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Blockchain and Crypto SWOT: billionaire Orlando Bravo says he owns bitcoin

Commentaries & Views

Strengths

  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Gravitoken (GRV), rising over 2,400%.

  • Billionaire Orlando Bravo said he owns Bitcoin and is very bullish on the cryptocurrency. At CNBC's Delivering Alpha conference this week, Bravo stated "How could you not love crypto?" He added that he likes Bitcoin's finite supply and sees more people using it in the future, according to Bloomberg.  

  • The city of Miami has earned over $5 million from the launch of the new token MiamiCoin and city officials just voted to approve accessing the funds. MiamiCoin is the first of its kind, and San Francisco seems to be following suit, reports Blockworks.

Weaknesses

  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was Capital X Cell (CXC) down 99%.

  • Chinese e-commerce giant Alibaba is the next company to wrap up its cryptocurrency-related services in response to the ongoing crackdown in China, writes CoinTelegraph. The company officially announced on Monday that its platform will prohibit sales of crypto miners and suspend categories for blockchain miners and accessories from its website on October 8. Any sellers that list these kinds of products on Alibaba's platforms after October 15 will face significant penalties, the article explains.

  • The Commodity Futures Trading Commission (CFTC) has imposed a $1.25 million penalty to cryptocurrency exchange Kraken. The exchange offered margined retail commodity transactions in digital assets and failed to register as a futures commission merchant. Kraken is not the first crypto exchange sanctioned by the CFTC; in August, FinCEN charged Bitmex $100 million for operating an unregistered derivatives trading platform.

Opportunities

  • The cryptocurrency market made a swift comeback from the turbulence last week triggered by China's latest crackdown, reports Bloomberg, with the likes of Bitcoin and Ether recouping most of their losses at the start of the week. Bitcoin rallied to around $44,000 in Hong Kong on Monday (near the level when the PBOC announced its latest step in reining in crypto Friday), and Ether broke above last week's level at $3,100, the article continues. Although the group of major cryptos (as represented by the Bloomberg Galaxy Crypto Index) was down slightly in September, they are still up year-to-date.

  • Cryptocurrency derivatives exchange Bitget is the first ever sleeve partner with famous European soccer club Juventus, reports Bitcoinist. This is further proof of the undeniable trend that sports are getting increasingly connected with cryptocurrencies.

  • Switzerland's Financial Market Supervisory Authority (FINMA) has approved the first Swiss crypto fund. The fund is managed by asset manager Crypto Finance and custodied by Seba Bank. "This is the first time that FINMA has approved a Swiss fund that invest primarily in crypto-assets" said a regulator and reported by Bitcoin.com

Threats

  • Virgil Griffith, Ethereum developer, has plead guilty to violating U.S sanction law. Griffith was arrested in 2019 after giving a presentation at a North Korean cryptocurrency conference. He was released on bail in 2020, but currently resided in jail for violating his bail conditions. He will be sentenced in January 2022, according to Coindesk.

  • The State of Tennessee has received reports about pyramid schemes on cryptos like Bitcoin, Ethereum, and Dogecoin. The investments are in fraudulent Bitcoin futures that come from shell companies. The state attorney has vowed to take action and apprehend the criminals, writes Cryptopolitan.com.

  • Due to the ongoing crypto crackdown by the CCP, one of the world's largest crypto exchanges by trading volume, Huobi is relocating its operations out of the country. Chinese censors started blocking social media and internet results for "Huobi" and other crypto exchanges, writes CoinTelegraph.
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