Here are the top three news stories over the past weekend presented to you by U.Today.
“Rich Dad Poor Dad” author Bitcoiner predicts stock market crash, hold tight
In a recent X post from Feb. 3, Robert Kiyosaki, financial markets expert and the author of bestselling book “Rich Dad Poor Dad,” shared a pessimistic prediction about the U.S. stock market. Despite the fact that many major indexes, including the Dow Jones Industrial Average index, the Nasdaq Composite index and the S&P 500 index, are climbing higher and higher, Kiyosaki warns his followers to “not be fooled,” as the actual state of the U.S. economy is not as strong as it appears. The financial guru believes that the reason why the stock market is actually being kept up is the Magnificent Seven, companies financed by the U.S. government: Apple, Alphabet (the parent company of Google), Meta Platforms, Amazon, Microsoft, NVIDIA and Tesla. Thus, Kiyosaki urges investors to exercise caution, stating that both the stock and bond markets are about to crash soon.
Ripple predicts biggest 2024 breakthrough for decentralized finance
In a recent insights report, Ripple identifies compliance as potentially the most significant development for decentralized finance (DeFi) in 2024. During a recent public-private roundtable with regulators and industry representatives cohosted by Ripple and TRM Labs, participants suggested that DeFi may benefit from a common definition, increased data exchange across regulatory regimes and embedded compliance protocols through smart contracts. According to Ripple, major regulatory organizations have already started having preliminary discussions about DeFi, including the Monetary Authority of Singapore (MAS) and the International Organization of Securities Commissions (IOSCO). Jurisdictions lacking cryptocurrency regulatory frameworks, such as the U.S, are making headway. This auspicious start, according to Ripple President Monica Long, is one of the reasons why pioneering compliance for DeFi might be the greatest breakthrough of 2024, extending blockchain applications in finance.
Important SHIB burn clarification made by Shiba Inu member
@RagnarShiba, the admin of the “Shibarium Tech” Telegram channel, has recently taken to X platform to clarify the misunderstanding regarding the new Shibarium burn mechanism and the “New Era” in SHIB burns. Ragnar believes that some members of the SHIB community have incorrectly interpreted an article about the mechanism in the recent issue of Shiba Magazine, thinking that it will be ready in January. The admin provided a quote from the article, which states that the new mechanism of SHIB burns started testing in January on Puppynet (the Shibarium testnet): “Starting in January, the mechanism will evolve into an automated system on Puppynet for testing purposes.” Only after that will it be implemented on the mainnet, Ragnar emphasized. Per the article, the main goal of the mechanism is to drastically reduce the circulating supply of SHIB tokens with the aim of increasing SHIB’s value and benefiting its ecosystem. In January, the burn mechanism will “evolve into an automated system” on Puppynet.