Monday, May 23rd 2022
"You've got to be very careful if you don't know where you are going, because you might not get there." ― Yogi Berra
1) Dubai creates committee tasked with positioning the city as metaverse hub
The newly-founded committee will have a mandate to stay on top of the latest developments in the digital economy.
The contribution of the metaverse sector to the Dubai economy aims to be $4B by 2030.
Dubai authorities revealed the task force is already working on “key pillars and the objectives of the Dubai Metaverse Strategy.”
Titan’s Takeaway: Well-capitalized crypto companies such as Binance and FTX have set up shop in Dubai in recent months, attracted by a crypto-friendly regulatory climate. We expect to see many more commitments to crypto from countries that rely on the Old Economy to drive GDP growth today.
2) Goldman Sachs sees no major impact on U.S. economy from crypto decline
Crypto holdings account for just 0.3% of the U.S. households’ net worth, just a small fraction compared to stock ownership which accounted for 33% in 2021.
In a recent note, Goldman highlighted the $150T held in US households dwarfs the $1T of market cap wiped out year-to-date.
U.S. participants comprise just one-third of the entire crypto market today.
Titan’s Takeaway: The small percentage of crypto ownership among U.S. households shows we’re stilll very early in the adoption cycle at home. Despite the attractive growth potential from crypto assets, it appears that majority of American households desire more stability from an asset class before parking long-term capital there.
3) Polymarket taps former CFTC boss as chair of advisory board after the company settles probe
Polymarket is a decentralized platform that allows crypto wagering on binary events like elections, sporting events, asset prices and more.
Ex-chief of the Commodity Futures Trading Commission, J. Christopher Giancarlo, has signed up to lead the advisory board of crypto betting platform Polymarket – a rather familiar move for regulators after their public service.
A few months ago, Polymarket settled a probe with US regulators and paid a $1.4M fine for allegations of offering illegal trading.
Titan’s Takeaway: Gambling and crypto have long been viewed as speculative and risky, ripe for regulation and oversight – for better or for worse. Combine the two like Polymarket has, and the need for legal and compliance horsepower will always be top of mind for this young firm.
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