Web3 🌑Friday Highlights: Bitcoin’s $2.9M Future, X Emoji Changes, Plunging Celebrity Coins, & Senator’s Anti-Crypto Bill Reversal

Welcome to today’s Web3 Highlights! In the ever-evolving world of cryptocurrency and blockchain, several key developments are making waves. VanEck has made a bold prediction that Bitcoin could soar to $2.9 million by 2050. Meanwhile, Elon Musk’s X has made headlines by removing Bitcoin and MAGA emojis, stirring up discussions among crypto enthusiasts. In the celebrity realm, meme coins have taken a significant dive since their June debut, raising questions about their long-term viability. On the regulatory front, a US senator has retracted support for a controversial anti-crypto bill co-sponsored with Elizabeth Warren. Let’s dive into these updates and explore what they mean for the future of Web3.

1. VanEck forecasts Bitcoin could reach $2.9 million by 2050.

Bitcoin is trading at $66,995, 9% below its all-time high of $73,750. VanEck predicts BTC could reach $2.9 million by 2050, becoming a vital part of the global monetary system. Matthew Sigel from VanEck cites economic imbalances and rising distrust in institutions as reasons for Bitcoin's potential surge. BTC’s market cap, currently at $1.32 trillion, could hit $61 trillion by 2050. VanEck expects 10% of international trade and 5% of local trade to be settled with Bitcoin, pushing central banks to hold 2.5% of their assets in BTC.

Bitcoin Will Surge To $2.9 Million By 2050, VanEck Predicts

The cryptocurrency industry has been on a roller coaster ride. The Bitcoin [BTC] led market was recovering….

Watcher GuruSahana Kiran

2. Elon Musk’s X removes Bitcoin and MAGA emojis from hashtags.

Elon Musk's X has quietly removed automatic emojis for #bitcoin and other crypto hashtags, like #bnbchain and #cryptocom, without a public announcement. Users noticed the change early Friday, including the removal of the #MAGA emoji. These emojis were initially introduced in 2020 under Jack Dorsey's ownership of X, then known as Twitter, to improve brand recognition and adoption. Companies reportedly paid up to $1 million for branded emojis after hashtags. The sudden removal has sparked discussions within X's large cryptocurrency communities.

Elon Musk’s X Quietly Removes Bitcoin, MAGA Emojis From Hashtags

Logos for several tokens started to first appear on X, previously Twitter, in 2020, as a step to improve brand adoption and recall on the internet.

CoinDeskShaurya Malwa

3. Celebrity meme coins plummet after a brief June surge.

Celebrity meme coins on the Solana blockchain have plummeted in value, with many losing over 90% since their debut. Prominent figures like Andrew Tate and Jason Derulo have stepped back from promoting these coins, raising authenticity concerns. The tokens, created via Pump.fun, saw initial hype but quickly declined as community interest cooled. Nearly half a million Solana-based tokens were launched in May, contributing to this trend. Celebrity endorsements significantly impact crypto markets, but the lack of regulations poses risks, including potential legal actions for improper disclosures.

Celebrity Meme Coins Tank Following June Debut as Interest Fades - Decrypt

Some celebrities involved have stepped back from promoting the coins on social media, raising questions over their authenticity.

DecryptMatthew Sainsbury

4. A US senator withdraws support for Warren’s anti-crypto bill.

Senator Roger Marshall has withdrawn his support for the Digital Asset Anti-Money Laundering Act (DAAMLA), co-sponsored with Senator Elizabeth Warren. The bill, reintroduced in July 2023, aims to regulate crypto under existing Anti-Money Laundering frameworks, declaring many crypto service providers as financial institutions. Critics argue the bill exaggerates crypto's role in crime and could harm the US crypto industry. Advocacy groups and former officials warn it could drive the industry overseas and damage American investments. Warren, facing reelection in 2024, continues to push for the bill.

US senator withdraws support for Elizabeth Warren’s anti-crypto bill

Republican Senator Roger Marshall has withdrawn his support for the anti-crypto DAAMLA bill, which he originally introduced to the Senate with Senator Elizabeth Warren.

CointelegraphTom Mitchelhill

As we wrap up today’s Web3 Highlights, it’s clear that the world of cryptocurrency and blockchain continues to evolve rapidly. From VanEck’s ambitious Bitcoin forecast to the shifting dynamics on Elon Musk’s X, and the dramatic decline in celebrity meme coins, the landscape is anything but static. Additionally, the reversal of support for the anti-crypto bill highlights the ongoing debate around digital assets and regulation. Stay tuned as we continue to monitor these developments and provide insights into how they might impact the future of Web3. Have a great weekend and see you next week for more updates!

WEB3 AI ML