It’s perhaps no surprise that virtually all of the countries seriously looking at implementing their own government-backed cryptocurrency are the biggest proponents of de-dollarization.
We’ve discussed this desire stemming from countries who, either due to sanctions against them or international trade interests, would like to move the world off of the US Dollar standard.
Venezuela was the first to introduce its own crypto known as the Petro. By now Iran, Russia, and China are all looking to follow its lead. There’s no doubt in my mind that once Christine Lagarde is running the ECB in November, she will also push to introduce some sort of Crypto-Euro.
Now, even Kim Jong Un is looking to get in on the action.
Of course, just like the corporate capitalist version of these cryptos, the Libra, it’s clear that not all cryptos are created equal. Each one of the examples mentioned above will have distinct algos and specs that will make them vastly different from each other.
We know that bitcoin is borderless, open-source, censorship-resistant, immutable, and permissionless. In short, it’s designed to bring equal access to all users, something that a central bank digital currency is not necessarily very good at.
I think that the Governor of Chile’s Central Bank said it best when he argued that when you’re dealing with a central bank “trust is a given” and that transactional transparency is not.
In other words, bankers, corporations, and governments are going to take what they can from the crypto world in order to try and improve their own operations but no matter what they do, it won’t be anything like bitcoin.
- EU Manufacturing (or lack thereof)
- Risk Off Markets
- Bakkt is Open for Business
Both the German and French numbers were dismal but the overall Eurozone is just putting out some terrible PMI numbers. Both manufacturing and services are in the toilet.
Here we can see manufacturing in the EU has been slowing down steadily since the beginning of last year but is now reaching levels last seen during the EU crisis of 2012.
Bakkt is Live
After much fanfare and nearly a year of regulatory-driven delays the entire crypto community can breathe a sigh of relief now that the Bakkt futures contracts are finally live.
Those of us who like watching bitcoin’s volumes closely will now have a new tab to keep open on the browser. Here we can see the total volume in BTC that’s been traded so far on these contracts.
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