Every week we track the trends of how the crypto industry is disrupting the global economy, creating positive economic opportunities for people all over the world. And while the crypto markets have been relatively quiet recently, investors are exhilarated in preparing for a potentially explosive final quarter of 2021.

Sharing in the exhilaration is billionaire venture capitalist Chamath Palihapitiya, chairman of Virgin Galactic and outspoken Bitcoin advocate, who released a statement this week saying that Bitcoin had “effectively replaced gold,” calling it “the most profound iteration of the Internet that we’ve seen.”

While many wait in anticipation for Bitcoin to surpass Gold’s global market of $10 trillion, Chamath is suggesting that due to the liquidity, adoption and usability of Bitcoin, it has already won the race. Price performance alone is indicative of such.

Palihapitiya reiterated the concerns of many regarding inflation and the benefits of crypto as a legitimate hedge against the impending shock. He also highlighted the benefits of crypto outside of Bitcoin, noting the mounting use cases for sectors like DeFi, for providing better savings accounts and credit scoring to investors. When looking to the future, Palihapitiya turned to the advent of Web3, the decentralized internet that threatens to eradicate Big Tech’s control of user data and enhance the availability of crypto networks.

“Web3 is rebuilding all of that stuff without an obvious leader. It's completely headless. It's entirely peer-to-peer. And I think that that's both scary and exhilarating.” (Decrypt)

Governments and banks aren’t sitting back while innovation runs its course. The Bank of England is making good on its promises to pursue CBDCs with serious intent, unveiling plans for research that includes a list of major collaborators. The list is vast, ranging from big businesses like Google and Spotify to industry experts and academics. The bank is seeking advice from a diverse patch of specialists to thoroughly “understand the practical challenges of designing, implementing, and operating a CBDC.” (Cointelegraph)

Other countries are taking more radical steps to implement crypto. El Salvador initiated its plans to mine Bitcoin using volcanic geothermal energy. The country’s President, Nayib Bukele, posted a video on Twitter this week announcing the “first steps” toward project fruition. (Decrypt) Thailand also stepped into the crypto space, declaring that its tourism authority plans to create a native utility token, TAT, to attract crypto enthusiasts to the country. (Cryptopotato)

Canada also entered the chat, announcing its first multi-cryptocurrency exchange-traded fund this week, spearheaded by EvolveETF and backed by Bitcoin and Ethereum. The new fund is now trading on the Toronto Stock Exchange (TSX) under the ticker symbols ETC and ETC.U. President and CEO of EvolveETFs, Raj Lala, echoed the sentiments of Palihapitiya in his remarks for creating the fund.

“Bitcoin has established itself as a store of value and is often referred to as digital gold. Ether is often referred to as digital oil and has become an essential building block for digital finance including NFTs and other DeFi applications.” (Cryptopotato)

This news comes with some frustration to those in the United States who are still impatiently waiting on approvals for crypto ETF requests. This seems to loom, in anticipation of greater regulatory guidelines to help guide crypto companies in operating in the utmost compliant fashion. That said, many are speculating that a Bitcoin ETF could be approved at any moment, serving as a potential catalyst to a strong end of 2021 performance for crypto.

As CBDCs and stablecoins gain traction, Visa is stepping up with its new Layer 2 Universal Payment Channel (UPC). This cross-chain interoperable solution promises to connect multiple blockchain networks, making the Visa network a place where digital currencies can be transferred with ease. By doing this, they are bringing the ease of crypto transactions to both consumers and merchants.

“We believe that for CBDCs to be successful, they must have two essential ingredients: a great consumer experience and widespread merchant acceptance. It means the ability to make and receive payments, regardless of currency, channel, or form factor. And that’s where Visa’s UPC concept comes in,” said Visa. (ChainBulletin)

Part of the brilliance of the Visa UPC is its future ability to act behind the scenes for maximum ease of transactions. By acting as a major player for making crypto interoperable, a seamless bridge can be created from traditional finance to crypto, and vice versa. In the same way that our smartphones provide the internet, Visa is enabling a space for cryptocurrencies to occupy a consistent place in the lives of the daily consumer.

What is beginning to take shape is a borderless economy powered by the security and efficiency of blockchain technology—a world where value is shared as easily as media, which is much needed in a Global economy in recovery. Each day the network effect is growing, which is now breaking ground in the consumer market. In the future, the economy will become more digital, and crypto will be the underlying value layer connecting us all.

Top market movers as of October 1, 2021

  • Terra (LUNA) +44%
  • OMG Network (OMG) +35%
  • Tezos (XTZ) +32%
  • Uniswap (UNI) +27%

Read this:

CryptoSlate > "Paying for Taco Bell with Dogecoin (DOGE) could soon become a reality"

Coindesk > "Terra Blockchain, Home of LUNA and UST, Upgrades for Cross-Chain Interoperability"

Benzinga > Visa Announces Network For Stablecoin And CBDCs

Benzinga > Dogecoin Bull Elon Musk Says US Should Avoid Regulating Cryptocurrencies, Speculates On Reason Behind China Ban

DeCrypt > "Dogecoin Co-Creator: Ethereum Bridge and NFT Purchases Would 'Help Dogecoin'"

CoinDesk > "Fed Chair Powell Says He Has ‘No Intention’ of Banning Crypto"

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