AI > Bitcoin

Hello, and welcome to De.Nomics newsletter, your daily digest to stay ahead in the world of Web3 and decentralized technologies at a regional focus. Today, we have plenty of trending news and stories. So, get your cup of tea and some biscuits, and let’s go ahead.
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The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

• $10.7 Billion invested in Crypto and Blockchain in 2023.

• AI > Bitcoin

• P2P Vs Fiat Exchanges: Nigeria’s edition.

• Turkey’s Erdoğan picks crypto professor for central bank board.

• Dictionomics:  Crypto Stabalization

Global Biscuits

$10.7 Billion invested in Crypto and Blockchain in 2023.
In 2023, venture capital (VC) funding in the crypto and blockchain sector dropped by 68% compared to the previous year, totaling $10.7 billion. This decline was expected due to the macroeconomic environment, regulatory uncertainty, and challenges faced by some major crypto projects. However, the total investment in 2023 still exceeded the amounts invested in 2019 and 2020. The year saw 1,819 deals, a 32% decrease from the 2,671 deals in 2022. Pre-seed, seed, and pre-Series A startups received a larger share of funding, while mid and late-stage startups saw decreased activity. Key sectors that attracted investment included NFTs/gaming, infrastructure, and web3. Despite the funding pullback, crypto VCs anticipate a surge in funding and deals in 2024.

AI > Bitcoin
According to Google Trends data, searches for "AI" surpassed searches for "Bitcoin" and "crypto" in 2023. The shift in interest started around August 2022, and since November 2022, searches for "AI" have consistently outpaced crypto-related terms. Google Trends scores the interest level from 0 to 100, with "AI" currently holding a score of 91, while "Bitcoin" has a score of 22. This shift in search trends may be attributed to the launch of OpenAI's ChatGPT in November 2022, which garnered significant attention and interest in artificial intelligence developments.

Tastes of the regions

P2P Vs Fiat Exchanges: Nigeria’s edition.
The Central Bank of Nigeria (CBN) has lifted restrictions on Nigerian banks facilitating cryptocurrency transactions. This move signals a significant development for the cryptocurrency industry in Nigeria. During the ban, peer-to-peer (P2P) merchants became dominant in the country, but with the ban lifted, there is expected to be increased competition between crypto-fiat exchanges and P2P merchants. Nathaniel Luz, co-founder and CMO of Flincap, highlighted that institutional exchanges should now prepare for the Nigerian market. The crypto community sees this development as a positive step, indicating that Nigeria is ready to embrace and allow the operation of crypto businesses in the country.

Turkey’s Erdoğan picks crypto professor for central bank board.
President Recep Tayyip Erdoğan of Turkey has reportedly appointed Professor Fatma Özkul, an expert in crypto assets and blockchain technology, to the central bank's Monetary Policy Committee. Özkul has been a lecturer at Marmara University in Istanbul since 2012, with an academic focus on accounting, finance, auditing, blockchain, and digital assets. Her appointment comes as part of a broader economic team restructuring after Erdoğan won the country's general election in May. Turkey has seen a rise in crypto adoption, with the country ranking fourth globally in raw crypto transaction volumes. Authorities are considering regulations to address licensing, taxation, and other aspects of the crypto market.

Dictionomics:    Crypto Stabalization

Crypto stabilization is the process of reducing the volatility of cryptocurrencies, which are digital assets that use cryptography to secure transactions and control the creation of new units. Crypto stabilization can be achieved by various methods, such as algorithmic mechanisms, collateralization, pegging, or backing by real-world assets. Crypto stabilization aims to increase the usability and adoption of cryptocurrencies as a medium of exchange, store of value, and unit of account.

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