Central Banks Take Aim At Bitcoin

We’re in Dublin… en route to the USA for the holidays.

Dublin is a vibrant, lively city. Not especially elegant, unlike Paris… and not especially dynamic, unlike London… Nor is it especially huge and imposing, like New York or Chicago.

Instead, it is a comfortable, charming, livable place… with many restaurants, hotels, and bars where you can pass an agreeable hour in front of a fire while drinking a pint of Guinness.

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The view of Dublin’s Grafton Street

But let’s turn to our beat – money.

Fed-Coin

The feds and their cronies were among the major beneficiaries of the fake money system and the unfairness at its heart.

Their stocks, bonds, real estate, options, bonuses, and salaries rose… while the common man’s chief asset – his time – fell in value. Our guess is that when the next crisis comes, the feds will take desperate measures to protect their ill-gotten gains.

Among the many spectres haunting us today is the ghost of one of them – digital money.

This week, Christine Lagarde, head of the International Monetary Fund (IMF), spoke… and Bitcoin fell.

From MarketWatch:

A single bitcoin was last changing hands at $5,545.08, down 1.5% since Wednesday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange. Earlier in the session, bitcoin hit $5,263.20, its lowest level in more than a year. Over the past 24 hours the total value of all cryptocurrencies has lost more than $30 billion to a one-year low of $181 billion, according to data from CoinMarketCap.

What set off the sellers is, of course, unknown.

But the day before, Ms. Lagarde had given a speech in Singapore. The former Holton-Arms student and present Deep State insider suprema suggested that central banks should get into the cryptocurrency business, too. Not as buyers of cryptos, but as sellers of their own digital currencies:

For their part, cryptocurrencies seek to anchor trust in technology. So long as they are transparent – and if you are tech savvy – you might trust their services.

Still, I am not entirely convinced. Proper regulation of these entities will remain a pillar of trust.

Should we go further? Beyond regulation, should the state remain an active player in the market for money? Should it fill the void left by the retreat of cash?

Let me be more specific: should central banks issue a new digital form of money? […]

Technology will change, and so must we. Lest we remain the last leaf on a dead branch, the others having decided to fly with the wind.

In the world of Fintech, we need to harness change so it is fair, safe, efficient, and dynamic.

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