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Fifa World Cup Embraces the Crypto Industry Through Sponsors

The FIFA World Cup is the most highly anticipated international tournament event in football and possibly the world

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The FIFA World Cup is the most highly anticipated international tournament event in football and possibly the world. 32 teams get to play in the competition, each one representing their own nation and comprising their country’s best football players. This will be the 22nd running of the World Cup and it is sponsored by some of the world’s biggest companies in the crypto industry. FIFA has announced Crypto.com and Algorand as the official sponsors for the event this year.

FIFA World Cup 2022 official sponsors

Crypto.com is a crypto exchange, a platform where you can buy, sell, or convert cryptocurrencies using other assets. This includes buying them using fiat currencies from your country, allowing you to become an investor with ease. As a sponsor for the event, Crypto.com provides financial support to run World Cup events in Qatar in 2022.

Algorand, on the other hand, is a green blockchain tech company proof-of-stake (PoS). It comes with a variety of features including the ability to trade ALGO, the native currency of its blockchain. This currency is not that widely accepted for live betting, all sports markets included but it can be swapped for Ethereum thanks to being an ERC20 token. Algorand also comes with a more exciting feature namely the ability to mint a collection of non-fungible tokens (NFT).

Crypto.com aims to drive awareness around cryptocurrencies using the World Cup as one of the biggest events in sports. On the other hand, Algorand wants to collect tournament highlights and mint them into a collectible set of NFTs. Both projects are also set to benefit FIFA because these are some of the biggest companies in the crypto industry.

FIFA World Cup highlights as NFT collectibles

FIFA’s and Algorand’s plans for the World Cup 2022 NFT set is an exciting project football fans are anticipating but the idea isn’t entirely new to sports. There are no details yet but the idea is going to be similar to the successful NBA Hot Shots. It’s a collection of highlight clips from events during the season featuring star players and specific team matchups.

Every highlighted clip will be labelled by its date, players and teams involved, as well as what kind of shot it was. They are then valued by how special that clip is to the match overall then grouped into levels of rarity. Fans can buy and own these moments in NFT that they can also view or display on the Algorand blockchain.

What do these mean for the crypto industry?

The FIFA World Cup is one of the biggest tournaments in all of sports with millions of fans looking forward to it around the world. Seeing two of the biggest companies in the crypto industry as official partners shows great confidence in the future of digital assets.

This ensures investors that crypto is the future of finance and it is lucrative enough to support such important tournaments. Likewise, this also boosts awareness of how to use cryptocurrencies.

Crypto.com offers an exchange where fans of the sport can buy digital assets to become an investor or use it for live betting, all sports or on the World Cup’s games. Algorand’s NFT project, on the other hand, further promotes the merchandising capabilities of blockchain technology. These partnerships are set to be the foundation of a wider crypto adoption in the world and you can look forward to it unfolding.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Basic Steps on How to Bet on Ice Hockey Using Bitcoin

Bitcoin (BTC) is a widely accepted medium of exchange in the crypto space, and it’s already influencing how online casinos and sportsbooks operate. With the surge of crypto, it’s time for you to start getting in the hype train and bet using BTC.

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Like most coins in the market, BTC is a decentralised digital asset that can be used as a medium of exchange online. Since it uses blockchain technology, transactions are faster and more secure because of the absence of a third party.

Bitcoin betting is incredibly beneficial, and starting now will help you have a more seamless and enjoyable experience. Below are the simple steps to become a bonafide Bitcoin ice hockey punter in minutes!

Step 1: Secure a digital wallet

A digital asset is required if you want to use Bitcoin for any transaction. This includes betting on ice hockey games. Just like fiat currency, a wallet is needed to store your coins safely.

Digital wallets come in two forms: Hot and cold. The former is more versatile in that they can be used online for exchanging. However, they are more susceptible to cyber theft as anything exposed online will always run some risks of third party interference.

On the contrary, cold wallets are only used to store large quantities of coins. They usually come with hardware like a USB drive to make the storage capacity much more robust, thus having the name of ‘hardware’ wallet sometimes.

Step 2: Use a secure exchange

After securing your digital wallet, you now need to exchange your fiat with BTC. To do this, you have to visit a reputable exchange or trading site to start buying crypto coins like Bitcoin.

Similar to a stock exchange, a trading platform is like the central hub for those who want to buy and sell crypto. With platforms like Binance and Coinbase, it’s easy to buy your first BTC depending on what the current market value is.

Step 3: Choose the best online sportsbook

With a digital wallet in hand and BTC, it’s now time to go to an online sportsbook that accepts Bitcoin. It is also best to go with a site that is regulated and licensed to avoid losing your money or any fraudulent activity.

When you think about it, there really wouldn’t be a huge difference between each sportsbook in terms of the sports available for betting. Most likely, there will be ice hockey in their lineup of sports to bet on.

What it will come down to is how their crypto betting features work and if their payment methods are quick and responsive when doing transactions online. If a sportsbook tips all these check marks, you have yourself a reliable online sports betting site to go to every time you want to place wagers on ice hockey matches.

There are a lot of great benefits to betting with Bitcoin. If an online sportsbook offers an option to do so, grab the opportunity immediately. Another perk of ice hockey betting on crypto casinos and sportsbooks is that some of these sites feature sports legends.

Here is an exciting interview with one of ice hockey’s greats: https://bitcasino.io/blog/promotions/exclusive-interview-with-pavel-barber

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Pros and Cons of Debt Settlement

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The process of negotiating with a creditor to reduce the amount you owe in exchange for a one time payment in full of an agreed upon amount is called debt settlement. You may often see it referred to as debt negotiation as well. 

Seeking a settlement agreement can be an effective debt resolution approach—under the right circumstances. This is particularly true in instances in which payments are in considerable arrears, or a balance is so high paying it off will be extremely difficult.  

However, there are some pros and cons of debt settlement to consider.

How Debt Settlement Works

First of all, it’s important to note you can do everything a professional debt settlement firm can do on your own. On the other hand, it’s equally important to note that negotiating a debt settlement plan with a creditor is an arduous and time consuming process, with no guarantee of success. 

Once you reach the person who has the authority to agree to a settlement proposal, you’ll try to get the total amount you owe reduced, along with waivers of accumulated fees and interest. You’ll offer a one-time payment in full of the agreed upon settlement amount, in exchange for these concessions. Be mindful though, you must be in a position to make the payment in full when the agreement is reached. Otherwise, it could be rescinded. 

Working with a debt settlement firm, you’ll be enrolled in a type of savings plan in which the monies you’d normally forward to your creditors is deposited until the account’s balance is high enough to fund a settlement agreement. Payment will be made to the creditor settle the debt from that account and the process will continue until all of your debtors are satisfied. 

Debt Settlement Alternatives

Generally speaking, debt settlement should be one of the last debt relief options of which you avail yourself. 

While debt settlement is not as destructive to your credit history as bankruptcy, credit counseling, debt management and debt consolidation are less damaging and should be investigated before attempting a settlement. 

In fact, given a choice of credit counseling vs debt settlement, going with counseling first could resolve your problem with far less collateral damage. 

Debt Settlement Pros

The most obvious benefit of debt settlement is it enables you to resolve credit accounts for less than you owe. Settlement will also put an end to collection calls and restore your peace of mind. 

Most debt settlement programs eradicate debt within 48 months. That is, assuming you have the wherewithal to set the cash aside to fund your payoff agreements. The time frame is also dependent upon the amount of debt with which you’re burdened.

Debt settlement can help you avoid filing for bankruptcy protection and enduring the consequences of that action. A bankruptcy filing will stay on your credit report for seven to 10 years, depending upon the nature of your filing. A debt settlement program will usually allow you to start rebuilding your credit history in a much shorter amount of time. 

Debt Settlement Cons

Creditors don’t always agree to accept settlements. In other words, there are no guarantees that debt settlement will work. And, over the time you spend trying to get a settlement, your debt will be increasing, owing to fees and ever increasing compounded interest payments.  

Working with a debt settlement company will also entail fees, generally in the range of 15% to 25% of the amount you owe. The good news is they can’t bill you until they’ve reached a settlement agreement to which you and your creditor agree—and it is paid. But you will owe that money when the settlement is funded. 

While not as bad as the fallout from a bankruptcy filing, there are negative credit score and credit report consequences to debt settlement just the same. Accounts will be listed as “settled” rather than “paid in full”. This could give potential creditors pause when reviewing your post-settlement credit applications. 

Some creditors report settled debt to the IRS, which will then look upon the forgiven amount as earned income. In other words, you could have to pay taxes on forgiven debt.

In Conclusion

It’s important to consider these pros and cons before embarking upon a debt settlement plan. It’s also a good idea to consider the alternatives first. Yes, a debt settlement program might be less costly in terms of the cash you’ll pay, but there are benefits to looking at debt consolidation, counseling and management first. 

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Are Weaker Economies on the Brink of Collapse?

The stock market rebounded absurdly fast after the March 2020 crash, whilst most major economies only dipped into a technical recession briefly before recovering.

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Economy

The global economy is in a challenging state. After a tough few years with Coronavirus, it appeared that we had gotten through the worst of it – on the face at least. The stock market rebounded absurdly fast after the March 2020 crash, whilst most major economies only dipped into a technical recession briefly before recovering.

However, issues remained under the surface. Mostly within global supply, there were still shortages and logistics issues. Anybody chasing after the latest PlayStation 5 would have experienced this in full force. Today, we have even more severe supply issues with an energy crisis, made worse by the Russian invasion of Ukraine, which has caused sky-high inflation around the world. 

Ramifications on the weaker European economies

High demand-pull inflation is something that developing countries often experience as part and parcel of fast growth. This isn’t always a bad thing unless it gets out of hand. However, cost-push inflation, as currently being experienced, brings with it very little reward. 

When looking at who is experiencing the worst inflation in Europe, it is developing countries that top the list. Turkey and Moldova are in crisis, with 78% and 31% inflation respectively, whilst Ukraine, Belarus, Bulgaria, Romania, Macedonia, Bosnia, Kosovo, and Montenegro all have between 13% and 20% inflation.

It is arguably the weaker economies in the EU that are the cause of the ECB’s hesitation over raising interest rates. To still have negative interest rates in an EU that is currently suffering 8.6% inflation, does seem absurd. And although there are now plans of a slight increase, the reluctance to raise rates in alignment with the Fed’s is perhaps because the struggling economies would struggle to repay their debts – debts that were exacerbated over lockdowns.

As a result, the USD has reached parity with the Euro. Whilst the dollar is usually sought after during a crisis, the continuous rise in rates in the US is a huge factor in the weakening of currencies around the world. In fact, the Guardian has pointed out this is a selfish move by the US, in which dollar-denominated loans – which are common among developing countries – are becoming unsustainably expensive to repay.

It could be argued that the EU is merely anticipating a worse recession than the Fed, and so is reluctant to be heavy-handed with its contractionary monetary policy. Regardless, the weaker economies within the EU are seeing their purchasing power decline twice-fold: once through inflation, and again through a weaker currency. On top of this, they’re also seeing any dollar-denominated debts become rapidly more expensive.

Worldwide investors bet against emerging markets

As mentioned above, in turbulent times, the USD is often seen as a safe haven – unless it’s a US-centric crash, then gold is favoured. Emerging markets are a volatile asset class, so traditionally they’re avoided when a recession is on the horizon. MillionDollarJourney, among others, are not recommending emerging market ETFs for this reason.

In order to understand the other reason why investors are betting against emerging markets is to ask, who are the investors? Participants of the stock market have changed substantially over the past 5 years, with retail investors now playing an increasing role in total transactional volumes.

Well, it’s no surprise that western retail investors lack the time and knowledge to invest in emerging markets. For some, even the known risk of their own economies is more compelling to invest in than the unknown risks of an emerging economy.

If we look at a map of business cycles around the world, it seems that the only economies that are experiencing growth at the moment are emerging economies. Though, this isn’t the same as saying all emerging economies are experiencing growth – many are also at risk of a recession, along with the threat of devastating inflation figures. 

Deciphering through which emerging markets offer promising prospects and which simply carry too much risk is inherently difficult because emerging markets are in a unique moment unlike developed economies. This in and of itself is the risk that many are unwilling to take, not least on the bring of a global recession; the US dollar, commodities, and energy stocks just seems a safer bet right now.

Recessions hurt the poorest

We can get too caught up in talking about the stock market. But, in the event of a crisis, it hides the truth of what is going on underneath: mass redundancies, late wage payments, mortgage defaults, and small businesses folding. In moments like these, we realise why the Kenyan Shilling declining against the dollar is important.

It is the stock market activity that can turn an emerging market on its head, through shorting its currency (and thus artificially debasing its currency overnight) and pulling billions worth of investments out of the economy.

In general, it is the asset holders and investors that lose the least. They lose the most in terms of nominal value – a $20,000 decline in value of their stock portfolio – but they lose the least because they’re wealthy enough to have surplus assets. 

Holding onto assets until they rebound in value is possible unless your cashflow dries up, but clearly, it’s the poorest who are most vulnerable regarding cash flow. Those with poor job security and minimal disposable income will struggle to repay their increasingly expensive debt repayments.

Kenya’s position in the global economy

Kenya’s political and economic reforms are seeing the fruits of their labour right now. In the face of a global crisis, Kenya marches on with economic growth with an inflation rate in-line with the average developed European economy. Plus, some of that inflation is legitimately demand-pull.

Growth is expected to continue, albeit decelerated, into 2022 and 2023. The rise in fuel cost has expected impacts on inflation, though, and is hitting the poorest. Nobody knows the outcome of the 2022 election – or the impacts of global warming – just as we don’t know how the deceleration of the growth will impact foreign investment into Kenya. Very quickly, the cost of living could become more severe due to the depreciating Shilling, prolonged inflation, and investors becoming hesitant. 

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