... administration: increasing transparency and reducing personal contact with officials. Active prosecution of corrupt officials, including high-ranking officials: demonstrating political will in the fight against corruption. 3. Estonia: Wide introduction of digital technologies in public administration: creating an "e-government". Establishment of an e-residency system: simplifying business and increasing transparency. Transparency of public procurement: publication of all information on tenders ...

... also becoming active: for example, crypto holding The Ether Machine plans to go public on Nasdaq through a merger with a SPAC, aiming to raise $1.6 billion backed by Ethereum. This example illustrates the drive of traditional capital to gain access to digital assets. The Return of the IPO Market Following a lull in 2022-2024, the market for initial public offerings (IPOs) of tech companies is beginning to revive. In the first half of 2025, several high-profile startup debuts on the stock exchange have ...

... crypto economy. JPMorgan has launched a blockchain platform for settlements and has partnered with exchange Coinbase, which will soon allow bank clients to purchase cryptocurrencies directly. These steps illustrate how traditional banks are integrating digital assets into their infrastructure. PayPal : The payment giant is introducing cryptocurrencies into online transactions. The company has launched the Pay with Crypto service, allowing merchants to accept payments in over 100 cryptocurrencies with ...

... the public market. For example, cryptocurrency exchange Bullish has filed for an IPO in the U.S., planning to list under the ticker BLSH—marking a significant event for the crypto market amid a resurgence of interest from institutional investors in digital assets. Overall, the revitalization of the IPO market allows venture funds to anticipate new exits, while technology companies can attract capital on public platforms at high valuations. Mega Rounds and New Unicorns: Investments Reach Record Levels ...

... A significant portion of American corporations' revenue is generated abroad, which may exaggerate overvaluation by comparing a global market to a local economy. Structural Changes in the Economy. The modern economy has changed compared to the past: digitalization, new business models, and other shifts may have raised the “normal” level of the indicator. For example, record profitability of tech giants partly explains the higher market-to-GDP ratio today compared to the past. Given these factors,...