SkyBridge Capital’s Anthony Scaramucci expressed confidence that the United States will address its debt crisis by allowing controlled inflation, despite potential impacts on lower- and middle-income households. Speaking at the Reuters Global Markets Forum, Scaramucci took a positive stance on debt management, diverging from many analysts who worry about mounting U.S. debt and possible downgrades to its credit rating. The US fiscal deficit recently rose by 8%, reaching $1.833T, the third largest in US history.
Scaramucci also shared his support for Vice President Kamala Harris’s economic plan over that of Donald Trump, despite Wall Street’s leanings toward Trump. He suggested that a second Trump administration could see increased interest in cryptocurrencies, with bitcoin potentially benefiting from Trump’s pro-crypto stance.
Predicting a significant increase in bitcoin’s value, Scaramucci anticipated the cryptocurrency reaching $170,000 by mid-2026, a threefold jump. This forecast reflects his confidence in bitcoin’s limited supply and rising demand amid financial market shifts.
Cross-border payments platform Felix has partnered with Zero Hash, a crypto infrastructure provider, to streamline remittances for the 60 million Latinos residing in the US. By integrating with WhatsApp, Felix allows users to send funds instantly, with Zero Hash managing regulatory and technical aspects via stablecoins like USD Coin (USDC) to facilitate transfers. This approach helps users avoid the high fees and delays often associated with traditional money transfer services.
Each year, US-based Latinos send an estimated $150 billion abroad, and Felix’s service offers a quicker, more affordable alternative to standard remittance options. Zero Hash oversees the process by converting dollars to USDC, which recipients can easily exchange into local currency, providing a seamless and familiar experience for those sending funds to their families.
Since its launch, Felix has seen rapid growth, increasing its transaction volume by 500 times. Zero Hash, which supports major platforms and has processed over $20 billion in transactions, aims to make blockchain technology effective behind the scenes, fostering crypto adoption through accessible, real-world applications.
Russia is set to ban cryptocurrency mining in certain areas due to severe electricity shortages, Deputy Energy Minister Evgeny Grabchak announced. Key regions affected include the Far East, southwestern Siberia, and the South, all experiencing energy deficits that limit their ability to provide sufficient power until 2030.
The announcement aligns with new legislation signed by President Vladimir Putin, effective 1 November, giving the government authority to ban crypto mining in specific regions. The law also restricts crypto-related advertising, including promotions for mining, blockchain services, and crypto exchanges. Russia’s largest search engine, Yandex, has already updated its policies, banning ads linked to crypto activities within the country.
Interest in cryptocurrency has seen new applications for Bitcoin, including its recent adoption in life insurance by Meanwhile, which claims to be the first company to denominate policies in Bitcoin. Rather than using dollars, Meanwhile’s life insurance policies operate entirely in Bitcoin, covering everything from premium payments to policy loans and payouts.
Meanwhile offers whole life insurance, so holders are covered for life. Director of Wealth and Asset Management, Danny Baer, highlights unique tax advantages, particularly thetax-free policy loan option. This allows policyholders to borrow Bitcoin against the policy’s value. As Bitcoin increases in price, the value of the policy and the amount that can be borrowed also rise, and the loaned Bitcoin’s cost basis adjusts to the current rate.
Baer suggests that if Bitcoin’s price skyrockets over time, the ability to borrow against the policy without incurring capital gains tax could be highly beneficial for long-term holders. Meanwhile’s Bitcoin-denominated approach appeals to those looking to invest in an asset with a low time preference, which complements the long-term nature of whole life insurance.
Africa is experiencing a remarkable surge in cryptocurrency adoption, with Telegram-based communities expanding by an astounding 189% since early 2023, according to research from cryptocurrency exchange Bitget. This shift highlights a significant migration of digital asset interest from traditional Western markets to emerging economies. The study found that Africa’s crypto-focused Telegram groups now boast over 3 million users, primarily driven by a young demographic, with over 56% of users aged under 25.
Factors contributing to this growth include economic instability, limited access to banking services, and the tech-savvy nature of the youth. In addition to Africa, Eastern Europe, particularly Ukraine, is seeing a rise in cryptocurrency usage amid economic challenges. In contrast, Western Europe is growing more slowly due to regulatory constraints and market maturity, with Telegram groups seeing only an 11% increase during the study period.
The research indicates that mobile technology plays a crucial role in this trend, with Telegram becoming the primary platform for crypto communities in emerging markets. Projections suggest Africa’s crypto market could reach 54 million users by 2025, with Nigeria and South Africa leading the way. However, while Telegram fosters trading communities, it also hosts a concerning number of scams, underscoring the need for caution among users navigating this rapidly evolving landscape.
De Nederlandsche Bank (DNB), the Netherlands’ central bank, has fined crypto exchange Bybit €2.2 million ($2.4 million) for operating in the country without the required registration. Bybit’s non-compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act triggered the fine, as the exchange had not registered to support oversight and prevent illicit financial flows. The legislation, enacted in 2020, mandates that crypto providers register to reduce risks tied to anonymous transactions.
DNB stated that Bybit’s non-compliance hindered its ability to report suspicious transactions to Dutch authorities, a critical component of financial oversight. Although DNB acknowledged the severity and duration of the breach, it reduced the fine due to Bybit’s efforts to resolve the issue by transferring Dutch customers to local partner SATOS B.V., which holds a compliant operating licence.
Acknowledging the fine, Bybit underscored its commitment to regulatory adherence. CEO Ben Zhou highlighted Bybit’s actions in 2022 to mitigate potential risks, affirming the company’s goal of responsible growth through close cooperation with European regulators.
A recent report by Electric Capital’s Maria Shen reveals that Asia has become the leading region for cryptocurrency developers, surpassing North America for the first time. Analysis of over 110,000 developer profiles shows Asia’s share has grown from 13% in 2015 to 32% in 2024, while North America’s share has dropped sharply from 44% to 24%.
At the national level, the United States still ranks first globally with 18.8% of crypto developers, though this represents a 51% decrease since 2015. India follows with 11.8%, while the United Kingdom holds 4.2%. Notably, as the industry’s market size soared from $5 billion in 2015 to $2.4 trillion today, the geographical spread of developers has extended well beyond traditional tech hubs like California and New York, with 64% now based outside these centres.
Maria Shen emphasised that cryptocurrency development spans various regions and political affiliations, highlighting the field’s global and diverse nature. Her report, based on 200,000 crypto Git commits from over 350,000 code repositories, underscores the growing decentralisation of crypto talent.
Consensys, a prominent cryptocurrency firm, has announced it will cut 20% of its workforce, equivalent to 162 of its 828 employees. CEO Joseph Lubin attributed the decision to persistent macroeconomic challenges and intensified regulatory scrutiny impacting the crypto sector. Rising interest rates, inflation, and liquidity constraints have further complicated the industry’s environment, contributing to Consensys’ decision.
Lubin voiced concerns over regulatory hurdles in the United States, specifically criticising the Securities and Exchange Commission (SEC) for what he described as overreach in its enforcement actions. He argued that multiple SEC cases, including one involving Consensys, have led to job losses and hindered productive investment. Lubin also accused the agency of misusing its authority, which he claims threatens to financially damage numerous companies involved in crypto.
The regulatory landscape for crypto remains complex, with limited frameworks in place across key markets. While some firms have accused the SEC of stifling innovation, the agency has consistently defended its actions, asserting that these measures are necessary to protect investors.
Taiwan is moving towards stricter oversight of the crypto sector, with the Financial Supervisory Commission (FSC) set to introduce a registration system for crypto exchanges on 30 November. This early implementation is part of Taiwan’s efforts to bring clarity and regulatory compliance to digital asset exchanges, a growing segment of the financial market.
FSC Chairman Peng Chin-long recently noted that 26 exchanges have already fulfilled compliance declarations under Taiwan’s anti-money laundering laws, with up to 30 more applications under review. Following previous inspections that uncovered serious issues around identity verification and transaction monitoring, the FSC plans to inspect six more crypto firms in November and December.
In addition, the FSC is drafting a “Special Law for Crypto Exchange Management” to establish transparent licensing standards and enhanced consumer protection measures. The proposed law will undergo public hearings in early 2025, providing the public with a chance to weigh in on future crypto regulations.
Coinbase users in the UK and US can now fund their accounts instantly using eligible Visa debit cards, following a recent partnership with Visa. This integration, announced on 29 October, allows customers to deposit funds in real-time through the Visa Direct network, providing flexibility for those looking to quickly respond to crypto market changes.
The new feature is set to simplify access to trading funds by reducing traditional wait times associated with crypto funding. With Visa Direct, Coinbase users can now top up their accounts or make crypto purchases almost instantly, while also benefiting from instant cash-outs to bank accounts, minimising delays on major transactions.
The partnership further underscores Visa’s growing involvement in the crypto sector. Earlier in October, Visa also launched its Tokenized Asset Platform, enabling banks to manage fiat-backed tokens, including stablecoins. BBVA, a major Spanish bank, is set to trial this platform on the Ethereum blockchain in 2025, marking a significant step in Visa’s broader blockchain strategy.
