Tech
Why cryptocurrencies are making a comeback in the Philippines
Cryptocurrencies are once again big in the Philippines.
It first took off during the COVID-19 lockdowns in 2021 with a now-defunct video game called Axie Infinity, in which players earned money — often more than minimum wage — through non-fungible tokens, or NFTs.
Of course, the cryptocurrency winter soon followed with the implosion of FTX in 2022, but now cryptocurrencies are back in a big way in the island nation.
Meghan McCarty Carino of Marketplace spoke with journalist Eli Tan, who recently visited and wrote about the scene for the New York Times.
The following is an edited transcript of their conversation
Eli Tan: I went to the internet cafes that had sprung up around Manila. Every evening it was packed with people who came to play these games as a full time income. I visited farms where real farmers were harvesting virtual crops on their phones to earn money that they were using to expand their farms. I talked to people who were, are “OFW.” So they are overseas Filipino workers, and they basically earned enough money through cryptocurrencies to go back home to the Philippines, to their families, and now they call themselves overseas metaverse workers. So yeah, it was a crazy thing to witness.
Meghan McCarty Cute: Yes, it explains a little more about the people who farm cryptocurrency in these metaverse games. Is this the main way he comes back?
Tan: Yes. So there’s this game called Pixels, which is very popular, which is a farming game, which kind of replaced Axie Infinity, which was the other game. And if I can briefly explain how the games work, because it’s a little confusing: Just imagine a normal phone game that has some sort of virtual currency. Think of, I don’t know, Angry Birds or Candy Crush, some game where you earn a currency called gems, gold, diamonds or whatever it is. But what makes these games unique is that you can take that currency, and you can actually move it out of the game and sell it, in this case, for pesos or dollars, or whatever it is. So that’s pretty much how games work. So yes, these farmers love this game. I spoke to the founder of the game and he said that Filipino farmers are constantly messaging him and telling him how to make the game more realistic. And they’re sending him crop schedules and watering routines and all kinds of things.
McCarty Cute: What are the factors that have made cryptocurrencies so popular in the Philippines?
Tan: Well, if you look at the demographics of the Philippines, this is a country where a lot of people don’t have bank accounts: almost half of the people don’t have bank accounts. But almost everyone has access to the Internet, and most people own a phone. So it’s a perfect environment for people to use cryptocurrencies in a place where, I’m told, the traditional banking system has failed, especially in rural provinces where many people were not born in hospitals. They don’t have an identity document, they can’t open bank accounts. But they can buy cryptocurrency. The other thing is that the Philippines has long been an early adopter of technology. In the [1990s] it was the text messaging capital of the world. In the mid-to-early 2000s, it was the social media capital of the world. I mean, Filipinos have always been kind of curious and at the forefront of a lot of these technological movements, and cryptocurrency is kind of those things that they’re really used to.
In 2021 it truly seemed like every cryptocurrency enthusiast’s dream. I mean, people traded the currency of this game [in] Axie Infinity — Smooth Love Potion was the name of the currency. And people went to the grocery store, to the gas stations, and just bought things in cryptocurrency. They didn’t even have to transfer in pesos. This is really the only time cryptocurrency, in my opinion, has truly worked for its intended purpose of being used as a separate currency from the traditional banking system.
McCarty Cute: And then there is the economic aspect. It seems that many people are turning to cryptocurrencies as a way to create wealth in an economy where it is very difficult to do so. This has been a bit of a theme with cryptocurrencies everywhere.
Tan: Yes. And this is also where there is some of the concern. I mean, if you look at the Philippine economy, there’s not a lot of manufacturing power there compared to places like Indonesia. It relies heavily on these IT jobs, or jobs in places like call centers — a lot of them, I’m told, could be replaced by artificial intelligence, and people are really worried about that. But I think the concern is that cryptocurrency is a dangerous thing to invest in or get into, it’s very volatile. And these plays are even more volatile than the traditional assets you think of like bitcoin and ether. So I think that while a lot of people are excited about what this new movement could bring, there’s also a lot of fear, and fear on the part of the government, about what could go wrong.
McCarty Cute: That’s right, cryptocurrency itself is somewhat risky and speculative. And then there are also the kind of scams and frauds that tend to follow.
Tan: Yes exactly. There are many scams and frauds, even by crypto standards in the Philippines. There are a lot of phishing scams where people trick other users into thinking there’s some kind of freebie or some kind of gift and they click on a link and then try to drain their crypto wallet, or there’s this scam called pig slaughter, where basically people will send you a text or message on Facebook, pretend to be someone else who needs something and try to scam you this way. So these two are the common ones that I’ve found that tend to prefer using cryptocurrency because it’s harder to trace back or reverse like you would if you were transferring funds from a bank account.
McCarty Cute: So you write that all this presents a bit of a conundrum for the government. I mean, clearly, there are some big risks here. But there are some advantages to this resurgence. I mean, how did the officials respond?
Tan: You know, officials are a little mixed on this. Most officials at the Securities and Exchange Commission declined my interview requests, but I was able to dig up some transcripts of past speeches and old videos of speeches they had given at cryptocurrency conferences. And I’ve found that I’m really struggling with this, because on the one hand, it could be an economic boon to an otherwise struggling economy. But then, one of the SEC commissioners basically talked about how he was supposed to meet with a lot of the leadership of FTX, which is the defunct cryptocurrency exchange, the day they went bankrupt due to expanding into the Philippines. He was basically talking about, “Look, it would be a sign of economic opportunity. But if we had allowed more Filipinos to invest their money in FTX, it would have been a disaster.” So I think they’re very aware of that. And they are evaluating what the risks are. But they also said that they basically openly stated that they were more pro-crypto than the US Securities and Exchange Commission. So yes, there are many interesting aspects.
McCarty Cute: Does the Philippines regulate cryptocurrency markets right now?
Tan: Regulates cryptocurrency markets. And in the last year, he’s made this big push to push Filipinos towards exchanges and SEC-approved companies and to outlaw a lot of products that he doesn’t consider super safe. But as is the case with cryptocurrencies, people can choose to use the services they want.
McCarty Cute: Why do you think the Philippines is seeing this renewed interest in cryptocurrencies now?
Tan: Well, a lot of it has to do with these bitcoin-endorsed ETFs offered by these huge financial institutions like BlackRock and Fidelity, where there’s just a lot of institutional money that’s coming into the system. And the price of coins is increasing. There is just more money in the system to pay out to users and give out as rewards. Now, because basically, players can once again make minimum wage or double minimum wage, that’s what brought them back, whereas a few months ago they were maybe only making, you know, a tenth of minimum wage.
McCarty Cute: You’ve been involved in cryptocurrencies for a while now. I’m curious about the popularity of cryptocurrencies and what cryptocurrency means in a place like the Philippines. It kind of tells us something more broadly about the cryptocurrency universe and where it might go and what it means?
Tan: Yeah, I mean, what’s interesting to me is I feel like years ago, in 2021, there was all this talk about the metaverse and Web3 and all these really nebulous terms that cryptocurrencies were kind of the future all this stuff. And venture capitalists invest all this money in these visions, right? And it just didn’t work. But whatever the reason, it worked in the Philippines. It’s the only place where these things have actually come to fruition. According to game developers’ estimates, around 30% of the world’s cryptocurrency players are located in the Philippines. It really is heaven for these things. I don’t really know what that says about the broader movement. I think most people at this point are pretty pessimistic about whatever Web3 or the metaverse is, but in Southeast Asia and the Philippines it’s very much alive and has become a lot of people’s livelihood.
It’s not just the Philippines that has become a cryptocurrency hot spot: several Southeast Asian countries have, according to Forbes.
Vietnam and Indonesia are considered relatively crypto-friendly and, like the Philippines, have large unbanked populations and a large population of migrant workers who regularly send remittances home.
As the article points out, sending money internationally through traditional channels can incur high transaction fees, but with cryptocurrencies this isn’t a big deal.
Indeed, in 2023, overseas Filipino workers – a term mentioned by Eli Tan – sent remittances worth a record $37 billion.
And speaking of 60% of the so-called OFWs are womenwho often leave their families for months or years to go and work abroad.
For his story, Eli Tan spoke to a former preschool teacher who now runs a cryptocurrency guild, teaching tens of thousands of members, many of them Filipinos working overseas, how to trade and invest in cryptocurrencies.
She said that with the cryptocurrency markets recovering, many of those women now earn enough to return home to their families.
Tech
Harvard Alumni, Tech Moguls, and Best-Selling Authors Drive Nearly $600 Million in Pre-Order Sales
BlockDAG Network’s history is one of innovation, perseverance, and a vision to push the boundaries of blockchain technology. With Harvard alumni, tech moguls, and best-selling authors at the helm, BlockDAG is rewriting the rules of the cryptocurrency game.
CEO Antony Turner, inspired by the successes and shortcomings of Bitcoin and Ethereum, says, “BlockDAG leverages existing technology to push the boundaries of speed, security, and decentralization.” This powerhouse team has led a staggering 1,600% price increase in 20 pre-sale rounds, raising over $63.9 million. The secret? Unparalleled expertise and a bold vision for the future of blockchain.
Let’s dive into BlockDAG’s success story and find out what the future holds for this cryptocurrency.
The Origin: Why BlockDAG Was Created
In a recent interview, BlockDAG CEO Antony Turner perfectly summed up why the market needs BlockDAG’s ongoing revolution. He said:
“The creation of BlockDAG was inspired by Bitcoin and Ethereum, their successes and their shortcomings.
If you look at almost any new technology, it is very rare that the first movers remain at the forefront forever. Later incumbents have a huge advantage in entering a market where the need has been established and the technology is no longer cutting edge.
BlockDAG has done just that: our innovation is incorporating existing technology to provide a better solution, allowing us to push the boundaries of speed, security, and decentralization.”
The Present: How Far Has BlockDAG Come?
BlockDAG’s presale is setting new benchmarks in the cryptocurrency investment landscape. With a stunning 1600% price increase over 20 presale lots, it has already raised over $63.9 million in capital, having sold over 12.43 billion BDAG coins.
This impressive performance underscores the overwhelming confidence of investors in BlockDAG’s vision and leadership. The presale attracted over 20,000 individual investors, with the BlockDAG community growing exponentially by the hour.
These monumental milestones have been achieved thanks to the unparalleled skills, experience and expertise of BlockDAG’s management team:
Antony Turner – Chief Executive Officer
Antony Turner, CEO of BlockDAG, has over 20 years of experience in the Fintech, EdTech, Travel and Crypto industries. He has held senior roles at SPIRIT Blockchain Capital and co-founded Axona-Analytics and SwissOne. Antony excels in financial modeling, business management and scaling growth companies, with expertise in trading, software, IoT, blockchain and cryptocurrency.
Director of Communications
Youssef Khaoulaj, CSO of BlockDAG, is a Smart Contract Auditor, Metaverse Expert, and Red Team Hacker. He ensures system security and disaster preparedness, and advises senior management on security issues.
advisory Committee
Steven Clarke-Martin, a technologist and consultant, excels in enterprise technology, startups, and blockchain, with a focus on DAOs and smart contracts. Maurice Herlihy, a Harvard and MIT graduate, is an award-winning computer scientist at Brown University, with experience in distributed computing and consulting roles, most notably at Algorand.
The Future: Becoming the Cryptocurrency with the Highest Market Cap in the World
Given its impressive track record and a team of geniuses working tirelessly behind the scenes, BlockDAG is quickly approaching the $600 million pre-sale milestone. This crypto powerhouse will soon enter the top 30 cryptocurrencies by market cap.
Currently trading at $0.017 per coin, BlockDAG is expected to hit $1 million in the coming months, with the potential to hit $30 per coin by 2030. Early investors have already enjoyed a 1600% ROI by batch 21, fueling a huge amount of excitement around BlockDAG’s presale. The platform is seeing significant whale buying, and demand is so high that batch 21 is almost sold out. The upcoming batch is expected to drive prices even higher.
Invest in BlockDAG Pre-Sale Now:
Pre-sale: https://purchase.blockdag.network
Website: https://blockdag.network
Telegram: https://t.me/blockDAGnetwork
Discord: Italian: https://discord.gg/Q7BxghMVyu
No spam, no lies, just insights. You can unsubscribe at any time.
- Space and Time uses zero-knowledge proofs to ensure secure and tamper-proof data processing for smart contracts and enterprises.
- The integration facilitates faster development and deployment of Distributed Secure Services (DSS) on the Karak platform.
Karak, a platform known for its strong security capabilities, is enhancing its Distributed Secure Services (DSS) by integrating Space and Time as a zero-knowledge (ZK) coprocessor. This move is intended to strengthen trustless operations across its network, especially in slashing and rewards mechanisms.
Space and Time is a verifiable processing layer that uses zero-knowledge proofs to ensure that computations on decentralized data warehouses are secure and untampered with. This system enables smart contracts, large language models (LLMs), and enterprises to process data without integrity concerns.
The integration with Karak will enable the platform to use Proof of SQL, a new ZK-proof approach developed by Space and Time, to confirm that SQL query results are accurate and have not been tampered with.
One of the key features of this integration is the enhancement of DSS on Karak. DSS are decentralized services that use re-staked assets to secure the various operations they provide, from simple utilities to complex marketplaces. The addition of Space and Time technology enables faster development and deployment of these services, especially by simplifying slashing logic, which is critical to maintaining security and trust in decentralized networks.
Additionally, Space and Time is developing its own DSS for blockchain data indexing. This service will allow community members to easily participate in the network by running indexing nodes. This is especially beneficial for applications that require high security and decentralization, such as decentralized data indexing.
The integration architecture follows a detailed and secure flow. When a Karak slashing contract needs to verify a SQL query, it calls the Space and Time relayer contract with the required SQL statement. This contract then emits an event with the query details, which is detected by operators in the Space and Time network.
These operators, responsible for indexing and monitoring DSS activities, validate the event and route the work to a verification operator who runs the query and generates the necessary ZK proof.
The result, along with a cryptographic commitment on the queried data, is sent to the relayer contract, which verifies and returns the data to the Karak cutter contract. This end-to-end process ensures that the data used in decision-making, such as determining penalties within the DSS, is accurate and reliable.
Karak’s mission is to provide universal security, but it also extends the capabilities of Space and Time to support multiple DSSs with their data indexing needs. As these technologies evolve, they are set to redefine the secure, decentralized computing landscape, making it more accessible and efficient for developers and enterprises alike. This integration represents a significant step towards a more secure and verifiable digital infrastructure in the blockchain space.
Website | X (Twitter) | Discord | Telegram
No spam, no lies, just insights. You can unsubscribe at any time.
Iconic Italian luxury carmaker Ferrari has announced the expansion of its cryptocurrency payment system to its European dealer network.
The move, which follows a successful launch in North America less than a year ago, raises a crucial question for CFOs across industries: Is it time to consider accepting cryptocurrency as a form of payment for your business?
Ferrari’s move isn’t an isolated one. It’s part of a broader trend of companies embracing digital assets. As of 2024, we’re seeing a growing number of companies, from tech giants to traditional retailers, accepting cryptocurrencies.
This change is determined by several factors:
- Growing mainstream adoption of cryptocurrencies
- Growing demand from tech-savvy and affluent consumers
- Potential for faster and cheaper international transactions
- Desire to project an innovative brand image
Ferrari’s approach is particularly noteworthy. They have partnered with BitPay, a leading cryptocurrency payment processor, to allow customers to purchase vehicles using Bitcoin, Ethereum, and USDC. This satisfies their tech-savvy and affluent customer base, many of whom have large digital asset holdings.
Navigating Opportunities and Challenges
Ferrari’s adoption of cryptocurrency payments illustrates several key opportunities for companies considering this move. First, it opens the door to new customer segments. By accepting cryptocurrency, Ferrari is targeting a younger, tech-savvy demographic—people who have embraced digital assets and see them as a legitimate form of value exchange. This strategy allows the company to connect with a new generation of affluent customers who may prefer to conduct high-value transactions in cryptocurrency.
Second, cryptocurrency adoption increases global reach. International payments, which can be complex and time-consuming with traditional methods, become significantly easier with cryptocurrency transactions. This can be especially beneficial for businesses that operate in multiple countries or deal with international customers, as it potentially reduces friction in cross-border transactions.
Third, accepting cryptocurrency positions a company as innovative and forward-thinking. In today’s fast-paced business environment, being seen as an early adopter of emerging technologies can significantly boost a brand’s image. Ferrari’s move sends a clear message that they are at the forefront of financial innovation, which can appeal to customers who value cutting-edge approaches.
Finally, there is the potential for cost savings. Traditional payment methods, especially for international transactions, often incur substantial fees. Cryptocurrency transactions, on the other hand, can offer lower transaction costs. For high-value purchases, such as luxury cars, these savings could be significant for both the business and the customer.
While the opportunities are enticing, accepting cryptocurrency payments also presents significant challenges that businesses must address. The most notable of these is volatility. Cryptocurrency values can fluctuate dramatically, sometimes within hours, posing potential risk to businesses that accept them as payment. Ferrari addressed this challenge by implementing a system that instantly converts cryptocurrency received into traditional fiat currencies, effectively mitigating the risk of value fluctuations.
Regulatory uncertainty is another major concern. The legal landscape surrounding cryptocurrencies is still evolving in many jurisdictions around the world. This lack of clear and consistent regulations can create compliance challenges for companies, especially those operating internationally. Companies must remain vigilant and adaptable as new laws and regulations emerge, which can be a resource-intensive process.
Implementation costs are also a significant obstacle. Integrating cryptocurrency payment systems often requires substantial investment in new technology infrastructure and extensive staff training. This can be especially challenging for small businesses or those with limited IT resources. The costs are not just financial; a significant investment of time is also required to ensure smooth implementation and operation.
Finally, security concerns loom large in the world of cryptocurrency transactions. While blockchain technology offers some security benefits, cryptocurrency transactions still require robust cybersecurity measures to protect against fraud, hacks, and other malicious activity. Businesses must invest in robust security protocols and stay up-to-date on the latest threats and protections, adding another layer of complexity and potential costs to accepting cryptocurrency payments.
Strategic Considerations for CFOs
If you’re thinking of following in Ferrari’s footsteps, here are the key factors to consider:
- Risk Assessment: Carefully evaluate potential risks to your business, including financial, regulatory, and reputational risks.
- Market Analysis: Evaluate whether your customer base is significantly interested in using cryptocurrencies for payments.
- Technology Infrastructure: Determine the costs and complexities of implementing a cryptographic payment system that integrates with existing financial processes.
- Regulatory Compliance: Ensure that cryptocurrency acceptance is in line with local regulations in all markets you operate in. Ferrari’s gradual rollout demonstrates the importance of this consideration.
- Financial Impact: Analyze how accepting cryptocurrency could impact your cash flow, accounting practices, and financial reporting.
- Partnership Evaluation: Consider partnering with established crypto payment processors to reduce risk and simplify implementation.
- Employee Training: Plan comprehensive training to ensure your team is equipped to handle cryptocurrency transactions and answer customer questions.
While Ferrari’s adoption of cryptocurrency payments is exciting, it’s important to consider this trend carefully.
A CFO’s decision to adopt cryptocurrency as a means of payment should be based on a thorough analysis of your company’s specific needs, risk tolerance, and strategic goals. Cryptocurrency payments may not be right for every business, but for some, they could provide a competitive advantage in an increasingly digital marketplace.
Remember that the landscape is rapidly evolving. Stay informed about regulatory changes, technological advancements, and changing consumer preferences. Whether you decide to accelerate your crypto engines now or wait in the pit, keeping this payment option on your radar is critical to navigating the future of business transactions.
Was this article helpful?
Yes No
Sign up to receive your daily business insights
The world’s largest cryptocurrency, Bitcoin (BTC), suffered a significant price decline on Wednesday, falling below $65,000. The decline coincides with a broader market sell-off that has hit technology stocks hard.
Cryptocurrency Liquidations Hit Hard
CoinGlass data reveals a surge in long liquidations in the cryptocurrency market over the past 24 hours. These liquidations, totaling $220.7 million, represent forced selling of positions that had bet on price increases. Bitcoin itself accounted for $14.8 million in long liquidations.
Ethereum leads the decline
Ethereal (ETH), the second-largest cryptocurrency, has seen a steeper decline than Bitcoin, falling nearly 8% to trade around $3,177. This decline mirrors Bitcoin’s price action, suggesting a broader market correction.
Cryptocurrency market crash mirrors tech sector crash
The cryptocurrency market decline appears to be linked to the significant losses seen in the U.S. stock market on Wednesday. Stock market listing The index, heavily weighted toward technology stocks, posted its sharpest decline since October 2022, falling 3.65%.
Analysts cite multiple factors
Several factors may have contributed to the cryptocurrency market crash:
- Tech earnings are underwhelming: Earnings reports from tech giants like Alphabet are disappointing (Google(the parent company of), on Tuesday, triggered a sell-off in technology stocks with higher-than-expected capital expenditures that could have repercussions on the cryptocurrency market.
- Changing Political Landscape: The potential impact of the upcoming US elections and changes in Washington’s policy stance towards cryptocurrencies could influence investor sentiment.
- Ethereal ETF Hopes on the line: While bullish sentiment around a potential U.S. Ethereum ETF initially boosted the market, delays or rejections could dampen enthusiasm.
Analysts’ opinions differ
Despite the short-term losses, some analysts remain optimistic about Bitcoin’s long-term prospects. Singapore-based cryptocurrency trading firm QCP Capital believes Bitcoin could follow a similar trajectory to its post-ETF launch all-time high, with Ethereum potentially converging with its previous highs on sustained institutional interest.
Rich Dad Poor Dad Author’s Prediction
Robert Kiyosaki, author of the best-selling Rich Dad Poor Dad, predicts a potential surge in the price of Bitcoin if Donald Trump is re-elected as US president. He predicts a surge to $105,000 per coin by August 2025, fueled by a weaker dollar that is set to boost US exports.
BTC/USD Technical Outlook
Bitcoin price is currently trading below key support levels, including the $65,500 level and the 100 hourly moving average. A break below the $64,000 level could lead to further declines towards the $63,200 support zone. However, a recovery above the $65,500 level could trigger another increase in the coming sessions.
“You Only Need 0.02 BTC to Retire Forever – Here’s Why” – Willy Woo
Inside the Banana Zone: The Cryptocurrency Trend Everyone’s Talking About – Raoul Pal
DIGITAL BLOCK! You Live in a Virtual Prison Without Knowing It: The 2025 WARNING by Whitney Webb
“Many Bitcoin Investors Will Be Multimillionaires Before 2030” – Michael Saylor
Raoul Pal – “This is a huge achievement! This is where I see Bitcoin and cryptocurrencies by 2030”
Leeds hospitals trust says finances are “critical” amid £110m deficit
Modiv Industrial to release Q2 2024 financial results on August 6
Volta Finance Limited – Director/PDMR Shareholding
Inventiva reports 2024 First Quarter Financial Information¹ and provides a corporate update
🏴☠️ Pump.Fun operated by Insider Exploit
“You Only Need 0.02 BTC to Retire Forever – Here’s Why” – Willy Woo
Inside the Banana Zone: The Cryptocurrency Trend Everyone’s Talking About – Raoul Pal
DIGITAL BLOCK! You Live in a Virtual Prison Without Knowing It: The 2025 WARNING by Whitney Webb
“Many Bitcoin Investors Will Be Multimillionaires Before 2030” – Michael Saylor
Raoul Pal – “This is a huge achievement! This is where I see Bitcoin and cryptocurrencies by 2030”
-
News8 months agoLeeds hospitals trust says finances are “critical” amid £110m deficit
-
News6 months agoModiv Industrial to release Q2 2024 financial results on August 6
-
News6 months agoVolta Finance Limited – Director/PDMR Shareholding
-
News8 months agoInventiva reports 2024 First Quarter Financial Information¹ and provides a corporate update
-
DeFi8 months ago🏴☠️ Pump.Fun operated by Insider Exploit
-
News6 months agoApple to report third-quarter earnings as Wall Street eyes China sales
-
Videos8 months ago“We will enter the ‘banana zone’ in 2 WEEKS! Cryptocurrency prices will quadruple!” – Raoul Pal
-
News6 months agoNumber of Americans filing for unemployment benefits hits highest level in a year
-
Tech8 months agoBitcoin’s Correlation With Tech Stocks Is At Its Highest Since August 2023: Bloomberg ⋆ ZyCrypto
-
Tech8 months agoEverything you need to know
-
Markets8 months agoWhale Investments in Bitcoin Hit $100 Billion in 2024, Fueling Insane Investor Optimism ⋆ ZyCrypto
-
Videos8 months agoHistory will be made tomorrow! The Cryptocurrency Market Will Absolutely Crash – Raoul Pal