text: “A new CNBC survey has revealed that a majority of millennial millionaires have invested a significant chunk of their portfolio in crypto and plan to continue their crypto investments in 2022. The survey polled investors with assets of $1 million or more.
  53% of total survey respondents said they hold 50% or more of their portfolio in crypto. Nearly one-third of the respondents have invested at least three-quarters of their wealth in crypto assets. 48% of millennial millionaires plan to add to their crypto investments while 38% plan to hold and only 6% plan to reduce their crypto exposure in the coming year.
  The new generation’s rising interest in the nascent crypto market could prove to be an issue for wealth managers. Traditional managers would have to rethink their approach towards these upcoming investors.”
  Goldman Sachs Says Blockchain Is Key to Metaverse and Web 3 Development
  “The Wall Street bank sees blockchain as one of the most disruptive technologies since the advent of the internet. Goldman analysts feel that cryptocurrency is just the beginning for blockchain.
  It is the only technology that can “uniquely identify any virtual object independent of a central authority,” and this ability to identify and track ownership will be crucial to the functioning of the metaverse, analysts led by Rod Hall wrote in a note published on Dec. 14.
  Web 3 is the third generation of internet services which have been made possible by decentralized networks. For Web 3, blockchain allows for the “partial elimination of centralized control,” the note says. In the future, users will be able to log in without the need for a third party, such as Meta, Google or Apple.”
  MicroStrategy’s Saylor Lays Out Ways Firm Could Generate Yield From Its Massive Bitcoin Holdings
  “MicroStrategy owned 122,478 bitcoin as of Dec. 10, worth roughly $5.8 billion. To generate income from its bitcoin, MicroStrategy could lend some portion of it to a “trustworthy counterparty,” CEO Michael Saylor said.
  The company could also put its bitcoin into some form of partnership with a big tech company or bank. MicroStrategy might also look to put a mortgage against its bitcoin, generating long-term debt under “favorable circumstances.” Finally, MicroStrategy could develop “some kind of interesting application” for its bitcoin.
  Saylor noted in his presentation that no formal steps had been taken on any of these potential initiatives.”
  Bitcoin Options Lean Bearish as Some Altcoins Outperform
  “Bitcoin traded lower on Friday along with equities as demand from buyers faded.
  BTC is roughly flat over the past week, compared with a 1% drop in ether (ETH), a 5% rise in Solana’s SOL token, and a 38% rise in Avalanche’s AVAX token over the same period. The wide dispersion in crypto returns this week suggests that investor appetite for risk remains strong.
  The bitcoin options market is leaning more neutral/bearish over the short term. Meanwhile, option expiries slightly further out between January and February 2022 are less skewed, indicating a more neutral price outlook into next year.”
  See Also: Bitcoin Slides Toward $46K, Dropping Alongside US Stock Market
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  DeFi ‘Rug Pull’ Scams Pulled In $2.8B This Year: Chainalysis
  “Rug pulls accounted for 37% of the over $7.7 billion in total illicit revenue from crypto scams this year. In 2020, rug pulls accounted for just 1% of the under $5 billion in total illicit revenue.
  Turkish crypto exchange Thodex accounted for a majority of the lost funds on the list after its founders went missing with over $2 billion in client funds in April 2021. This was followed by dogecoin-inspired AnubisDAO at $58 million, and Binance Smart Chain-based exchange Uranium Finance at $50 million.”
  See Also: Justin Sun Is Retiring From Tron
  Former Head of Crypto-Skeptical SEC Gets Blowback for Pro-Blockchain Op-Ed
  “Former U.S. Securities and Exchange Commission (SEC) Chair Jay Clayton is being criticized for a pro-blockchain op-ed he wrote for the Wall Street Journal. His op-ed attracted some rather disparaging responses from commentators in the crypto community, given how his pro-crypto position differs from that which punctuated his reign as head of the SEC.
  In his piece, which was published Thursday, Clayton argued the U.S. government needs to do more to harness the advantages of tokenization of assets via blockchain technology. For investors to pursue opportunities afforded by blockchain technology with confidence, they need assurance that they are protected by time-tested regulatory principles, he said.
  One proposal he highlighted is to explore tokenizing the U.S. Treasury bond market to provide real-time trading, clearing and settlement of government bonds.”