Although the price of Bitcoin (BTC) has fallen considerably from its all-time high a year ago, the billionaire owner of Tesla and Twitter is confident that the cryptocurrency will recover in the future. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Elon Musk believes there is a future for Bitcoin
📍“Bitcoin will make it, but it could be a long winter,” were the most recent comments about Bitcoin from Twitter owner Elon Musk on the social network. Musk, who also owns Tesla, responded to investor Jason Calacanis' question about the future of Bitcoin. Calacanis noted that a year ago the price of Bitcoin had reached an all-time high of $69.000 per unit, but that the cryptocurrency was currently trading on the market at a price close to $16.000.
Where will you be in another year? Calacanis asked, to which Musk replied: “Bitcoin will do it”.
Musk's electric car company, Tesla holds more than 10.700 BTC on its balance sheet corporate, valued at approximately $178,7 million at the time of writing.
Is self-custody the future of the crypto industry?
📍Crypto industry leaders are calling on users and investors to self-custody. From MicroStrategy President Michael Saylor to Binance CEO Changpeng Zhao, they are inviting cryptocurrency users and investors to trust themselves and store their crypto assets in self-custody wallets.
In an interview with Cointelegraph reporter Joe Nakamoto, Saylor pointed out that self-custody is critical to building a truly decentralized network. Furthermore, the current MicroStrategy president also acknowledged that self-custody, in addition to ensuring the property rights of users and investors, would also help prevent bad actors from accumulating too much power.
On Twitter, Zhao wrote that self-custody is a fundamental right of all human beings and that we are all free to do so at any time. However, Zhao recommended that users who wish to store their own crypto and not trust third parties start with small amounts while familiarizing themselves with the tools and technology.
Strict regulations for cryptocurrency service providers are coming
📍Patrick Hansen points out that regulators will soon force exchanges to keep their clients' money in segregated accounts. Circle's European strategy and policy director will discuss the impact that the Markets in Crypto Assets Act (MiCA) will have on the crypto industry, considering the crisis caused by the meteoric fall of the FTX exchange.
Hansen, who will be discussing MiCA alongside MEP Stefan Berger, believes that financial regulators will soon be pushing for new mandatory laws to require exchanges and cryptocurrency financial service providers to hold customer funds in segregated accounts, completely isolated or separate from company funds, to ensure their protection and integrity.
The MiCA law will regulate cryptocurrency markets in Europe and, as Hansen said, will also prohibit the use of client funds for a company's own account.
MiCA was approved by the European Council in October this year. The final plenary vote on MiCA is expected to take place in February 2023. Although the vote has been delayed until next year, the final text of this law is final and no further changes to its content are expected, Hansen said.
One of the main reasons for delaying the plenary vote on MiCA for a few more months has been the complex legal and linguistic verification of the extensive text, which must be translated into the 24 official languages of the European Union.
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