This week our experts brought you the following insights based on their experience as investors, entrepreneurs & executives.
Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at Kryptonio a “keyless” non-custodial bitcoin and cryptocurrency wallet, that lets users manage bitcoin and crypto, without private keys or passwords and Weekly Columnist at Daily Fintech) @iliashatzis wrote Bitcoin is now money in El Salvador. What’s next?
El Salvador made history last week. It became the first country in the world to adopt bitcoin as a legal tender. In ninety days from now, people in El Salvador will be able to pay for goods and services using the cryptocurrency and no one will be able to refuse bitcoin as payment. Businesses will have to accept bitcoin for any transaction, just like they do with the US dollar. To minimize risk from bitcoin’s volatility, a government trust fund will guarantee the automatic conversion to dollars. This is huge step for the crypto market and testament that bitcoin is not going away, any time soon, even though on countless occasions in the past, it’s been pronounced dead. This is a bold step by a small country, that could drive other nations to follow in its footsteps. This live experiment could serve as case study for bigger countries to see and learn from the mistakes in El Salvador, before they making their step into digital currencies. If this proves successful, then we will see a massive adoption, especially in countries with cash economies, where bitcoin is already the main tender.
Editor note: This first the Rest then the West narrative may drive the next Bitcoin bull market.
Tuesday Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: Part 2 – Some pucks moving in the right direction to democratise Wall Street
I could be accused or being optimistic to the point of naivety but I draw hope from 5 things that are at least moving in the right direction of democratising Wall Street.
Editor note: Last week’s post was about what is pitched as democratising Wall Street, but which is really business as usual. This week’s post is about where real change is coming from.
Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: Bitcoin fans had a dream about Institutional money that turned out to be a nightmare
Many Bitcoin fans dreamt that Legacy Finance Institutions would lead the way to mainstream adoption of Bitcoin.
This dream was the narrative that drove the last Bitcoin bull market. Now that we are in a Bitcoin bear market, that dream has turned out to be a nightmare.
Editor note: Nightmares (and bear markets) do end. This too shall pass.
Rintu Patnaik, an Insurtech expert based in India, wrote: The Underwriter’s Gambit Part 3: Third Party Data In Auto InsuranceThe Underwriter’s Gambit Part 3: Third Party Data In Auto Insurance
In previous parts of this series, increased usage of algorithmic underwriting in complex risks and prevalence of integrated workbenches in life insurance were discussed, as ways in which traditional underwriting was modernizing. In this final part, the use of third party, alternative data in auto insurance underwriting is the focus.
A recent Deloitte study found, 90% respondents in insurance struggle to find value in data they access. Though its foundation is tightly linked to data, the insurance industry still relies predominantly on the same data points they used decades ago – claims histories, credit ratings, customer demographics and general business information – to underwrite risk. Hundreds of data sets are available to insurers, but only some show strong promise, such as IoT data, new forms of open source and social media data. Among the most common applications of IoT are telematics that provide insurers an opportunity to leverage data generated by vehicles on the roads.
Editor note: Auto insurance is huge but should/could be a lot easier for all. Rintu shows how data is the key to this.
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