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Money Has Changed Forever, Why Bitcoin Will Benefit
Later, Hayes breaks down the evolution of money and the network that supports money, from its physical to its digital phase. In the latter, individuals, entities, and small countries have money stored on centralized, permissioned networks, and can potentially be locked out of their wealth, if a bank or government decides to.

In case the dominant countries on this network, the U.S. and E.U. or China for the current financial system, decide to block network access to a participant, questions about the status quo emerge.

Russia’s recent sanctions, the essay claims, is a one-of-a-kind case in history. The digitalization of the monetary network has made it possible to “cancel”, to “shun”, the country at this scale. Hayes said:

Money is a medium of energy storage, and the most-used monetary instruments now lack the largest energy producer globally as a user. Why should any central bank “save” in any Western fiat currency, when their savings can be expropriated arbitrarily and unilaterally by the operators of the digital fiat monetary networks?

Data shared by Hayes estimates current savings in $12 trillion, most countries store these funds on a network controlled by a superpower. These funds will be moved, says Hayes, to a new network.

Gold is the potentially direct benefactor, as mentioned, China and other countries could begin injecting buying pressure into the Gold spot market. Long Gold could be this decade’s most important trade. Wheat, grains, and other commodities could follow.

Related Reading | FED Announcement Pushes Bitcoin Price Up, Will BTC Sustain Momentum?

In the long term, Hayes expects Gold to reach $10,000 on the spot. The rise of the precious metal will spill into all hard money assets, Bitcoin included. The cryptocurrency could hit $1 million per coin, as Gold moves upward. Hayes added:

(…) any and all hard monetary assets believed to protect portfolios from this pestilence will get bid to astronomical levels. And that is the mental shift that breaks the correlation of Bitcoin with traditional risk-on / off assets, such as US equities and nominal interest rates.

Though there's still no pure-play cryptocurrency ETF trading on the major US indices with which to invest directly in digital tokens, we now have several exchange-traded products (ETPs) that provide access to some cryptos, via companies at the center of the growth in the digital asset space and firms that develop blockchain technology.

We previously covered several of these funds. They include (in alphabetical order):

Amplify Transformational Data Sharing ETF (NYSE:BLOK)— down 26.6% year-to-date (YTD);

First Trust Indxx Innovative Transaction & Process ETF (NASDAQ:LEGR)—down 12.9% YTD;

Grayscale Bitcoin Trust (BTC) (OTC:GBTC)—down 25.9% YTD;

Grayscale Ethereum Trust (ETH) (OTC:ETHE)—down 39.5% YTD;

Global X Blockchain ETF (NASDAQ:BKCH)—down 38.3% YTD;

ProShares Bitcoin Strategy ETF (NYSE:BITO)—down 15.8% YTD;

Valkyrie Bitcoin Strategy ETF (NASDAQ:BTF)—down 15.6% YTD;

VanEck Bitcoin Strategy ETF (NYSE:XBTF)—down 19.9% YTD.

Of these names, GBTC and ETHE are trusts that invest in Bitcoin and Ethereum directly. On the other hand, BITO, BTF, and XBTF are futures-based funds, providing managed access to Bitcoin futures contracts. And finally, BLOK and LEGR invest in companies in the digital economy sector.

Despite the keen interest by some on Wall Street in these cryptos and related businesses, 2022 has not been a good year for the industry. As the returns above show, most holdings in these ETPs have recently been under significant pressure. Of note, Bitcoin and Ethereum lost 15.7% and 29.8%, respectively.

Today’s article introduces two exchange-traded funds (ETFs) for contrarians who want to take advantage of the decline in the crypto space. However, we should remind potential investors that these thematic funds typically have high expense ratios. Also, given the nature of the crypto industry, the prices of their holdings should continue to be volatile.

The European Parliament committee on Monday will vote on a new regulatory framework for crypto assets, which had stumbled out of the previous two-day trading range on Sunday night. Industry sources say the framework could actually speed up the “banning of major digital currencies including bitcoin and ethereum in Europe.”

According to the final draft of the Markets in Crypto Assets Act (MiCA) seen by the media, the issuance and/or trading of crypto-assets within the EU is subject to minimum environmental sustainability standards, and a phase-out plan is set and maintained to ensure compliance related requirements. This is the EU's comprehensive legislative package for managing digital assets.

The Economic and Monetary Affairs Committee will vote on the bill on Monday. Surprisingly, the draft contains a recent addition aimed at restricting the use of cryptocurrencies powered by energy-intensive computational procedures (i.e. Proof-of-Work, PoW).

Jake Chervinsky, head of policy at the Blockchain Association, commented ahead of the vote:

“MiCA is terrible for cryptocurrencies, worse than anything in the U.S. Tomorrow (Monday), the European Parliament votes on an 'environmental sustainability standard' that looks like an excuse, and the subtext is a bitcoin ban ."

The media noted that the requirements regarding minimum sustainability and enforcement appear to have been introduced at the last minute to curb or ban the use of digital currencies on the so-called PoW consensus mechanism. Because German EU MP and crypto expert Stefan Berger said in a tweet earlier last week that the earlier draft did not mention the concept of PoW.

CoinDesk previously noted that the clause requires all crypto assets to comply with the EU’s “minimum environmental sustainability standards” before being issued, offered or permitted to trade in the EU.

For cryptocurrencies such as bitcoin and ether that are already traded in the EU, the rules propose a phase-out plan to shift their consensus mechanism from proof-of-work to other methods that use less energy, such as proof-of-stake stake). Although there are plans to move Ethereum to a proof-of-stake consensus mechanism, known as Ethereum 2.0, this option is not yet available for Bitcoin.

Proof of Work is one of the main consensus mechanisms governing the Bitcoin blockchain. Energy-intensive bitcoin miners contribute computer power to the network, securing and processing the blockchain, and are rewarded in bitcoin for their contributions.

A previous version of the draft proposed banning proof-of-work cryptocurrencies in the European Union from January 2025. The clause was later dropped amid criticism from cryptocurrency advocates, but a revised version later reintroduced it into the latest draft.

EU lawmaker Stefan Berger, who oversees the content and progress of the MiCA framework, has been trying to reach a compromise on limiting proof-of-work. Berger also said at the time that he did not see MiCA as the place to make technology or energy-related rules, as the framework’s goal is to regulate crypto as an asset. Once Parliament has decided on the draft, it will proceed to a trilogy, a formal round of negotiations between the European Commission, Council and Parliament.

Industry executives are outraged that the new draft law could become a ban on bitcoin, which they see as dangerous.

Pascal Gaulthier, CEO of Ledger, one of the world's largest crypto wallet providers, said on his Twitter account:

“We at Ledger will always stand up for freedom and self-regulation, especially in our backyard. We call on all of you to contact your MEPs and let them know that you oppose a bitcoin ban in Europe.”

Microstrategy CEO Michael Saylor said:

“The only fixed way to create digital property is through proof-of-work. Non-energy cryptographic methods (like proof-of-stake) must be considered securities unless proven otherwise. Banning digital property would be a trillion-dollar mistake.”

The head of strategy at crypto wallet firm Unstoppable Finance said:

“It will also affect Bitcoin as Bitcoin cannot implement the POW exit plan.”

“The stakes for an EU vote are extremely high,” says Circle Pay founder Jeremy Allaire, a proposal that is very worrying and unlikely to stand the test of practice.

The good news for cryptocurrency bulls is that a minority of committee members are likely to vote against the measure, although the voting parties remain close, according to CoinDesk, citing people familiar with the matter. If so, Sunday night's sell-off was just the latest attempt to purge shaky holders.

Investing.com - As of February 28, there were 17,911 cryptocurrencies in the global crypto asset class. The growth rate of new tokens is unbelievable. You know, at the end of 2020, there were only 8,153 cryptocurrencies, less than half of what there are today. Whether the value of cryptocurrencies goes up or down, new tokens will enter the market in a big way.

BTC's fabulous run from 5 cents in 2010 to nearly $70,000 by mid-November 2021 sparked a speculative frenzy in the emerging token. Speculators have been keen to invest in new tokens in the hope that they will offer spectacular, Bitcoin-like returns.

MINA is a novel cryptocurrency that offers "true decentralization, scale and security".

MINA has climbed to the top of cryptocurrencies, entering the top 100, and is worth more than 99.5% of other asset class members.

The World's Lightest Blockchain

MINA's website describes its protocol as

Creating a portal between the real world and the crypto world, providing the infrastructure for our secure democratic future.

MINA's developers have created what they call "the lightest blockchain, powered by participants."

The entire MINA blockchain is the size of "a few tweets." MINA uses advanced cryptography and zk-SNARK to achieve decentralization at scale. zk-SNARK is an acronym that stands for "Zero Knowledge Simple Non-Interactive Knowledge Argument. ". It is a cryptographic proof that allows a party to prove that it has certain information without revealing it.

One of the Top 100 Cryptocurrencies

As of March 3, MINA is the 87th leading cryptocurrency. With a price per token of $2.077, MINA has a market cap of over $816.5 million.

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