Yesterday we talked in regards to the prospects of a digital greenback coming down the pike.
It appears clear that world governments is not going to enable non-sovereign types of cash to proceed to proliferate.
The Senate Banking committee’s listening to on the digital greenback two weeks in the past was not solely a public exploration and introduction to the idea a central bank-backed digital foreign money, the listening to was additionally used as a platform to publicly assassinate the viability of the non-public (“bogus” within the phrases of Senator Warren) cryptocurrency market (bitcoin, stablecoins, and many others.).
With this in thoughts, the Chinese language authorities has regularly tightened management over the crypto market in China, most just lately cracking down on cryptocurrency mining within the nation. The U.S. Justice Division introduced a number of weeks in the past that it “recovered” $2.3 million in cryptocurrency of the ransom collected from the Colonial Pipeline hack. And as we speak, it was reported that South Korea seized virtually $50 million of crypto belongings from residents accused of tax evasion.
So the advantages of the non-public cryptocurrency market are being deconstructed by governments. Add to that, even after gaining traction, the non-public crypto market continues for use primarily as a device of corruption and hypothesis. With that, this chart arrange argues for a typical bubble end result (crash).
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