taking a quick glance at inflation rates and the Fed's inability to quickly curve inflation, the cryptocurrencies' descents look poised to continue for the remainder of the year.
September's Consumer Price Index (CPI), a leading measure of inflation, came in at 8.2%, a 0.4% increase since last year. This comes despite the Fed issuing numerous rate hikes, a leading countermeasure against inflation, throughout the year. In addition to a 0.4% increase in consumer prices, the core CPI rose by 0.6% month-to-month since September and by 6.6% over the past 12 months, when food and energy prices are removed.
The Fed reacted to inflation's resilience to rate hikes by becoming more aggressive, hinting that they will continue to raise rates until inflation is tamed. Jerome Powell, the current Chair of the Federal Reserve, said:
"I wish there was a painless way [to do this]. There isn't."
Due to the high correlation between the equities and cryptocurrency markets, it appears that the crypto space will continue to bleed as long as the Fed continues to raise rates. Adding further pessimism to the space are the persistent threat of regulation and the scams, hacks and Ponzi schemes that remain ripe within the crypto world.
While this unique space continues to harbor some of the greatest potential in any asset class in history, it does not come without its risks. For players in 2023, it seems the best course of action is either no action at all or playing a very long-term game
Read more about crypto's ties to inflation here.
Blockchain Trends
Global Trends 📉
The National Association of Software and Service Companies (NASSCOM) reports that Web3 will inject $1.1 trillion into India's GDP by 2032, representing 37,000% growth since 2020.
Twitter Co-founder Jack Dorsey unveils his decentralized social media app, BlueSky Social, is now accepting users for its beta-phase launch.
A report by Galaxy Digital shows that NFT creators have collected $1.8 billion in royalties, but just 10 NFT issuers have amassed 27% of this pool.
Local Trends 📈
A report by UAE blockchain accelerator Crypto Oasis finds 1,400 blockchain projects in the UAE blockchain space have helped create 7,000 jobs.
A report by CoinCub ranks the UAE as the fourth most favorable crypto economy in 2022.
A Face-to-Face With Interpol Target Do Kwon
Do Kwon Says "It Was Never Really About The Money," When Top Journalist and Unchained Podcast Host Laura Shin Tracks Him Down - Watch The Episode In Full Here ☝️
Upcoming Events
AgoraGroup 🔴
The Global Blockchain Congress is undergoing its 10th iteration in Dubai on November 23rd and 24th of 2022.
Events Across The UAE 🔵
The Blockchain Life Event will be hosted on November 28th and 29th of 2022, in Dubai, UAE.
The International Crypto Summit will be hosted from November 14th till November 16th, 2022, in Dubai, UAE.