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Fed Governor Waller believes that bitcoin is an “electronic gold” and does not pose a threat to the financial system’s stability.

Fed Governor Waller believes that bitcoin is an “electronic gold” and does not pose a threat to the financial system’s stability.



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11 Comments

  1. Right.

    Out of control “money printing” (by the tens of trillions) combined with using currency as a weapon — THAT is what is killing the fiat currency system.

    In addition to that we see and remember all the unpunished financial criminals…

    The dirt clods who run the system have forgotten (or never knew) that their entire system is/was built upon trust, but that trust has been, and continues to be violated, repeatedly, in huge ways.

    Bitcoin offers a viable and effective way to opt out of their un-trustable system. Plus, holding Bitcoin long term gives amazing ROI.

  2. tldr; US Federal Reserve Board Governor Christopher Waller said that bitcoin doesn’t have any intrinsic value, but it doesn’t matter. “Bitcoin to me is basically electronic gold,” he said. He added that decentralized finance will likely present new opportunities for advancement. Waller also said he doesn’t see bitcoin as a threat to the financial system.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  3. With China set to launch its CBDC the digital Yuan, DCEP early 2022 the USD$ global monetary/banking hegemony is about to face a major challenge.

    The USD$ gained global reserve currency status when after WW2 the US held the gold and the majority of global manufacturing capacity.

    Today China is the rising mercantile power and resents all international trade being denominated in USD$. China has made no secret of its wish to enable international trade payments in a manner not subject to sanctions by the US. This is one of the stated purposes of DCEP.

    In seeking to present DCEP as a legitimate global currency China has promised DCEP will be exchangeable with all other fiat currencies, but not Bitcoin. This exposes Chinas weakness. They fear Bitcoin and the monetary sovereignty it grants citizens. The global acceptance of DCEP will be limited by Chinas refusal to allow exchange between DCEP and Bitcoin.

    The ongoing ability to interchange USD$ for Bitcoin might leave USD$ the preferred global currency and DCEP an inferior offering.

    USD$ + BTC vs DCEP

  4. Bitcoin has pulled off a sweet magic trick:

    It is not here to threaten the US Dollar, but it is here to save us all from the manipulation of the US Dollar

    It is a digital warrior with only one true adversary. The one within your mind.

  5. It is difficult to disagree. If we look at the charts, bitcoin is becoming the preferred hedge against inflation and dollar weakness as gold is (or was, depending on how you view things).

    The biggest threat to the financial system’s stability is the financial system. Bitcoin is merely a barometer.

  6. We’ll see this political back and forth between people that bought bitcoin already, people that want to buy it for at a lower price, and people that shorted it.
    End of the day, they’re all the same crooked politicians.

  7. Because gold has never been used as the primary source of currency for thousands of years until the US dollar replaced it by promising that it’s tied to the gold standard and it’ll never untie itself. Obviously.

What do you think?

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