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PwC says Hedge Funds are Showing Robust Confidence in Crypto

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The cryptocurrency market has been experiencing remarkable growth in the past year, despite the challenges posed by the Covid-19 pandemic and the regulatory uncertainty. According to a recent report by PwC, a global professional services firm, hedge funds are among the most bullish investors in this emerging asset class.

PwC is one of the leading providers of audit, tax, and advisory services to the crypto industry, with a dedicated global team of experts and a network of over 100 clients. PwC also supports various initiatives and organizations that aim to foster innovation and education in the crypto space, such as the Crypto Valley Association, the World Economic Forum, and the Global Blockchain Business Council.

The report, titled “PwC Crypto Hedge Fund Report 2023“, surveyed 150 crypto hedge funds from around the world, covering various aspects of their operations, strategies, performance and outlook. The report revealed that the average assets under management (AUM) of crypto hedge funds increased by 233% in 2022, reaching $3.8 billion. The median AUM also rose by 189%, reaching $164 million.

  • The number of traditional hedge funds investing in crypto-assets fell to 29% – down from 37% last year – however no traditional hedge fund plans to decrease exposure in 2023
  • 23% of traditional hedge funds are reassessing their crypto strategy due to the regulatory environment in the US; 12% of crypto hedge funds are considering relocating from the US to crypto-friendly jurisdictions
  • 93% of crypto hedge funds expect the market capitalisation of crypto-assets to be higher at the end of 2023 than 2022
  • 31% of traditional hedge funds view tokenisation as the biggest opportunity in 2023; 25% of traditional hedge funds – including those not currently invested in crypto – say they are exploring tokenisation

The report also showed that crypto hedge funds are diversifying their portfolios, investing in a variety of digital assets beyond Bitcoin and Ethereum. The top five most popular cryptocurrencies among crypto hedge funds in 2022 were Bitcoin (88%), Ethereum (75%), Polkadot (42%), Cardano (38%) and Solana (36%). The report also noted that crypto hedge funds are increasingly using decentralized finance (DeFi) protocols and non-fungible tokens (NFTs) as part of their strategies.

One of the main drivers of the growth and confidence of crypto hedge funds is the increasing institutional adoption of cryptocurrencies. The report highlighted that 82% of crypto hedge funds reported an increase in institutional investors in their funds in 2022, compared to 64% in 2021. The most common types of institutional investors were family offices (52%), high-net-worth individuals (48%) and pension funds (32%).

The report also revealed that crypto hedge funds are optimistic about the future of the cryptocurrency market, expecting it to reach $5.6 trillion by the end of 2023, up from $2.1 trillion at the end of 2022. The report also stated that 96% of crypto hedge funds plan to increase their exposure to crypto assets in the next 12 months, while only 4% plan to decrease it.

The report concluded that crypto hedge funds are playing a vital role in the development and maturation of the cryptocurrency industry, providing liquidity, price discovery and innovation as they expect to increase their exposure and diversify their portfolios. PwC also predicts that the sector will continue to grow and mature, attracting more institutional and professional investors. The report also suggested that crypto hedge funds will continue to attract more institutional investors, as they offer attractive returns, diversification benefits and exposure to a new asset class.

Solution to World Peace – Turn NATO Into A United Nations Arm With NATO’s Article 5

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President Biden and UN Sec General Guterres, I am happy to announce that after a generation-shaping research I did on LinkedIn, Twitter and Facebook, that I have found an answer for world peace. Here is the solution based on feedback during this research (research question here )

Solution for enduring World Peace: Convert NATO into an arm of the United Nations where all nations become members of NATO by fiat, and have a clause that an attack on one nation is an attack on all.

Now, I need my Nobel Peace Prize because I have solved the world’s main problem. Congratulate me, people.

Article 5 provides that if a NATO Ally is the victim of an armed attack, each and every other member of the Alliance will consider this act of violence as an armed attack against all members and will take the actions it deems necessary to assist the Ally attacked.

Is Uwerx (WERX) The Next Freelance Industry Heavyweight?

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Uwerx is a cryptocurrency that transcends the ordinary and revolutionizes the freelance industry. This remarkable project is not just about transactions but transforming how freelancers work and thrive.

Uwerx’s groundbreaking presale has laid the foundation for its success, while its innovative platform redefines the traditional freelance landscape. Keep reading as we explore Uwerx’s unique features and witness firsthand the transformative force that sets it apart.

Uwerx (WERX): Empowering Freelancers and Revolutionizing the Gig Economy

Uwerx is set to be a groundbreaking freelance platform that will cause a revolution in the freelancing industry. The project is igniting excitement among investors and freelancers alike. By integrating blockchain technology into its platform, Uwerx will provide a platform with the best solutions to solve the challenges facing the freelancing industry.

Setting itself apart from traditional freelancing platforms, Uwerx strongly emphasizes fairness and cost-effectiveness. With a nominal transaction fee of only 1%, Uwerx empowers freelancers to retain a larger share of their hard-earned income than industry giants like Upwork and Fiverr, which charge significantly higher fees. This user-centric fee structure positions Uwerx as a game-changer, enabling freelancers to maximize their earnings and thrive in a highly competitive market.

Uwerx’s growing prominence in the industry has attracted attention from prominent platforms. Notably, Uwerx has already been listed on CoinSniper, a leading cryptocurrency listing platform, enhancing its visibility and reaching a broader audience of potential investors. Furthermore, Uwerx’s upcoming listing on Uniswap, scheduled for August 1st, presents an exciting opportunity for investors to engage with the project and capitalize on its potential for growth and adoption.

Uwerx’s commitment to transparency and security is unwavering. The project’s contracts will be renounced, ensuring a seamless transition to centralized exchanges while reducing taxes to zero. By embracing these measures, Uwerx demonstrates its dedication to providing a secure and stable environment for freelancers and clients, fostering trust and confidence within the community.

The exceptional caliber of Uwerx’s project has not gone unnoticed. The platform has undergone rigorous audits by reputable firms such as SolidProof and InterFi Network. These audits testify to Uwerx’s commitment to upholding the highest security standards and ensuring a seamless user experience.

Also, the team is actively developing the Alpha version of the platform; more updates have been added to the PDF version. This comprehensive release comprises ten informative pages that guide users through various platform functionalities. The pages include signing up and logging in, managing passwords, and initiating freelancer or client roles.

Also, there are details on creating jobs, finding talent, tracking activities, and navigating the hiring dashboard. Furthermore, users can expect even more exciting updates and enhancements to be rolled out later this week, promising an improved and seamless user experience.

Components such as the landing page, sign-in/sign-up page, and user dashboard have already been unveiled, providing users with a glimpse into the intuitive interface of Uwerx. Uwerx is poised to transition from the Alpha to the highly anticipated Beta versions. This significant milestone will open the platform for broader testing and engagement.

Uwerx (WERX) Presale: A Gateway to the Future of Freelancing

Uwerx’s presale has laid a solid foundation for the project’s future success. It has attracted a robust community and showcased its commitment to transparency, security, and user-centricity. With the presale concluding on July 31st and the official Uwerx platform launch scheduled for August 4th, the journey toward revolutionizing the gig economy and empowering freelancers has just begun.

Uwerx’s presale has gained significant traction, reaching Stage 5 with commendable speed. Priced at $0.0315 per token, the presale provides early participants an attractive entry point into Uwerx’s vision. Moreover, a substantial 15% bonus accompanies every token purchase during the presale. The successful completion of presale stages 1 to 4 in record time reflects the growing interest and confidence of investors who recognize Uwerx’s potential for transformative growth.

Starting Friday, June 2nd at 15:00 UTC, the WERX price will experience an upward adjustment, reaching $0.05245. The Uwerx Vault is another unique feature that functions like the staking mechanism. The Uwerx Vault will allow investors to store their tokens safely for varying durations. They’ll also enjoy bonuses and incentives that’ll be determined by the platform’s variables.

In response to the remarkable speed of the presale and the community’s demands, the Uwerx team has modified token allocations, ensuring a fair and balanced distribution that aligns with the project’s vision of inclusivity and equity. These individuals contribute to a thriving ecosystem that values collaboration, fairness, and equal opportunities.

Stay tuned as Uwerx continues to disrupt the status quo, providing freelancers with unprecedented opportunities and redefining how we work and collaborate in the digital age. Join the Uwerx revolution and be part of the future of freelancing.

You can access more information using these links:

 

Presale: invest.uwerx.network

 Telegram: https://t.me/uwerx_network

 Twitter: https://twitter.com/uwerx_network

 Website: https://www.uwerx.network/

President Tinubu’s Proposed N500bn Palliatives for Fuel Subsidy Removal Greeted with Scorn by Labour Unions

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President Bola Tinubu in a letter sent to the House of Representatives called for the amendment of the 2022 Supplementary Appropriations Act to provide N500billion to fund palliative measures against the impact of fuel subsidy removal.

The 2022 Supplementary Appropriation Act which was passed by the immediate past president, Muhammad Buhari, provided a sum of N819,536,937,813 for capital projects. Of this, the exant President, Tinubu, is seeking the sum of 500billion to cushion the effect of the removal of subsidy.

The Speaker of the House, Tajudeen Abbas, while reading the letter of request from the president to the house during plenary session on Wednesday, announced President Tinubu is seeking to extract N500 billion from the N819,536,937,813 supplementary budget.
The request which according to the Speaker would be considered today by the house was read as thus:

“I write to request an amendment to the 2022 supplementary appropriation Act in accordance with the attached. The request has become necessary in other to, among other things, source funds necessary to provide palliatives to mitigate the effect of the recent removal of fuel subsidy on Nigerians.

“Thus, the sum of N500 billion has been extracted from the 2022 supplementary budget of N819 billion for the provision of palliative. I hope the House will consider this request expeditiously,” the President’s letter reads.

However, on Thursday, the Punch reported that the Nigerian Labour Congress and the Trade Union Congress have rejected the president’s proposal , seeking a 300 percent increase in workers salaries instead.

“The Nigerian Labour Congress and the Trade Union Congress have thumbed down the N500bn palliative proposed by President Bola Tinubu, stating that it is grossly inadequate to assuage the hardships confronting workers sequel to the fuel subsidy removal.

“They are demanding a 300 per cent salary increase to enable workers to cope with the challenges imposed by the deteriorating economic situation that came with the removal of the controversial fuel subsidy,” the report stated.

The Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) had initially planned a nationwide strike to protest the removal of the fuel subsidy. But after negotiation and an agreement was reached between the two unions and the government, the planned industrial action was suspended.

How well will D’General Bitters do in the Nigerian market ?

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A new product that was recently launched into the Nigerian market last weekend caught my attention, I’m sure not just mine but the attention of anyone who is an active user of Nigerian social media; the product is D’General Bitters, “a herbal alcoholic drink”. 

The buzz and fuzz they created with the launch of the product confirmed the information that I got from an acquaintance that they invested more than a quarter of a billion naira in just the marketing and branding of the product alone. The number of A-list celebrities including Davido, Asake, Sabinus, Macaroni, Seun Kuti, Flavour, Brain Jotter etc that they paid to endorse the product confirms that figure. 

D’General Bitters is copying a template but replicating it on a larger scale from Odogwu bitters which was launched last year, pioneered by Obi Cubana. The Odogwu bitters also used social media and influencer marketing to penetrate the market. We heard rumors that before the fuzz and buzz around Odogwu bitters fizzled out, the makers and promoters of the product made over one billion nairas from the market hence why almost every businessman with interest in beverage and Alcohol making in Nigeria want to focus on making the bitters line of drink so as to have a share of the market which I learnt is a gold mine now. 

The major leader in the Nigerian bitter market is the Alomo bitters; it’s a household in the industry and the most preferred choice amongst the bitters consumers and it is not looking like they are ready to give up the market anytime soon despite the newbies coming into the market. Following Alomo Bitters closely is Origin Bitters, then Odogwu Bitters joined last year, and D’General Bitters entered the market this year; there are other smaller brands in the bitter markets at the moment and I learnt that some other businessmen want to launch another bitters brand called Heritage bitters. 

Despite the buzz around the D’General Bitters, I believe strongly that the product will not do well in the Nigerian market, it will likely fail, here are a few of my reasons;

They targeted the wrong audience through their marketing, advertising and branding. No matter how you want to package it, the bitter drink will not and can never be a luxury drink. Odogwu Bitters is still struggling to make the product a luxury drink by selling it alongside champagne and Moets in nightclubs but nobody will go to a nightclub or an exotic restaurant to order any of the bitter products. The consumers of the bitters products are the street guys, the trenches dwellers, the local people and their likes ie the agberos, taxi drivers, the bricklayers, mason men, carpenters and their likes.

It is a cheap aphrodisiac for them (manpower) and they claim it also boosts their strength and productivity in their hard jobs. Hence D’General Bitters should have targeted these people primarily in their marketing and advertisements; these class of people are not on Instagram which is the primary medium of the advertisements of the D’General Bitters. 

I strongly believe that the humongous sum they spent on marketing and branding was not properly utilized.  

Also, based on the fact that they spent so much money on the branding and marketing of the product they may likely put pressure on the pricing of the product to help them recover their money in quick time; increment in price on a new product over existing market leading products doesn’t really do well 

Maybe the D’General Bitters are not planning to be in the market for the long term, they just want to scramble whatever money they can make through the buzz they created just like the Odogwu bitters which no one is still talking about at the moment. But if they really want to stay in the market for the long term they should take their advertisements off social media and target their consumers which are the locals through the radio jingles, local market storm, using local friendly celebrities that the trenches affiliates and relates so well with etc. 

Well enough said, if they need consultation they can come over to Tekedia Institute for lectures.