Ark Investment Backs Bitcoin’s $1 Million Prediction

Ripple has announced its first On-Demand Liquidity (ODL) customer in France by partnering with Parisian payment provider Lemonway, according to a press release.

The partnership will allow Lemonway to use Ripplenet ODL, leveraging XRP for crypto payments to bolster its treasury payment processes. The partnership will allow Lemonway to drive operational efficiencies as they will not have to pre-finance offshore accounts, and will have the opportunity to use previously trapped pre-financed capital to grow the business.

It comes as France has been adopting more crypto technology.

Meanwhile, the Financial Stability Board has released a framework for international crypto regulation.

The recommendations are based on the “same activity, same risk, same regulation” principle in that crypto assets should be treated like the traditional financial sector, in addition to addressing various financial stability risks.

In additional crypto news, the Financial Crimes Enforcement Network (FinCEN) has imposed a civil monetary penalty against Bittrex for violating the Bank Secrecy Act, as the company allegedly failed to maintain an effective AML program, according to a press release.

Acting FinCEN Director Himamauli Das said Bittrex’s AML program unnecessarily exposed the US financial system to threat actors and allowed exposure “to high-risk counterparties, including sanctioned jurisdictions, darknet markets and ransomware attackers.”

Additionally, venture capital investment in crypto is at its lowest level in over a year as of Tuesday (Oct 11), with startups reeling from the year’s large digital currency sell-off, Bloomberg wrote.

Venture capital firms globally invested $4.44 billion in crypto startups in one quarter, a 37% drop from the same period last year, according to statistics from PitchBook.

The pullback also comes when there has been a downturn in general technology investment, although crypto investment has seen a steeper decline due to higher risks.

Finally, Ark Investment Management analyst Yassine Elmandjra said he is still sticking with a company prediction that bitcoin’s price could top $1 million even with selloffs this year, Bloomberg wrote.

Cathie Wood, the fund manager behind Ark ETFs, had said earlier in the year that Bitcoin could reach $1 million or more by 2030, but that was before the sell-off that occurred this year amid the crisis. world economy.

However, Elmandjra said there is still an opportunity, saying that there are numerous use cases and when you “stack each use case on top of each other, you come to an opportunity of about $28 trillion, which translates to more than a million dollars for Bitcoin”. .”

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