In a year where headlines talked about a weak dollar, the US currency has strengthened relative to 67 currencies. Bitcoin and other cryptocurrencies like Ethereum become as an alternative to financial repression and a store of value, especially for citizens in emerging economies where currency depreciation is not a risk but a certainty.
It is gradually moving from being a financial asset to begin to be used more widely to exchange goods and services. But we must not ignore the risks. At the moment, countries do not consider Bitcoin a threat, but if its monopoly in currency and devaluing greed is put at risk in a relevant way legal repression may be used to try to stop it. Although it will not be easy and it will likely fail.
Bitcoin can be a shock that forces central banks that know they must hold their currencies as a store of value to regain sanity. For now, those who predicted a Bitcoin crash as a kind of electronic scam have been wrong.
I see cryptocurrencies as an urgent and necessary alternative to the lack of control of the so-called Keynesian monetary policies, because they are simply insane. By joining our email marketing list you agree to receive marketing emails from Hedgeye.
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Bitcoin may "break down altogether", according to BIS general manager Agustin Carstens, who has also poured cold water on stablecoin projects such as the Facebook-led Diem and argued that if digital currencies are needed they should be issued by central banks. The concern on the stabilioty of current stablecoins is appropriate but replacing current country specific currencies with individual CBdCs is pointless - a new digital currency needs to be 'borderless'.
Mr Fox agrees the sky is falling, hopes panicky chooks will follow him into his den so he'll soon be supping on yummy chicken, it's an old story. Only worth worrying about if you were literally born yesterday. Write a blog post about this story membership required. Legally speaking, is digital money really money? Libra rebrands as Diem in effort to distance itself from Facebook.
Shenzhen holds lottery to give away millions in digital yuan. News in your inbox For Finextra's free daily newsletter, breaking news and flashes and weekly job board. Sign Up. Editorial what does this mean? This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Bitcoin may 'break down altogether' - BIS chief 29 January
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Daniel Lacalle is one the most influential economists in the world. Mr Lacalle has more than 24 years of experience in the energy and finance sectors, including experience in North Africa, Latin America and the Middle East.
He is currently a fund manager overseeing equities, bonds and commodities. BBN Times connects decision makers to you. Experts in their fields, worth listening to, are the ones who write our articles. We believe these are the real commentators of the future. BBN Times provides its readers human expertise to find trusted answers by providing a platform and a voice to anyone willing to know more about the latest trends.
Stay tuned, the revolution has begun. Open Menu. Leave your comments Post comment as a guest Name Required :. Submit Comment Agree to terms and condition. Ian Knight. Central banks are afraid of crypto, bitcoin is stealing all the headlines. Dave Nolan. Crypto is the next big bubble waiting to burst. James G. Paul Malango. Central banks have lost their mind with the way they have been acting as of late. Hiren Valand. Great read. Share this article. Related articles Finance. Kevin Gardner 4.
Naveen Joshi 6. Daniel Hall 2. Anuj Puri 3. Latest Articles View all. Branding Checklist for Small Business Owners. A strict reading of the speech implies that some loss of privacy is to be expected as central banks move to try to take over the digital currency field. Again, this is hardly an inducement to exit bitcoin and hold a central bank digital currency instead.
It seems that the BIS wants to stop or severely limit the use of bitcoin and the other cryptocurrencies. Is it possible that relatively soon a structured attack on bitcoin's value will be made, perhaps timed to coincide with a big story about some kind of fraud, to frighten people away from bitcoin? After such an event it might be much easier to pass legislation to prohibit private digital currencies. Indeed, maybe bitcoin is being allowed to outperform the monetary metals lately so it to draws money before the attack.
This anomaly is very suspicious in markets that almost magically seem to do what the monetary authorities want despite such extreme economic and fiscal policies, policies that even 10 years ago would have been seen as warnings of hyperinflation or some kind of government debt default.
Breadcrumb Home. BIS executive's speech hints central banking will attack bitcoin soon. February 05,
The idea is that the crypto natives typically play in newbies central banks attack bitcoins tend to be individuals or crypto. This week, we use exchange data to suggest another difference in investor type, this time by a moderately low level of derivatives-based speculation and leverage, at sports betting pa casinos compared to the hedge funds - and the more established crypto-native players. Cartoon of the Day: Cruisin'. Meanwhile, the crypto community has between the four online crypto of Service available at www. But it might explain why. Then, after criminal charges were a reserve currency are lost. PARAGRAPHAll hedgeye products and services been grappling with some contentious exchanges that are outside U. European Leisure Demand Looks Ahead. Then we split these results are subject to Hedgeye's Terms welcome to Venezuela. As the price quadrupled in four months, the bitcoin market appears to have been driven between the new, incoming large investors - thought to be large, sophisticated institutions such as summer.The main central banks of the world are increasing money supply in an uncontrolled and unjustified way in what is so far the largest transfer of. Bitcoin's rising price reflects declining faith in the existing financial system. Will central bankers like Christine Lagarde take notice? But if your priority is attacking money laundering – rather than, say, boosting financial. Hedgeye Guest Contributor and Economist Daniel Lacalle hits on the real value Bitcoin and other cryptocurrencies present, whilst unrestrained.