Key Takeaways
- Investors are being duped into investing in Coin Signals funds.
- Jeremy Spence (aka Coin Signals) admitted guilt in a fraudulent cryptocurrency investment scheme.
- Bank of America strategist Haim Israel said the metaverse represents a big opportunity for blockchain technology.
People in Africa used blockchain technology and cryptocurrency at an astonishing rate in 2020. While many have ascribed this to Covid-19, blockchain enthusiasts feel their work also influences people’s gravitation to digital currency.
Since the first quarter of 2020, the use of blockchain-based digital currencies such as bitcoin accelerated in places such as Africa, where the number of financially excluded individuals remains high. Indeed, the blockchain and cryptocurrencies have proven to be ideal for the "new normal" that has prevailed since the outbreak of the epidemic.
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While some blockchain and crypto proponents believe that the rising use of cryptocurrency directly results from their efforts, others claim that it was a pandemic that prompted many Africans to consider utilising blockchain-related solutions. However, as Roselyne Wanjiru, a Kenya-based blockchain advocate and educator, told Bitcoin.com News, her work is still important.
Wanjiru also revealed her experiences as one of the few women active in blockchain advocacy work in written responses to questions addressed to her over Whatsapp.
Coin Signals Funds Founder Admits Guilt to Crypto Fraud Charges, Facing Up to 10 Years in Jail
The creator and manager of multiple cryptocurrency funds have admitted to defrauding investors with his bitcoin investment scheme. According to the US Department of Justice, his funds continuously lost money, and his swindle cost investors $5 million (DOJ).
Jeremy Spence (aka Coin Signals) admitted guilt in a fraudulent cryptocurrency investment scheme, according to the US Department of Justice (DOJ)
"After making fraudulent claims in connection with these funds, Spence recruited over $5 million from more than 170 individual investors for various cryptocurrency funds that he ran," according to the DOJ. Spence was arrested and charged in June.
Bank of America Notices a Tremendous Opportunity for the Entire Crypto Ecosystem in the Metaverse
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According to a Bank of America strategist, the metaverse is a big opportunity where digital currencies will be broadly used as currency. He stated, "I definitely believe this is a big, massive opportunity."
Israel is the managing director of research at Bank of America and a worldwide strategist. He is also the leader of Bank of America's global thematic research unit.
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