Crypto Kaleidoscope: 10 Major Events in 2022, Bitcoin Outperforms Tesla, Giant Crypto Companies File for Bankruptcy
We can’t deny that the crypto industry has changed a lot in 2022, and it is still very interesting for us to keep an eye on. Even though there were a lot of problems to solve in the past year, good news from the crypto world will continue to come in until the end of 2022.
In this kaleidoscope, we’ve put together a list of important events that have had a big effect on the crypto industry in 2022. Now, let’s see what was great in the past year!
1. NOBI Wins Most Innovative Crypto Trading Platform 2022
The Dunia Fintech Awards Awarding Night was held for the second time. On Tuesday, January 18, 2022, the DuniaFintech Awards awarded the best fintech companies with various categories. This time, NOBI has been named the Most Innovative Crypto Trading Platform 2022 by DuniaFintech. NOBI would like to thank Dunia Fintech for this award and to all users who have thus far supported us. Hopefully, this award can motivate us to continue improving NOBI services. So that we can keep helping everyone to own and develop crypto assets easily and safely.
2. Keep Growing, The Number of Crypto Investors in Indonesia Hits 16 Million!
Crypto investors in Indonesia reportedly have reached 16 million users. This amount, according to Deputy Minister of Trade Jerry Sambuaga, is greater than that of stock market investors. As of last August, the total number of investors on the Indonesian stock exchange reached 9.54 million. For information, data from the Indonesian Central Securities Depository (KSEI) reveals that the number of investors in 2021 will reach 7.49 million. An increase from 2020 of 3.88 million.
According to Jerry, the government opens opportunities for people to be creative about crypto. However, it is still reminded to follow existing regulations. This is because according to him, it is not impossible if crypto tokens in Indonesia can later become export products in the future. “Please be creative, follow regulations to become a token that is recognized by Indonesia. Be one of the export products in the future, “he concluded.
3. Break the Record! Nike Successfully Becomes the World’s Highest NFT Sale Brand
Nike, a legendary sports company from the United States, has been recognized as the brand with the highest revenue from selling non-fungible tokens (NFT) in the world. According to data from Dune Analytics, Nike has managed to achieve an NFT sales value of US$185 million.
In addition to having a total revenue that is seven times higher than the other brands under it on the list, Nike has also scored the most transactions with a total of more than 67,000 transactions.
4. NOBI Raises US$4M Funding
NOBI, a crypto asset management application that serves the needs of casual investors by offering a variety of easy and safe crypto investments, has announced that it has received a new funding round from AC Ventures. US$4 million has been raised in a seed funding round led by AC Ventures, followed by Appworks, Skystar Capital, Cakra Ventures, and Global Founders Capital (GFC). In addition, some angel investors also participated in this funding.
5. Luna’s Price Has Dropped, Do Kwon Is Still An International Fugitive
Terra’s stablecoin, TerraUSD (UST), collapsed in May 2022. This triggered heavy losses in the crypto market, which was already reeling due to the tightening of central bank monetary policies. Reporting from Bloomberg, Monday (26/9/2022) Kwon earlier this year was reported to have moved from South Korea to Singapore. As a result, his corporate office became unclear. Kwon’s whereabouts are still a mystery to this day. And since September 17, 2022, the whereabouts of the founder of Terra Luna is unknown.
6. Bitcoin Price Still Outperforms Tesla in 2022
The performance of the world’s largest crypto by market capitalization, Bitcoin, throughout 2022, managed to beat the performance of Elon Musk’s electric vehicle stock, Tesla (TSLA). Reporting from Cointelegraph, Sunday (1/1/2023), Bitcoin is trading around USD 16,000 (Rp. 248.6 million), or which means it has fallen 60 percent in the last year.
Surprisingly, turns out that Bitcoin’s performance is still better than TSLA shares. This looks comparable to shares of Tesla, which is trading at $113 and is on track to record a loss this year of 72 percent. Mike McGlone, senior macro strategist at Bloomberg Intelligence, said there was enough evidence in asset performance to support the possibility of Bitcoin coming out on top.
7. Within 3 Months, Crypto Tax Contributes Rp126.75 Billion in State Finance
The Indonesian Minister of Finance Sri Mulyani reported that the government had pocketed crypto tax receipts of Rp. 126.75 billion until August 2022. According to the policy, the tax on crypto asset commodities took effect on May 1, 2022. This levy consists of Income Tax (PPh) on crypto asset transactions to Value Added Tax (PPN).
In addition to crypto taxes, fintech companies will also be taxed starting May 1, 2022, which will begin to be paid and reported in June 2022. On the other hand, the Minister of Finance revealed that the PPN rate adjustment succeeded in increasing state revenue by Rp7.28 trillion during April to August 2022.
8. Ethereum’s Merge Has Finally Completed, Ethereum Successfully Transitioned to Proof-of-Stake
On September 15, 2022, Ethereum officially made the network’s full transition from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) consensus mechanism or The Merge. This transition took place without a hitch, which is certainly the most historic upgrade that the entire crypto community has been anticipating for more than five years. The Ethereum Foundation says The Merge makes the Ethereum network more energy efficient by around 99.95%. Furthermore, the network will manage future scaling solutions.
Furthermore, with the completion of The Merge, according to the roadmap, the network still has to go through the “Surge,” “Verge,” “Purge” and “Splurge” upgrades. Surge will improve scalability by rolling up via sharding. Verge will achieve statelessness through Verkle. Purge will eliminate historical data and technical debt. Then, Splurge will perform a number of other minor upgrades.
9. Elon Musk Officially Buys Twitter for IDR668 Trillion
Tesla CEO Elon Musk has finally decided to go ahead with the purchase of Twitter. This is known from a letter that Musk sent to Twitter to follow up the purchase with an initial deal price of US $54.20 per share.
Twitter also confirmed it had received Musk’s letter. Based on the letter, Musk agreed to buy Twitter at a price according to the initial agreement, which is 54.20 US dollars (IDR823,000) per share or a total of 44 billion US dollars (IDR668 trillion), data collected from TechCrunch, Wednesday (05/10/22).
10. Giant Crypto Companies File for Bankruptcy Status
2022 has been a rocky year for the crypto industry. A number of negative sentiments emerged that had a negative impact on this sector, starting from macroeconomic problems, market sluggishness, to the collapse of several crypto ecosystems.
In the midst of these conditions, a number of crypto asset platforms were forced to file for bankruptcy. This step was taken in order to carry out debt restructuring under the supervision of the court. Among the crypto companies that filed for bankruptcy in 2022 include Voyager Digital, Three Arrows Capital, Celsius, and FTX.
That wraps up for important events that occurred in the crypto industry during 2022 which are summarized in Crypto Kaleidoscope 2022. We’ll see you again at the Kaleidoscope 2023!