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Paxful Partners With Miami Mayor To Distribute 500 Tickets For Bitcoin 2022 Conference

The sweepstakes is part of a larger strategy to promote financial literacy and Bitcoin education in the City of Miami.

Digital payment platform Paxful has partnered with nonprofit Built With Bitcoin Foundation and Miami Mayor Francis Suarez to drive a new educational initiative focused on Bitcoin (BTC) and financial education.

The initiative will distribute free Bitcoin 2022 conference tickets to local colleges and universities as part of a broader effort to improve financial literacy among minority and underserved communities in Miami. Up to 500 students and local residents will receive a ticket to attend the conference, which is scheduled for April 6-9 at the Miami Beach Convention Center.

General tickets for the event are currently selling for $899.

All I know is that @nayibbukele, @jackmallers, @allenf32 and I are trying to outdo each other to make big surprises at @TheBitcoinConf.
— Samson Mow (@Excellion) March 16, 2022

Recipients will have access to the full conference agenda, which was released on March 15th. Featured speakers at this year’s event include Salvadoran President Nayib Bukele, MicroStrategy CEO Michael Saylor, US Senator Cynthia Lummis, entrepreneur Peter Thiel and Ark Invest’s Cathie Wood. Dozens of other Bitcoin influencers, entrepreneurs and investors will also headline the three-day event.

Ticket distribution is led by Venture Miami, a portfolio team brought together by Mayor Suarez to promote innovation, job creation and diversity in high-growth sectors such as information technology.

Related: MiamiCoin disbursement to fund rental assistance program, says Mayor Suarez

After learning about Bitcoin from crypto influencers like Tyler Winklevoss and Anthony Pompliano, Mayor Suarez made BTC adoption a priority in his second term. Suarez, who already receives a portion of his salary in BTC, announced in December that he also plans to receive a portion of his 401(k) payout in the top cryptocurrency.

I will receive my next salary 100% in bitcoin... problem solved! @ Sarasti can you help? https://t.co/v4YdPZ0tYc
– Mayor Francis Suarez (@FrancisSuarez) November 2, 2021

Suarez has also established a program where Miami residents can earn a Bitcoin dividend. The program is being facilitated by the MiamiCoin cryptocurrency, which helps fund municipal projects generating returns. As of January 2022, MiamiCoin had generated over $21 million in excess returns for the city.

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PayPal CEO Predicts Cryptocurrencies Will Revolutionize Global Financial System

The CEO of one of the world’s largest payment providers predicts that cryptocurrency technology will revolutionize financial systems globally.

Ahead of Axis Tel Aviv’s international investment conference, PayPal CEO Dan Schulman told interviewers that he has high hopes for cryptocurrencies in the future.

“I am very excited about what cryptography and digital accounting technology can do for the financial system in the future…”

Schulman’s high hopes for crypto go far beyond Bitcoin (BTC) trading and into the realm of real-world use cases such as crypto as payment options.

“I think the initial things that everyone thinks about cryptocurrencies, buying and selling, and what is the price of Bitcoin tomorrow, that’s the least interesting part of digital currencies for me. This is thinking of digital currencies as an asset class. To me, the really exciting thing about digital currencies is the kind of utility they can provide in payments.”

Specifically, the payments giant’s CEO believes that central bank digital currencies (CBDCs) and digital wallets have the power to redefine everyday financial interactions.

“Clearly, around the world, central banks are considering issuing digital currencies. The intersection of CBDC, stablecoins, digital wallets and the enhanced utility of cryptocurrency payments is not only fascinating, but I think it will redefine much of the financial world going forward.”

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Defi Blind Platform makes a lot of money

Cega Finance, a decentralized finance platform, has raised more than $4 million in seed capital from companies like Dragonfly Capital Partners, Coinbase Ventures, Alameda Research, and Solana Ventures.

Cega Finance completes a $4 million funding round

Cega seeks to bring exotic derivative features to cryptocurrency. To date, the Cega team consists of several forex experts, experienced developers, founders of Y Combinator, and a former options trader. The company’s main product is an application created on the Solana network that combines basic and advanced options so that investors can access exclusive package offers.

The first exotic option offered by the company is the so-called Fixed Coupon Note, which offers retail investors higher yields and compounded returns. It also provides discount coverage to market makers. Arisa Toyosaki, a former derivatives trader and CEO and co-founder of Cega, said in an interview:

Defi derivatives have seen explosive growth over the past year, and we find that the market is still in its infancy. Defi has experienced >300 percent CAGR in the last two years and currently has four million users. We believe that a product offering that generates high returns and better security for users during the volatile period of crypto expansion will be essential for the growth of the entire ecosystem.

The company plans to use the money received to further develop its technology and establish a strong community focused on statistical modeling, user education and product offerings. Tom Schmidt, general partner at Dragonfly Capital Partners, said in a statement:

Blind is changing space defi. Defi goes through a process where a team creates a groundbreaking financial innovation, which in turn spurs the creation of an entirely new product category and grows the overall market. We have seen this with Uniswap for AMM and Composite for FX markets, and I think the Cega team will do this for exotic derivatives and structured products, a much needed breakthrough in the defi industry. We are super excited to support them and move this entire market forward.

Joey Krug, Pantera’s joint venture officer, also added his two cents to the mix, explaining:

Cega is opening up a new layer of untapped potential in decentralized derivatives, where we see a multi-billion dollar opportunity to disrupt traditional finance. Exotic options have proven to be valuable tools for transforming and managing risk. Now, defi gives us the opportunity to redesign these tools with greater transparency and efficiency.

The next step in finance?

Brian Lee, partner at Alameda Research, mentioned:

Alameda is pleased to support Cega because we believe exotic derivatives are the next evolution in defi. In traditional finance, we have seen an innovation-driven market expansion in derivatives and we believe the Cega team can push these boundaries for cryptocurrencies.
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Hedge Fund Holdings Cannot Support Bitcoin Price

The price of Bitcoin is in danger of falling as investors are funding short positions in Bitcoin by borrowing digital money from exchanges. Datamish shows that investors are underfunding, causing the value of Bitcoin to plummet.

Bitcoin fell again on Friday despite an increase in capital inflows from major investors and portfolio institutions. Brevan Howard Asset Management LLP and Tudor Investment Corp have improved their bitcoin holdings by adding more cryptocurrencies to their portfolios.

Related Reading | Bitcoin outflows surge as 30k BTC leaves exchanges, stock plummets

Rising geopolitical tension and the escalating Russia-Ukraine crisis are negatively impacting investors’ risk appetite for both stocks and cryptocurrencies. This fueled a bearish narrative for the price of Bitcoin, which fell below $40,000 with no signs of falling.

Cryptocurrencies are not risk-free, and it seems that even big investors know this. As of March 11, 2022, Datamish research data showed that 1,500 Bitcoins were borrowed as short positions to fund these risks, a total debt close enough for a 3,603 BTC loan. After an increase in the financing of short positions, there were usually negative consequences, such as price declines.

Analysts have been monitoring the recent changes in the price of Bitcoin and predict that it will continue to fall. They believe there is still a significant risk of a future downturn, even after their recent rally.

The Bitcoin price rally is attributed to the first Ichimoku bearish breakout since Dec 4, 2021. Analysts believe that the Bitcoin price bottomed out in the $38,000 to $38,500 range. This is an important confirmation zone for bitcoin trading. This could signal more losses for investors who are selling assets in anticipation of an upcoming crash.

Bitcoin is trading at its lower limit | Source: Tradingview.com BTC/USD Chat
According to Reuters, the Russians have flooded the United Arab Emirates with liquidation requests.

In a bid to drown in Russia to save their fortune, company executives and financial sources told Reuters that many Russians have flooded UAE crypto firms with liquidation orders.

That’s not all they want to do. Some of these investors are looking for real estate in the United Arab Emirates. While others plan to convert it to fiat currency and stash their money elsewhere, the sources said.

Related Reading | Bitcoin Exchange Withdrawals Suggest Whales Are Piling Up

The Swiss financial industry is currently in chaos. In fact, brokers have requested the withdrawal of billions of dollars worth of Bitcoin. The request came from his clients concerned that Switzerland might freeze all funds. A representative claims to have received orders of up to 2,000 million dollars.

The United Arab Emirates has been neutral ground for the Russians and Belarusians who have come to Dubai with their money to avoid being left out during any wars that might ensue. There have even been talks about people bringing crypto here because they know they will always be safe no matter which side wins.

According to sources in the United Arab Emirates, many Russians buy real estate with cryptocurrencies. They are using digital forms of money both ways – bringing their funds into Dubai and taking them out of other regions.

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US Treasury Launches Cryptocurrency Awareness Program

The US Treasury Department is launching a cryptocurrency awareness program. “We’re just trying to raise awareness without trying to weed out new technologies and innovations,” a Treasury official said.

Treasury Efforts to Raise Cryptocurrency Awareness

The US Treasury Department is launching an initiative to raise awareness of investing in cryptocurrencies, Reuters reported on Tuesday, citing an interview with Nellie Liang, assistant secretary for internal finance at the Treasury.

“We are hearing more and more about investors and families buying crypto assets, and we recognize the complexity of how some of these assets operate,” Liang described, adding:

It seemed that this is also an area where more education (and) more awareness could be useful.

The Treasury Financial Literacy Education Commission will create educational materials and organize outreach activities on digital assets. Treasury’s education unit comprises 20 different government agencies, including the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC).

The government aims to educate the public on how cryptocurrencies work and how they differ from other forms of payment. The Treasury’s outreach will focus on investors with limited access to key financial services, Liang said.

The Undersecretary explained that while there are risks associated with cryptocurrencies, the Treasury is aware of its benefits, such as improving cross-border payments or improving financial inclusion.

Liang clarified:

We are just trying to create awareness without trying to eliminate new technologies and innovations.

President Joe Biden issued an executive order on the regulation of cryptocurrencies on Wednesday. The order directs Treasury Secretary Janet Yellen to report within 180 days on the future of money and payment systems, “including the conditions driving the widespread adoption of digital assets,” the White House said.