Day: November 12, 2022

World population reaches 8 billion, but how many are in crypto?

 

The global population figure has just reached a huge milestone, with 8 billion souls now sharing the planet. Meanwhile, crypto adoption continues to grow. 

According to Worldometer, which draws estimates from a 2022 United Nations report, the global population ticked over 8 billion on Nov. 15, doubling from a population count of 4 billion in 1974 — some 48 years ago.

Worldometer said that as of 2022, the population’s annual growth rate sits at around 0.84% but will continue to slow. This could mean it could take another 15 years for the world’s population to reach 9 billion, while the population won’t hit 10 billion until 2080.

China and India are the two most populous countries, with almost 36% of the global population between them.

However, there currently doesn’t exist a consensus around how much of the world’s population currently holds digital assets such as cryptocurrency, with estimates varying. 

Market research firm GWI suggests that as much as 10.2% already hold crypto, with most ownership skewed toward nations experiencing high inflation or fluctuation in the value of their national fiat. 

Singapore-based blockchain firm TripleA estimated that as of 2022, the global crypto ownership rate is around 4.2%, with over 320 million crypto users worldwide. It reported that the United States was top with 46 million crypto holders, followed by India, Pakistan and Nigeria.

In June, Blockware Intelligence predicts that Bitcoin adoption alone will hit 10% worldwide by 2030, as reported by Cointelegraph earlier this year.

Earlier this year, Chainalysis ranked 146 countries in five categories in its 2022 Global Crypto Adoption Index. It found that Vietnam led the pack for overall adoption rates, followed by the Philippines, India, Ukraine and the United States. However, the report did not suggest actual ownership figures.

China, however, remains a difficult country to ascertain the level of crypto ownership. A large portion of people in the world’s most populous country is understood to be tech-savvy and hungry for crypto.

However, the ruling regime has other ideas at the moment. No accurate crypto ownership figures are available.

Crypto adoption will inevitably continue to grow across the planet so we’ll round off with happy birthday, global citizen number 8,000,000,000

 

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Global investigators pounce as FTX collapse leaves potentially 1mn creditors

The collapse of Sam Bankman-Fried’s cryptocurrency empire has sparked a vast global investigation, with dozens of authorities from around the world circling the company as it faces more than 100,000 creditors in bankruptcy proceedings.

FTX said in court filings it was in contact with US federal prosecutors, the Securities and Exchange Commission and “dozens of federal, state and international regulatory agencies” in the three days since the cryptocurrency exchange and more than 100 affiliated companies filed for Chapter 11 bankruptcy in Delaware.

The companies face at least 100,000 creditors, but that number could expand to more than 1mn, according to the filing.

“There is substantial interest in these events among regulatory authorities around the world,” the filing said.

The statements provide another indication of the sprawling scale of the multibillion-dollar bankruptcy of Bankman-Fried’s digital asset group, and the intense legal and regulatory scrutiny of the 30-year-old former billionaire’s businesses.

“The events that have befallen FTX over the past week are unprecedented,” the court filing said. “Barely more than a week ago, FTX, led by its co-founder Sam Bankman-Fried, was regarded as one of the most respected and innovative companies in the crypto industry.”

The US filing comes after financial regulators in the Bahamas appointed liquidators to run a key FTX entity as the country’s authorities seek to protect global creditors.

The Securities Commission of The Bahamas said on Monday it had won court approval to appoint two partners from PwC, one based in the Bahamas office and the second in Hong Kong, to oversee the unwinding of FTX Digital Markets, an entity at the centre of the crypto group’s vast trading platform.

It has also sought approval to appoint Brian Simms KC, a senior partner at law firm Lennox Paton, as provisional liquidator.

Authorities in the Caribbean nation, where Bankman-Fried lived, are investigating FTX, which used its Nassau base to build a crypto derivatives trading operation that accepted money from thousands of customers around the world.

“Given the magnitude, urgency and international implications of the unfolding events with regard to FTX, the commission recognised that it had to, and moved swiftly . . . to further protect the interests of clients, creditors and other stakeholders globally,” the commission said.

The move came after the Royal Bahamas Police confirmed on Sunday that they were working with the financial regulator “to investigate if any criminal misconduct occurred”.

The US Securities and Exchange Commission has recently widened an investigation into FTX, which includes a probe of its crypto lending products as well as its management of customer funds, according to a person familiar with the matter.

In a nod to the international dimension of the sprawling company’s collapse, authorities in the Bahamas said they expect “to engage with other supervisory authorities on a regulator-to-regulator basis as this event is multijurisdictional in nature”.