A large blue euro statue in the heart of Frankfurt’s financial district has received new funding to defend the historic statue. The new funds come from cryptocurrency companies.
The future of the statue is in jeopardy as the bank that pays for the statue’s maintenance is withdrawn. The statue has become a central symbol of the European Central Bank and a long-standing symbol of Frankfurt’s role in managing Europe’s single currency.
On Tuesday, 27 September 2022, the statue’s owner, the Frankfurt Cultural Committee, said it had secured a new sponsor so that the statue would not need to auction the 14-meter-tall artwork.
The backer is technology developer Caiz, a Frankfurt-based company whose cryptocurrency token Caizcoin adheres to Islamic financial and legal principles.
Caiz’s Chief Development Officer, Jörg Hansen, said the assistance could also be a business perspective as a marketing activity.
“The euro sign is imaged hundreds of times a day, so our participation makes sense as a marketing effort from a business point of view,” Hansen said.
The statue was grandly constructed in 2001, just before the euro banknotes and coins were launched. With the help of cryptocurrency companies, the cryptocurrency logo is prominently displayed on the base.
Regarding the crypto issue that many say can threaten central bank currencies, Hansen said that its existence will not destroy the euro and the euro will always exist.
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Previously, JPMorgan Chase CEO Jamie Dimon said in a US Congressional hearing that crypto tokens like Bitcoin are decentralized Ponzi scams. He told lawmakers that he was very skeptical about cryptocurrencies.
“I am very skeptical of crypto tokens that I call currencies like Bitcoin. They are decentralized Ponzi scams,” Dimon said on Friday (23 September 2022), citing Bitcoin.com.
The CEO of JPMorgan continues to point out that billions of dollars are lost every year through cryptocurrencies, linking cryptocurrencies to crimes such as ransom payments, money laundering, prostitution, and theft. He stressed that encryption is ‘dangerous’.
The CEO of JPMorgan also talked about stablecoins, which he said wouldn’t be a problem with proper regulation.
As Dimon put it, “There is nothing wrong with properly regulated stablecoins like money market funds.”
Regarding blockchain, he confirmed that JPMorgan is a big user of blockchain. A longtime Bitcoin skeptic, Dimon has warned investors several times to be careful when investing in cryptocurrencies.
He always warned that they had no intrinsic value. He previously said that Bitcoin has no value and questioned the limited supply of BTC.
However, the CEO of JPMorgan has repeatedly said that innovations like blockchain and DeFi are real. In May, global investment banks said they would increase the use of blockchain in finance.
JPMorgan, on the other hand, offers several crypto-related investments, has its own JPM coin, and has a lounge on the Metaverse. JP Morgan analysts are also more optimistic about bitcoin and cryptocurrencies than bank CEOs.
In May, JPMorgan analyst Nikolaos Panigerzoglu revealed that the bank had turned real estate into digital assets, along with hedge funds, as the preferred alternative asset class.
Previously, the JP Morgan team of analysts said that the decline in the price of cryptocurrencies would have a significant impact on the stock prices of cryptocurrency companies including Coinbase. JP Morgan analysts lowered their December price target for Coinbase Global shares from $78 (approximately $1.1 million) to $60.
The listed cryptocurrency exchanges derive most of their revenue from trading US cryptocurrencies. In other words, Q3 and Q4 earnings are based on interest in cryptocurrency trading.
JPMorgan analysts, citing Yahoo Finance on Friday, September 30, 2022, “believe that the pressure on coin-based earnings from the downturn in the cryptocurrency market will put downward pressure on stock prices.”
Coinbase Global (COIN) shares plunged from $72 on Wednesday to $62 on Friday. Still hanging above June lows, the stock is down 11% in the last five days and 75% this year.
Analysts said Coinbase expects trading volume from US retail cryptocurrency investors to decline through December, with activity expected to recover in the first quarter of next year.
Coinbase’s current trading volume fell 15% to $48 billion last month, according to the Nomics Crypto Volume Index. This is only half of the volume Coinbase received at the start of the year.
In Q2 earnings, Coinbase’s earnings depended heavily on short-term trading volume. Its business strategy is to grow subscription products and services that generated 18% of sales in the second quarter, reducing trade to a profit mix.