Crypto Pirates

The majority of crypto currencies continued to trade in the negative on Wednesday, as the government took the first steps towards banning private digital currency.

The government's decision to introduce a bill banning crypto currencies except in certain circumstances resulted in a precipitous drop in the pricing of virtual currencies on domestic exchanges.

At roughly 7:40 p.m., one of the most popular cryptocurrencies, Bitcoin, was selling 11% lower at Rs 40,93,019 on local market WazirX. On Wednesday, Ethereum was down 10.78 percent to Rs 3,07,000, while Dogecoin was down 16.49 percent to Rs 15.64.

Despite being extremely volatile and one of the riskiest financial assets available, crypto currency has gained enormous popularity among the youth, and investment in the new age asset class has increased significantly.

India is one of the countries where cryptocurrency has found rapid adoption, propelling total growth. While there is no official statistics on crypto currencies in the country, industry estimates place the value of cryptos at around Rs six lakh crore, with the number of investors in the hundreds of millions.

According to broker discovery and comparison platform BrokerChooser, India currently has a total of 10.07 crore cryptocurrency owners, which puts it ahead of any other country on the planet. The United States is second with 2.7 crore cryptocurrency owners, followed by Russia (1.7 crore) and Nigeria (0.7 crore) (1.3 crore).

"By contrast, the number of stock investors registered with the BSE/NSE in India has increased to 7.4 crore, while the number of MF (Mutual Fund) investors has increased to 11.4 crore. India ranks fifth in terms of crypto investors as a percentage of the population, at 7.3 percent, behind Ukraine (12.7 percent), Russia (11.9 percent), Kenya (8.5 percent), and the United States (8.3 percent) "Hemang Jani, Motilal Oswal Financial Services' Head of Equity Strategy, Broking & Distribution stated.

According to Jani, Indian crypto investments have surged to more than USD 10 billion from USD 0.9 billion in April 20, as crypto markets reached an all-time high.

However, there have been numerous concerns about cryptocurrency in India and throughout the world. The virtual currency has been feared to pose significant dangers to the global financial system.

Shaktikanta Das, Governor of the Reserve Bank of India (RBI), has red-flagged crypto currencies, claiming they pose a severe threat to the financial system because they are uncontrolled by central banks.

Prime Minister Narendra Modi convened a high-level conference on November 13 to examine various facets of the new investment asset.

Concerns about unregulated crypto currencies serving as a conduit for money laundering and terrorist financing were also raised.

"It is critical for all democratic nations to collaborate on crypto-currency and ensure that it does not fall into the wrong hands, spoiling our youth," Prime Minister Modi stated last week during his keynote presentation at the Sydney Dialogue.

The upcoming Parliament session, which begins on November 29, will consider a bill prohibiting all private crypto currencies.

The cryptocurrency bill aims to establish a framework for the development of an official digital currency to be issued by the Reserve Bank of India.

"The Bill also intends to outlaw the usage of private crypto currencies in India, but makes specific exceptions to promote the underlying technology and applications of crypto money," a Lok Sabha bulletin stated.

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* Investors in bitcoin are scared as the asset falls below $56,000.

* While several causes contribute to the prevalent mindset, some remain hopeful that circumstances will improve.

* The Fear and Greed Index is a gauge of popular mood, with a lower number suggesting fear and a higher score indicating greed.

Bitcoin investors are liquidating their holdings, causing a downward spiral in the markets. Investor sentiment has shifted in recent weeks from greed to bordering on acute anxiety.

Prices Are Declining

Bitcoin plummeted from near $69,000 highs to fresh lows of under $56,000 in a matter of days. The change in fortunes has been attributed to a number of factors, including the derivatives markets, recent criticism, and the uncertainty surrounding the Mt Gox restoration plan.

Bitcoin previously experienced such lows in mid-October, just prior to the debut of Bitcoin futures ETFs as October entered full bull mode. However, with the current price of $56,064, the Bitcoin Fear and Greed Index has settled at 33. According to the indicator, 33 indicates worry, as evidenced by the bearish trend that BTC has established in recent days.

The number could deteriorate further, particularly in light of President Biden's re-nomination of Jerome Powell as Federal Reserve chairman. Powell has previously advocated for increased regulation in the cryptocurrency field, but has stated that he has no intention of banning cryptocurrencies.

Markets may be ready for a rise in cases of excessive anxiety, while extreme greed fuelled by FOMO may see a retreat in the near future.

The Rally for the Future

Given the short-term support near $56K, it appears as though Bitcoin has been oversold, and investors might predict a rally into the resistance zone of roughly $60K.

Analysts feel that the asset must surpass the $60K mark in order for the bull run to continue. There is a degree of optimism bubbling beneath the surface, suggesting that the pullback from the all-time high has been exhausted and prices are preparing for a rally.

Despite the asset's unpleasant price, Bitcoin has seen a 5% increase in trading volumes to $36 billion, while maintaining its market domination of 41.68 percent.

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The popularity of cryptocurrencies is growing, as is the amount of internet scams targeting would-be investors.

When you consider money, you may envision a crisp dollar bill or the stray change in your car. While many of us are concerned with what's in our wallets, others are betting their financial future on something less tangible.

Cryptocurrency is a computer-based digital currency that was created to function as a monetary system in which transactions between private parties are conducted online.

"With cryptocurrency, all of data is maintained on what's called a ledger, and there is a degree of cryptography that basically encodes both the sender and the receiver, as well as the actual transaction information," said Micheal Domke, director of Consumer Protection.

Bitcoin was the world's first cryptocurrency, having been created in 2009. There are now more than 7,000. With so many options available, their worth continues to rise.

"As of November 2021, there were over 18.8 million bitcoin in circulation, worth over 1.2 trillion dollars."

Robin Jacobs is the director of the Wisconsin Department of Financial Institutions' securities division. She asserts that expansion is one of the factors that contribute to the cryptocurrency market's volatility. Another issue to consider is the absence of cryptocurrency rules.

"The IRS taxes bitcoin as property, but the CFTC views cryptocurrency as a commodity," Jacobs explained.

Volatility increases the chance of significant financial losses.

"Since October 2020, fraud reports have risen dramatically, with about 7,000 people reporting losses totalling more than 80 million dollars due to these schemes."

Both Jacobs and Michael Domke, head of the Wisconsin Bureau of Consumer Protection, agree that there are several obvious warning flags investors may look for to avoid being duped.

"If you're being recruited via an unknown email that says, hey, we've got this new cryptocurrency and we're going to offer you this fantastic deal that's going to double your money or guarantee returns, those are absolutely the things you want to avoid." remarked Domke.

While the rise in popularity has resulted in an increase in fraud, Domke believes cryptocurrency's momentum will continue.

"We're seeing athletes, actors, and everyone else promoting this, which lends an air of respectability to the cause."

According to Domke, the safest approach to invest is to conduct extensive research on the cryptocurrency in which you're interested. Anyone who has been a victim of cryptocurrency scam should call the Federal Trade Commission or the Wisconsin Department of Financial Institutions.

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"Crypto" and "Metaverse" were both included in the shortlist of Collins Dictionary.

Collins Dictionary's 2021 Word of the Year selection acknowledges the current NFT surge.

NFT Is Selected as the Year's Word

Beeple sold a tokenised JPEG for $69 million at Christie's, Grimes and The Weeknd used Ethereum to create tokens for their music, and now Collins Dictionary has selected "NFT" as the Year's Word.

The trendy shorthand for non-fungible tokens won out over "crypto," "Metaverse," and other buzzwords such as "neopronoun," "climate anxiety," and "cheugy."

The announcement of the award by Collins Dictionary noted how NFTs had been cited repeatedly during the year "in breathless news headlines and on social media." Additionally, it made reference to the critical role that digital art had in demonstrating the technology's promise. "What has captivated the public's imagination about NFTs is its application to sell art," the release added, citing Beeple's March Christie's auction as a watershed moment for the space.

While Beeple's record-breaking sale garnered global attention at the time, the NFT field experienced numerous more significant events during the year as it entered the mainstream. This year, a number of prominent musicians, including The Weeknd, Eminem, Grimes, and Aphex Twin, released their own NFTs, while other celebrities, including Tom Brady, Snoop Dogg, and Jimmy Fallon, encouraged the movement by amassing their own pieces.

NFTs soared in popularity among crypto enthusiasts during what became known as "NFT summer," a period of craze from July to August during which demand for generative art and avatar projects skyrocketed. Prices increased in lockstep with trading volumes, with the most sought-after pieces from collections such as CryptoPunks and Fidenza changing hands for millions of dollars (Visa aided the collection's value rise by announcing in August that it had purchased one of the 10,000 algorithmically generated characters for $150,000; the collection's current floor price is $350,000).

Apart from Collins Dictionary, it appears as though numerous Big Tech titans understood the impact NFTs would have in 2021. After discontinuing its own tokens, Twitter hinted in September that it will enable NFT authentication. Following that, Facebook announced its rebranding as Meta, igniting a cryptocurrency market frenzy for Metaverse-related projects. Discord has hinted at integrating Ethereum to enable NFT, but has since shelved the plans due to outcry from its community.

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Federal banking authorities say they will evaluate three areas of concern in 2022: whether crypto assets are legal, safe, and adequately safeguard consumers from fraud.

The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) released a unified statement Tuesday in response to recent interagency "policy sprints" on crypto assets. The statement outlines the primary dangers identified by regulators for financial institutions joining the crypto asset area on their own behalf, for their customers, and for financial markets in general.

These concerns include the possibility that crypto assets would jeopardise a financial institution's safety and soundness; its capacity to comply with existing banking laws; and financial institutions' legal ability to engage in crypto asset activities.

According to an accompanying OCC press release, the statement makes no changes to existing rules or regulations. Rather than that, it explores the points of intersection between crypto assets and regulated financial institutions. The authorities said that they will consider giving "timely clarity" to enhance "safety and soundness, consumer protection, and compliance with applicable laws and regulations, including anti-money laundering and illicit finance statutes and rules."

Additionally, the regulators stated that they will determine whether existing regulations apply and whether any areas could benefit from additional clarity.

According to the joint statement, some of the areas where financial institutions and crypto assets overlap include as follows:

* Custody of digital assets

* Facilitation of consumer cryptocurrency purchases and sales;

* Loans secured by cryptocurrency;

* Payment-related activities, including stablecoins pegged to a fiat currency such as the US dollar or euro; and

* Activities that may result in a financial organisation's balance sheet containing crypto assets.

In 2022, regulators stated that they would "provide greater clarity" to financial institutions regarding how they can safely manage crypto assets on behalf of their customers, both in traditional and ancillary custody services; how they can facilitate their customers' purchase of crypto assets; whether loans can be collateralised by crypto assets; the issuance and distribution of stablecoins by financial institutions; and activities involving the holding of crypto assets on a financial imputation basis.

"The agencies will also assess the application of bank capital and liquidity standards to crypto assets in connection with activities involving US banking organisations and will continue to engage with the Basel Committee on Banking Supervision's consultative process in this area," the joint statement stated. "The agencies will continue to watch crypto asset developments and may address further issues as the industry evolves. Additionally, the agencies will continue to engage and coordinate with other appropriate authorities on challenges arising from crypto asset-related activity."

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Bitcoin went from $59,897 (BTC/USD) to $57,483 on Sunday, the 21st, and has continued to fall since then. This abrupt decline impacted all cryptos. Ethereum (ETH) decreased in value from $4,414 to $4,166 over the same time period. The effects were felt all the way down to Theta and Tixl (TXL), sending a ripple through the crypto market.

What Was the Cause of the Crash?

Analysts have proposed a number of possible causes for the crash, and there are clear parallels between Sunday's crash and the October 27th flash crash. As with the October decline, researchers believe Sunday's price reduction was the result of market speculation. Too many people purchasing an excessive amount of cryptocurrency at a rapid pace meant that the bubble had to burst at some time.

We saw a turnaround in October within a few days, and we've already seen some cryptos turn the corner during this crash. Ethereum, in particular, has already recovered nearly all of its Sunday losses. It recently reached $4,379, extremely close to the $4,414 it reached before to the decline.

Other cryptocurrencies are still attempting to catch up. Bitcoin is currently trading at $57,851 and does not appear to be returning to Sunday's level anytime soon. Tuesday night, it plummeted to its lowest level since October 13th. The majority of cryptos—from top to bottom—are still down from Sunday's highs.

However, this crash was not caused solely by speculation. Analysts speculate that profit taking at the end of the year has something to do with it as well, as investors are exiting cryptos before the price collapses in order to recoup their initial investment and any profits earned. This is the time of year when businesses are eager to clean up their books and balance their accounting before the new year arrives.

This results in an increase in the pressure to sell, but not just for enterprises. Numerous investors are sensing that Bitcoin's recent fresh all-time high will likely be followed by a period of decline. The market just reached some extraordinary highs that most analysts believe were artificial, indicating that there is obviously pressure to exit for the time being. Many investors are hoping to reinvest their money whenever the market appears to be ready for another turnaround, but when may that occur?

When Does It Make a U-Turn?

Bitcoin will bear a large portion of the responsibility for a bullish trend. That is where investors will be looking to determine the market's direction. Bitcoin, which presently holds more than 40% of the market, is a significant driver of the cryptocurrency business.

It's prudent to consider Ethereum as well. Its upward trajectory bodes well for the greater crypto market, and if it continues to grow, it will almost certainly drag several other coins higher with it. Binance and a few others are also up, despite the fact that they, like everyone else, took a knock on Sunday evening. With a number of cryptos still in the red following Sunday's massacre, including Solana, the market has a long way to go before fully recovering from this week's starting slump.

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The government appears to be eager to ban private cryptocurrencies, although such a prohibition is unlikely to be effective. Perhaps our best option will be to assist a digital rupee in establishing a foothold in a competitive market.

India's government has a complicated relationship with currency, as seen by its mistaken attempt five years ago to stamp out ill-gotten wealth and illicit behaviour through a note ban. Now, as the threat of a ban on private cryptocurrencies grows, may we be in for another upheaval that falls short of its intended outcome? It listed the Cryptocurrency and Regulation of Official Digital Currency Bill for enactment during this winter session of Parliament on Tuesday.

As stated, it will "prohibit all private cryptocurrencies" but will allow exceptions "to advance the underlying technology." Additionally, it will offer a framework for the RBI to develop a digital currency. While its ultimate shape may elicit relief from India's cryptosphere, which has a lot at stake, it appears for the time being that the Centre is prepared to crack down hard on blockchain-based coins.

While trading platforms and similar entities face a grim future, the same is not true for cryptos. As the name implies, they can continue to thrive in the absence of enforcement.

Money is fungible, and their global popularity has conferred fungibility on crypto assets. As previously said, it was demonetisation that brought Bitcoin into social discourse, with stories of modest fortunes being locked away for exclusive access via secret codes.

While purchases made on open platforms can be tracked, the internet's global reach allows owners to use or encash their chips in privacy. Due to the fact that tokens issued outside our jurisdiction cannot be deleted, prohibiting them is likely to harm legitimate cryptocurrency firms but will ultimately prove useless.

Worse, if they quit our formal economy, we may well be unaware of their influence on numerous economic policy inputs. Regarding 'exceptions' to permit blockchain-based value generation, while this sounds like a reasonable concession, it may be difficult to achieve the necessary technical distinctions to allow us to monitor the industry in a non-arbitrary manner. Thus, a complete prohibition may wind up being another case of overkill.

Apart from the possibility of abuse, a compelling argument against cryptos is the weakening of our monetary sovereignty that broad acceptance of stablecoins could theoretically entail in the future. As these tokens are backed by normal money, they risk eroding the rupee's role and reducing the RBI's ability to manage macroeconomic policy.

This is a significant danger that requires mitigation. Given the ineffectiveness of a crypto ban as a defence of our fiat currency, our best hope would probably be to allow such stablecoins to proliferate, ensuring that no single token achieves market dominance due to severe market competition.

With divided forces to fight with, an RBI-issued digital rupee could be positioned as 'the genuine article' for online use. Official support would give it an unmatched advantage.

If it is well-crafted, it has the potential to capitalise on the market's desire for a single standard in order to achieve domestic pre-eminence. This would assist the RBI in avoiding a loss of control over market circumstances. Nonetheless, the 'dollarization' of commerce that has occurred in some regions of the world should serve as a cautionary note.

Because digital tokens are not bound by national borders, their widespread use would erode our capital restrictions. As a result, this would put pressure on the RBI to prevent the rupee from losing value both within India and in relation to other currencies such as the US dollar.

Thus, inflation must be kept low and consistent in order for a digital rupee to remain competitive. Nobody can predict how this will all play out. However, knee-jerk restrictions rarely succeed. Rather than that, let us control cryptos.

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Mining bitcoin has developed into a multibillion-dollar industry, with Fortune reporting that it may now be the world's most profitable industry, surpassing established leaders such as Big Pharma and software suppliers.

The Tampa Bay area now has a leader in this quickly developing business, courtesy of Russel Bruno and Ace Host.

Bruno is the chief executive officer of Ace Host, a data centre operator situated in Tampa, Florida. Ace Host operates both a standard data centre equipped for crypto mining and a self-contained mining facility. A data centre is a facility that holds computing hardware and networking equipment. At their heart, data centres supply enterprises with three essential components for meeting their computing requirements: power, connectivity, and cooling.

"We've been in the mining business for about eight years," Bruno explained. "We've been doing this for a long period of time and have a firm grasp on the crypto and mining markets."

Additionally, data centres are mission-critical infrastructure; they must stay secure and operational at all times, even in the case of a broad outage. With no tolerance for downtime, it is vital to have several power sources and links to the broader network architecture, and Ace Host assures 99.9% uptime.

Additionally, these particular properties make data centres ideal for crypto mining.

"I am capable of instantly reactivating them (miners)," Bruno asserts. "That is how everybody interprets it.

"Mining has become an obsession for everyone. Everybody is after profit."

Along with self-mining, Bruno rents out his facilities to other firms and individuals for mining operations. Prospective customers can complete a brief online form to receive a free quote for colocation services based on the equipment required and the coin they intend to mine.

Colocation data centres enable miners to quickly and affordably bring their machines online. Along with redundancy and security safeguards for essential infrastructure, Ace Host's autonomous downtown Tampa facility is also hurricane-rated to Category 4.

The company has grown considerably in recent years as popular usage of blockchain technology and cryptocurrencies has surged.

"I've had 400 mining leads in the last month alone; it's ridiculous," Bruno explained. "At one facility, we will be without electricity."

Bruno is constantly on the lookout for extra power, as mining activities rely heavily on it. Bruno informed us that he is a member of a consortium that had signed a letter of intent to acquire an abandoned power plant in Auburndale. He stated that he is seeking partners and talks with municipalities about erecting equipment and occupying vacant spaces.

"We are true miners, but I am first and foremost a true telecommunications engineer," Bruno explains. "I believe in the industry and in its future."

Bruno, who began his mining career years ago by establishing operations in Iceland for a corporation, refers to himself as a pioneer in the space. He argues that word about the expanding sector has been sluggish to reach the general public due to the close-knit character of the mining community and the lengthy history of self-mining. He is now urging others in the sector, particularly in the Tampa Bay area, to share in the prosperity.

"I'm here, I've done an outstanding job with it, and I believe in Tampa," he stated.

Bruno has been a resident of the Tampa Bay area since 1994 and attended the University of Tampa, where he played baseball. He serves on the alumni board and has utilised his mining and Bitcoin abilities to develop innovative methods to raise money for the programme.

Along with supervising two big sites in Tampa, Bruno and his crew oversee operations for two of the country's top mining companies. Bruno stated that for nearly three years, he has managed approximately 8,000 workers "out west." The majority of the labour is performed by automation software, and a team of professionals ensures that the programme is operational at all times.

"At the end of the day, hardly many individuals do what we do on this magnitude," Bruno explains.

Bruno stated that he invested approximately $2 million and 3.5 megawatts in his downtown Tampa buildings. Auburndale's ancient power plant, which is capable of producing up to 300 megawatts, will take around a year to restart. Bruno employs a team of scouts to comb the country for potential power sources, and they recently got eight megawatts from Indiana.

Bruno, on the other hand, makes it abundantly plain that he want to keep his activities in Florida, preferably in the Tampa Bay area. He recently met with the Florida Power Commissioners Association and is in talks with Lakeland Electric to acquire many of the utility's properties.

Many of these older plants and localities have excess electricity but no use for it, and their operators lack the know-how to convert them to mining operations. Mining enterprises that have the potential to provide significant additional revenue for a community.

"We're really down the road with a lot of different groups to see if we can take on places with a lot of power," Bruno explained. "We recently struck a contract with a place that possesses five megawatts of energy - sitting idle."

Bruno expresses a desire to return to the St. Pete area, stating that all he requires is space and power. He urges city officials to contact him or other miners to determine what they require and how the activities may benefit the community.

Bruno previously occupied a 90,000-square-foot facility in the Gandy neighbourhood and registered the domain name "Silicon Gandy." Bruno thinks it amusing that, years later, the region is now being compared to a young Silicon Valley as a result of its rise as a financial technology industry leader.

"I'm not taken aback," he continues. "We require additional businesses to invest in the Tampa Bay area.

"The economy is doing well, and housing is reasonably priced. It's an excellent neighbourhood."

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Since January 2020, the Financial Conduct Authority has been in charge of the UK's anti-money laundering legislation, but has yet to crack the crypto sector.

The authority is seeking technical assistance and training, as it currently lacks the necessary tools and talent to do the job, according to the UK public sector tendering website Bidstats.

The FCA is seeking a third-party organisation that can provide access to a platform that enables rigors and efficient analysis of cryptoasset blockchain data, as well as training and ongoing support.

Due to the fact that the application deadline is December 16, 2021, no appointments will be made before 2022.

The FCA is attempting to upskill its workforce in response to a schism between CEO Nikhil Rathi and the general workforce.

The FCA is experiencing a difficult period

According to a September consultation exercise, the organisation intends to phase out its current bonus system.

Additionally, the company intends to reduce employee compensation over the next four years, which will result in a wave of resignations and a decline in employee morale.

The reductions are in response to increased workloads as a result of Brexit, the pandemic, and a changing global financial landscape accelerated by cryptocurrency use.

According to a Guardian report earlier this month, the Financial Regulators Complaints Commissioner is investigating the FCA.

The FCA allegedly altered its own complaint procedure in order to avoid compensating for serious organisational flaws.

However, the FCA's flagship crypto registration plan has stalled as well, requiring all cryptocurrency businesses to register with the FCA prior to operating in the UK.

The FCA initially intended to close unregistered businesses by January 2021, but then pushed the deadline back to July 2021, and then to March 2022.

Binance withdraws from the transaction

The authority has registered five cryptocurrency businesses thus far, with 90 more on hold. For example, Binance has withdrawn from the lengthy process.

In June, the FCA warned Binance in response to the withdrawal. According to the notice, there is no approval, registration, or licence in the UK to carry out a regulated activity.

Changpeng Zhao, the CEO of Binance, has recently courted government officials. Zhao lauded authorities worldwide, including those in the United States and Singapore, in a recent interview with Blomberg TV.

However, the CEO of Binance made no reference to the United Kingdom.

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The emergence of cryptocurrency-related businesses in football coincides with countries enacting legislation to kerb gambling sponsorship.

Chiliz, the Paris Saint-Germain "fan token," has increased in value by over fifty percent in just four weeks as Lionel Messi's move to the club increases awareness of the cryptocurrency.

When Paris Saint-Germain signed Lionel Messi, the salary package included an unprecedented feature for a player – a one-time payment in PSG "fan tokens" estimated to be worth around $1.15 million (one million euros).

It was the result of a partnership between the French giants and Socios.com in 2018, which allows fans to purchase tokens allowing them to vote on club-related issues using the cryptocurrency "chiliz."

The company has grown rapidly since its initial partnerships with Paris Saint-Germain and Juventus, expanding to 56 football clubs and approximately 100 sports teams worldwide, according to CEO Alexandre Dreyfus.

Messi has garnered additional attention, and Dreyfus believes the Argentine will "set a trend."

"This is more of a supplement that will never replace any compensation. It's more of a bonus, but it's one that players will eventually demand "As Dreyfus put it.

"We hope that two years from now, during the 'mercato', a player will say, 'Yes, I am going to that team, but they better give me a million dollars in fan tokens.'"

Dreyfus acknowledges that the pandemic and ensuing economic crisis benefited his company by allowing it to expand its partnerships.

"The reality is that clubs suddenly lost 50%, 70%, or even 80% of their revenue and realised, 'Hey, we have fans all over the world; what can we sell them?'"

'An insignificant revolution'

They have now signed shirt sponsorship deals with Inter Milan and Valencia in order to promote their fan tokens.

According to a new analysis by KPMG Football Benchmark, over 40 shirt sponsorship deals have been signed in Europe's five biggest leagues since the outbreak of the pandemic.

According to the company, Inter doubled its revenue by switching from Pirelli to Socios.com in a $23.57 million deal. A mini-revolution is underway, as businesses associated with cryptocurrency have begun to appear on t-shirts.

There are concerns that inquisitive punters will be enticed into using cryptocurrency-related products without a proper understanding.

To illustrate their volatility, the value of 'chiliz' – a lesser-known cryptocurrency than, say, Bitcoin – increased by 58% in the four weeks following Messi's arrival.

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