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Fidelity Digital Assets Head says Bitcoin Still Too Volatile To Be Store of Wealth

Tom Jessop, President of Fidelity Investments digital assets arm said his firm still uses the word “potential” when describing volatile Bitcoin’s ability to act as a store of value…

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Tom Jessop, President of Fidelity Investments digital assets arm, told Reuters on Thursday that his firm still uses the word “potential” when describing volatile Bitcoin’s ability to act as a store of value, although many investors appear sold on the BTC as a safe haven narrative.

Bitcoin, Safe, Store, Wealth, Fidelity

The Bitcoin price has been flirting with $20,000 over the past few days, BTC’s macro bull-run appears largely driven by growing consensus in the market and amongst institutional investors of the crypto’s utility as a store of value against a weakening dollar.

However, Fidelity Digital Assets President Tom Jessop explained to Reuters Global Investment Outlook Summit that Bitcoin’s volatility makes it difficult to classify as a true store of value. Jessop said:

“We use the word ‘potential store of value’ as bitcoin is still extremely volatile, and by any standard perhaps would not achieve the mantle of a true store of value.”

Bitcoin has been on a dizzying bull run over the last month climbing more than 40% and increasing its yearly gains to 170% percent.

The BTC price rally has been mostly fuelled by recognition of Bitcoin among bigger US investors of the cryptocurrency’s inflation-resistant qualities. Famously Microstrategy began the institutional drive in August and September when it made Bitcoin it’s primary reserve asset. The gains the market intelligence firm has made in the short space of time has only increase greed and FOMO of other institutions.

Billionaire investor Paul Tudor Jones has advocated and invested in Bitcoin, announced earlier this year he aims to use BTC to hedge against inflation as central banks across the world are printing money to relieve economies affected by the coronavirus pandemic. Jones is one of Wall Street’s most seasoned and successful hedge fund managers, CEO and founder of Tudor Investment Corp.

Many investors are also buying Bitcoin because they see it as a “risk-on” asset and a payment method that is gaining mainstream acceptance. Jones acknowledged this in a recent interview with Yahoo Finance, Jones said everyone would be using some type of digital currency in the next 20 years, and it would be a lot similar to the “metals complex” of today.

Nevertheless, Fidelity Digital Assets head Jessop argues that Bitcoin has been plagued by volatility its entire life and many are fearful of a repeat of the 2017 bubble where the BTC price soared nearly four-fold in a month before losing more than half its value in the following month.

Jessop sees the potential of Bitcoin and cryptocurrency but for now, Fidelity Digital Assets, which offers cryptocurrency trading and custody services for financial firms and corporations—is still unwilling to upgrade Bitcoin’s status to a fully-fledged safe have asset. He said:

“Aspirationally it is, and that’s one of the reasons why so many investors are now thinking about this space constructively.”

Image source: Shutterstock

However, Fidelity Digital Assets President Tom Jessop explained to Reuters Global Investment Outlook Summit that Bitcoin’s volatility makes it difficult to classify as a true store of value. Jessop said:

Source: https://blockchain.news/news/fidelity-digital-assets-head-says-bitcoin-still-too-volatile-to-be-store-of-wealth

fidelity-digital-assets-head-says-bitcoin-still-too-volatile-to-be-store-of-wealth

Ventureburn

ZwartTech launches Talent Foundation to equip Africans with digital skills

Lagos-based ZwartTech has announced the launch of its new edtech, Zwart Talent Foundation (ZTF) in a statement on 30 July 2021.

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Lagos-based ZwartTech has announced the launch of its new edtech, Zwart Talent Foundation (ZTF) in a statement today.

The foundation aims to equip young Africans with ICT skills necessary to close the growing African skills gap. The project has also set aside 70% of recruitment positions for African women.

87% of African CEOs are concerned about the digital skills gap

According to a report by PwC, featured in 2020’s Digital Skills Insights publication, 79% of global CEOs are worried about the availability of digital skills in their workforces, with 87% of African CEOs sharing the same concern.

“We launched the Zwart Talent Foundation to help Africans quickly combat poverty by giving them the chance to acquire tech skills as well as connecting them to international job opportunities. This will enable them to earn more and boost their economic status,” commented Nelson Tosin Ajulo, Chairman of ZTF in a statement.

ZTF’s three-pronged approach to tackling this skills gap means participants are led through the process from initial skills training to launching successful, sustainable careers.

The foundation aims to equip 2 000 Africans with critical ICT skills and recruit them into global companies over the next five years.

The Zwart Academy

Participants are first trained through the Zwart Academy in cybersecurity and Javascript for six months at no cost, giving them the necessary foundation to complete a one-year internship with Zwart Tech on completion.

“We have also realised that the quality of ICT education in Africa is inadequate. Considering this, students who join the Foundation will become Junior Developers in less than three years compared to attending a university and spending four or five years on the same course,” stated Ajulo.

Zwart Recruit

Zwart Recruit aims to support African ICT developers by connecting them with international companies looking for employees specialising in digital skills.

The Zwart Hub

The Hub is an accelerator programme that takes startups from concept to scaling their business on a global scale through mentorship and support from successful, experienced startup owners and investors.

While the global skills gap is worrying, considering automation may render many digital jobs obsolete in the near future, ZTF’s approach is different, according to Ajulo.

“Our approach is not only innovative, but it also saves time and will help tackle inequality faster, bridging gaps between social classes. The Academy training program involves a lot of practicals and it is free,” she concluded.

Read more: Edtech Go1 is SA’s first unicorn after closing $200m round

Read more: Transforming B2B payments could grow Africa’s local businesses [Opinion]

Featured image: Zwart Talent Foundation Chairman, Nelson Tosin Ajulo (Supplied)

“We launched the Zwart Talent Foundation to help Africans quickly combat poverty by giving them the chance to acquire tech skills as well as connecting them to international job opportunities. This will enable them to earn more and boost their economic status,” commented Nelson Tosin Ajulo, Chairman of ZTF in a statement.

Source: https://ventureburn.com/2021/07/zwarttech-launches-talent-foundation-to-equip-africans-with-digital-skills/

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Reduced microbial stability linked to soil carbon loss in active layer under alpine permafrost degra

Credit: NIEER Chinese researchers have recently discovered links between reduction in microbial stability and soil carbon loss in the active

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Chinese researchers have recently discovered links between reduction in microbial stability and soil carbon loss in the active layer of degraded alpine permafrost on the Qinghai-Tibet Plateau (QTP).

The researchers, headed by Prof. CHEN Shengyun from the Northwest Institute of Eco-Environment and Resources (NIEER) of the Chinese Academy of Sciences (CAS), and XUE Kai from University of Chinese Academy of Sciences, conducted a combined in-depth analysis of soil microbial communities and their co-occurrence networks in the active permafrost layer along an extensive gradient of permafrost degradation.

The QTP encompasses the largest extent of high-altitude mountain permafrost in the world. This permafrost is different than high-latitude permafrost and stores massive soil carbon. An often ignored characteristic of permafrost is that the carbon pool in the active layer soil is more active and directly affected by climate change, compared to deeper layers.

Triggered by climate warming, permafrost degradation may decrease soil carbon stability and induce massive carbon loss, thus leading to positive carbon-climate feedback. However, microbial-mediated mechanisms for carbon loss from the active layer soil in degraded permafrost still remain unclear.

In this study, the researchers found that alpine permafrost degradation reduced the stability of active layer microbial communities as evidenced by increased sensitivity of microbial composition to environmental change, promoted destabilizing network properties and reduced resistance to node or edge attacking of the microbial network.

They discovered that soil organic carbon loss in severely degraded permafrost is associated with increased microbial dissimilarity, thereby potentially contributing to a positive carbon feedback in alpine permafrost on the QTP.

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The results were published in PNAS in an article entitled “Reduced microbial stability in the active layer is associated with carbon loss under alpine permafrost degradation”.

This research was financially supported by the National Natural Science Foundation of China, the Strategic Priority Research Program (A) of CAS and the Second Tibetan Plateau Scientific Expedition and Research Program.

Triggered by climate warming, permafrost degradation may decrease soil carbon stability and induce massive carbon loss, thus leading to positive carbon-climate feedback. However, microbial-mediated mechanisms for carbon loss from the active layer soil in degraded permafrost still remain unclear.

Source: https://bioengineer.org/reduced-microbial-stability-linked-to-soil-carbon-loss-in-active-layer-under-alpine-permafrost-degra/

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