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How Bitcoin Can Outperform All Cryptocurrencies After The Banking Crisis | Analyst Explains

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Video Transcription

Bloomberg Intelligence Senior Strategist Discusses Implications of Banking Crisis on the Bitcoin Market
The ongoing banking crisis seems to be a pivotal moment for the global financial system and for crypto After the shutdown of two major crypto-friendly bags, the position of the crypto industry in the US looks increasingly precarious. On the other hand, confidence in traditional bags has been shaken and people are forced to look for alternatives. Bitcoin an asset without counterparty risk that can be self-casted may be that alternative. So what are the broader implications of the banking crisis on the crypto market? Is this the catalyst that will kick off the next Bitcoin bull run To find out. I talked with Microgron the senior commodity strategist at Bloomberg, Intelligence, I’m Giovanni, and on this show, we challenge the ideas that shape the world of crypto. In each episode, we assess a crypto narrative, a macroeconomic outlook or a potentially disruptive technology. Only the most solid ideas will make it to the other side.

Banking crisis defining Bitcoin as global digital coI just want to get a sense of what you think about the latest banking crisis and its relation with the crypto markets. So, in a recent interview you said that the current banking crisis is defining the value of Bitcoin. Can you explain exactly what you meant by that? So Bitcoin was born out of the last significant financial crisis or the Great Financial Crisis in 2009, and I think this one’s in the process of defining Bitcoin as global digital collateral? Now that’s the current state Bitcoin has done very well bouncing back above 25,000 resistance At the time we’re taping this on Wednesday, it’s around 27,000, while the stock market still is under pressure – And I think what’s happening – is we’re seeing a significant rally in Bitcoin this year.

How Bitcoin can outperform all cryptocurrencies after the banking crisis | Analyst explains

llateral, leading to significant rally in 2020.Bitcoin Gains Ground as a Global Digital Collateral Amidst Financial CrisisUp to about 73 %, Obviously it was oversold last year, but partly because people are realizing that it’s becoming more like gold and US Treasury bonds, but just a higher beta version of gold And it’s gaining accolades as maybe not so much a store value. Yet. But it’s global digital collateral in the world, that’s going digital, So this financial crisis is quite significant and it’s defining it And I think people are realizing the thing about Bitcoin, it’s no one’s project and no one’s liability and it’s completely independent, like gold. The thing is, it has a definable definition, diminishing supply and it’s so low as far as adoption in so early days – and this seems to be the trigger The banking crisis.I think when people realize “ – Oh my money may not be so safe in a fractional reserve banking system. It might be safer in a fully collateralized, stablecoin or crypto dollar .”. It seems to be hitting that inflection point that I’ve been looking for a while.

Bitcoin transitions from hedging against inflation to hedging against banking risks
I’M just kind of during the headlights watching “ Wow. Is it really finally happening “ There used to be a narrative that defined Bitcoin as a hedge against inflation. Would you say that now this narrative has transitioned into Bitcoin as a hedge against banking risks? I think it’s going there because I never believed in the hedge against inflation because that’s so long term Bitcoin needs to be around for I think decades before that happened, It’s still just a baby. It’s just evolving! It’s so early days. It’s such a small portion of global portfolios, But as far as a potential hedge against banking issues, yeah, I mean it’s coming up there like with gold and Treasury bonds. Now that’s just a high beta high-risk version, but I think it’s people are realizing “. Well, I really probably have to have some of this, particularly if I’m looking to get away from risk assets like the stock market.

Expert dismisses fears of US authorities “debunking” cryptocurrencies as short-term fear-mongering
This Bitcoin stuff is if the stock market, if risk assets, do recover, it’s probably gon na outperform “.I just want to touch upon some of the fears that have been going around for quite a while in the US, because a lot of people were talking about this Operation. Choc Point 2.0, which is basically this narrative according to which the United States authorities are trying to debunk crypto in the US. How big of a threat is that? Are you not concerned about this trend? I’m surely concerned, but I think it’s much more short-term fear-mongering and it’s typically not going to last. It’s part of what this is an overwhelming, rapidly advancing technology and most astute smart people in this country get it Some don’t They might be incumbents in power, but, like all the major changes in history, even like the key thing, the obit development of Eurodollars, that Was not really the trading of US dollars offshore and banks? Was that really supported by the US government, we’re seeing?

Bitcoin Growth May Face Pushback from Current Administration, But Long-Term Adoption Unstoppable Despite Fed Policies, Banking Crisis
I think this is just overwhelming. So I think I don’t know where that’s going to go. I do know if the current administration continues to push back. They’re likely to be voted out in two years anyhow like a chairman of the SEC, But two years left, and I don’t know when I had to define that so much. But it just means that it’s going to be a pushback in the shorter term. But in the bigger picture, it’s really going to be hard to stop. This technology. We know that the growth of the price of Bitcoin is still very sensitive towards the US, and Fed monetary policies and how aggressively these monetary policies are being handled. So a lot of people saw this banking crisis as this turning point where the Fed is going to say “, We have been tightening too hard, and now we are basically being hit by the collateral effect of that .”. So a lot of those banks collapsed because of the two aggressive hikes of interest rates that have been conducted in the last few months.

Fed hikes rates despite potential recession concerns in the global banking crisis
Today we saw that all the eyes were pointed at the Fed, seeing whether the Fed was going to hike more or stop and try to prevent this banking crisis from continuing. So what is your reaction to the Fed’s decision today? They hiked rates, again. The ECB did a week ago, 50 basis points and it’s probably the last hike Markets are pricing for easing a little bit of easily, not a lot yet, but the bottom line is they’re, potentially tilting us towards a significant recession. Potentially depression, I mean the hike into you can’t be a hawk in a bank run is the quote from my colleague, Tom Orlik He’s our chief economist, and he wrote that a little while ago and they just did, Can we were having a big run. So the ECB, this is a global bank run and it potentially this country is just getting started. Remember it’s basically only been a year and one week since the first hike, the most aggressive hike on a global basis ever and there’s this rule of long and variable lags.

Expert predicts official acknowledgment of deflation as recession looms and commodities collapse
So what I see is the bank situation is a tree in the force of what I’ve been pointing out for a while Commodities collapsing. Now, let’s just start getting started, because everything is tilting towards recession, except things like unemployment and unemployment can only go one way. It’s so low, it can only go up, which means the recession is virtually guaranteed. You look at things like the yield curve, so I think the Fed is just way far behind like they were so far behind in inflation. Now that inflation is potentially collapsing and I’ll point out that in a second, the leading indicators peaking housing, the banking crisis, and commodities means they should have stopped and they still hiked rates. So I fully see looking forward we’re going to have the official acknowledgment of deflation other from government statistics, not from forward-looking things like my commodities and the Fed tightening So they’re.

Banking crisis accelerates the next crypto bull run, but S&P 500 pressure could impact Bitcoin, says an expert.
So far, behind the key thing we’re going to end with we’re going to find out what and get is now By this time next year, Giovanni when we’re talking, I’m pretty sure we’re going to be talking about significant enduring deflationary forces. The Fed, not easing with the ease that it has in the past. Everybody is waiting for the moment when the next crypto bull market will kick off. So has this banking crisis accelerated this perspective, or has it made it far further away? What is your view on this? I think the answer is yes, it’s kicking off the next bull run, but it’s very much subject to the ebbing tide of the stock market. We’re talking right now with the S & P 500 around 4,000.I feel expected to go to 3,000 in a recession, a normal recession, which is predicted the highest probability since 1982 from the yield curve, And that’s going to be a pressure factor in Bitcoin but potentially you’re hitting that inflection.

Bitcoin’s Sustainability Above $25,000 Could Indicate Takeoff Amid Recession, Says Expert
Now, where this recession is going to be great for things like gold and long bonds And the thing is – is Bitcoin in there?I think it’s hitting that, but it’s just hard to say for sure, But I think the more the Bitcoin can sustain above 25,000 and the more the S & P 500, potentially pressures below 4,000. You can have an indication that Bitcoin is just going to take off and we have to get there. To touch upon your view on the crypto dollar, so the stable coins dollar-backed stable coins. What we saw is that a very respected, stable coin USDC had a significant amount of their reserves in a bank that was a Silicon Valley bank. It collapsed and it lost its bag for a little while So that kind of showed how these crypto dollars can also be very vulnerable to this sort of crisis. What is your view on that? It’S funny. It’S unique that the In the banking system, they did it in banks outside the U.S. and created the Eurodaux system. This is happening in crypto dollars and it’s happening fast.

Bitcoin Expected to Continue Outperforming Ethereum Amidst Global Economic Recession, Says Analyst
The technology is overwhelming and we know that now Ethereum is going to turn fully proof of stake by allowing staking with the Shanghai upgrade. What do you think Is Ethereum going to outperform Bitcoin this year? So far, Bitcoin has outperformed virtually all crypto assets and if my base case of a severe global economic reset recession pans out, I think Bitcoin will continue to outperform. I see Ethereum right now, stuck between a thousand and two thousand. Now it’s at 1700 and 2000 is very good resistance. It is the base layer for the tokenization of crypto dollars and things like that. But now we’re in that stage, where I think, if I’m correct, the stock market goes closer to three thousand S & P 500 and gold and treasury bonds. Outperform in this significant recession in the US, Then I think Bitcoin will outperform virtually all cryptos, including Ethereum. That’s been the case so far this year, It’s the existing trend and I think it’s going to accelerate more.

Strategist Warns of Economic Hurricane and Predicts Bitcoin to Outperform Other Cryptos.
We have to get through this bump in the road and the bottom line, to remember from my standpoint as a strategist is that it’s my duty to warn people when I see a hurricane coming, I see a hurricane coming economically man, It’s just based on what you see We started speaking about it earlier and it’s central banks tightening despite a bank crisis and despite forward-looking deflationary forces, Bitcoin will probably be the best performer among the cryptos, including Ethereum. Well, Greg awesome Thanks Dr. Mike for giving your outlook in these complicated times. Let’s talk again very soon, Looking forward to it Giovanni, and thanks for having me on

Stablecoins, DeFi “Will Challenge” Traditional Banks: BIS

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https://m.youtube.com/watch?v=W14xZHWG85Q

Key Takeaways

  • Benoit Coeuré, the head of the BIS’ innovation hub, has called on central banks to act quickly in response to the rise of cryptocurrencies.
  • Coeuré warned that “stablecoins and DeFi will challenge banks’ models.”
  • The BIS is now more actively encouraging CBDC development by central banks.

The head of the Bank for International Settlments’ innovation hub has stated that “global stablecoins, DeFi platforms, and big tech firms will challenge banks’ models” in a speech delivered at the Eurofi Financial Forum. 

 

BIS Warns Central Banks of Stablecoins

Benoit Coeuré, head of the innovation hub at the Bank for International Settlements (BIS), has warned central banks that they must act quickly in response to the rise of cryptocurrencies and decentralized finance. 

Coeuré was invited to speak at the Eurofi Financial Forum, a European think tank dedicated to financial services. The event took place in Ljubljana Friday. 

In the speech, Coeuré called on central banks to step up their efforts to develop central bank digital currencies (CBDCs) in the face of competition from stablecoins and decentralized finance platforms. 

While acknowledging the difficulties of CBDC implementation, Coeuré also delivered a stark warning to central banks:

“Banks are worried about the implications of CBDCs for customer deposits. Central banks are mindful of these concerns and are working on answers… But make no mistake: global stablecoins, DeFi platforms, and big tech firms will challenge banks’ models regardless.”

Coeuré also outlined several goals for a potential CBDC, including privacy, security, and broad usability.

Today’s speech is not the first time the BIS has put forward proposals for CBDC development. In July, the BIS innovation hub, the International Monetary Fund (IMF), and the World Bank released a 34-page report outlining designs for a globally interoperable CBDC to rival existing stablecoins such as Tether (USDT) and USD Coin (USDC). 

However, it appears that central  banks are digging their heels in, as only 8% were considering stablecoins that could be used beyond domestic boundaries.

In the past, the BIS has expressed a negative view of cryptocurrencies, commenting that Bitcoin “has few redeeming public interest attributes,” citing its occasional use in criminal activities and environmental concerns. 

However, judging by the content of Coeuré’s latest speech, it seems the BIS is now more actively encouraging CBDC development. The BIS and other financial institutions have frequently stated fears that private stablecoins may develop as closed ecosystems or “walled gardens,” creating financial fragmentation and threatening monetary sovereignty. 

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The Best Leading Bitcoin And Cryptocurrency Exchanges in USA

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An Overview of the Top Cryptocurrency Exchanges in the US

Are you looking to get into the cryptocurrency market but don’t know where to start? The US has some of the top cryptocurrency exchanges in the world, offering a wide range of services to investors. In this article, we’ll provide an overview of the top cryptocurrency exchanges in the US, including their features, fees, and more. We’ll also discuss the benefits of using a US-based exchange and the risks associated with investing in cryptocurrency. By the end of this article, you’ll have a better understanding of the US cryptocurrency market and the exchanges available to you.

Introduction to the US Cryptocurrency Exchange Market

The US cryptocurrency exchange market is a rapidly growing industry that has seen tremendous growth in recent years. It is estimated that the US cryptocurrency exchange market is now worth over $1 trillion, making it one of the largest markets in the world.

Cryptocurrency exchanges are online platforms that allow users to buy, sell, and trade digital assets such as Bitcoin, Ethereum, and other altcoins. These exchanges are often referred to as “crypto exchanges” or “digital asset exchanges” and are becoming increasingly popular as more people become interested in cryptocurrencies.

The US cryptocurrency exchange market is highly competitive, with many different exchanges competing for customers. Some of the most popular exchanges in the US include Coinbase, Kraken, Binance, and Gemini. Each of these exchanges offers different features and services, such as margin trading, derivatives trading, and staking.

In order to trade on a US cryptocurrency exchange, users must first create an account and deposit funds. Once the funds are deposited, users can then begin trading. The process of trading is relatively straightforward, with users selecting the type of asset they want to buy or sell, setting the price, and then executing the trade.

The US cryptocurrency exchange market is highly regulated, with the Securities and Exchange Commission (SEC) overseeing the industry. The SEC has established rules and regulations that must be followed by exchanges, including the registration of the exchange, the disclosure of information to customers, and the prevention of fraud and manipulation.

The US cryptocurrency exchange market is an exciting and rapidly growing industry that is attracting more and more investors every day. With its high liquidity, low fees, and wide selection of digital assets, it is easy to see why so many people are turning to cryptocurrency exchanges to invest in digital assets.

Popular US Cryptocurrency Exchanges

Popular US Cryptocurrency Exchanges are a great way for US citizens to purchase and trade digital currencies such as Bitcoin, Ethereum, and Litecoin. Cryptocurrency exchanges provide a platform for buyers and sellers to interact and trade digital currencies. These exchanges are regulated by the US government and must adhere to strict guidelines to ensure the safety of their customers.

Coinbase is one of the most popular US cryptocurrency exchanges. It is based in San Francisco and is one of the largest digital currency exchanges in the world. Coinbase allows users to buy and sell Bitcoin, Ethereum, and Litecoin with a variety of payment methods including bank transfers, credit cards, and PayPal. Coinbase also offers a secure online wallet for storing digital currencies.

Kraken is another popular US cryptocurrency exchange. It is based in San Francisco and is one of the oldest digital currency exchanges in the world. Kraken allows users to buy and sell Bitcoin, Ethereum, and Litecoin with a variety of payment methods including bank transfers, credit cards, and PayPal. Kraken also offers a secure online wallet for storing digital currencies.

Bittrex is a Seattle-based cryptocurrency exchange that offers a wide range of digital currencies for trading. Bittrex allows users to buy and sell Bitcoin, Ethereum, and Litecoin with a variety of payment methods including bank transfers, credit cards, and PayPal. Bittrex also offers a secure online wallet for storing digital currencies.

Gemini is a New York-based cryptocurrency exchange that allows users to buy and sell Bitcoin, Ethereum, and Litecoin with a variety of payment methods including bank transfers, credit cards, and PayPal. Gemini also offers a secure online wallet for storing digital currencies.

These popular US cryptocurrency exchanges provide a secure and convenient way for US citizens to purchase and trade digital currencies. They are regulated by the US government and must adhere to strict guidelines to ensure the safety of their customers. These exchanges are a great way for US citizens to get involved in the digital currency market.

Benefits of Trading on US Cryptocurrency Exchanges

Trading on US cryptocurrency exchanges offers a variety of benefits for investors. Cryptocurrency exchanges are online platforms that allow users to buy, sell, and trade digital assets such as Bitcoin, Ethereum, and other altcoins. Trading on US exchanges provides access to a wide range of cryptocurrencies, as well as the ability to take advantage of different trading strategies.

One of the primary benefits of trading on US exchanges is the level of security they provide. US exchanges are subject to the same regulations as traditional stock exchanges, which means they must adhere to strict security protocols. These protocols include the use of two-factor authentication, cold storage, and other measures to protect user funds. Additionally, US exchanges are required to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which further enhances the security of the platform.

Another benefit of trading on US exchanges is the availability of different trading pairs. Most US exchanges offer a wide variety of trading pairs, which allows investors to diversify their portfolios and take advantage of different trading strategies. For example, some exchanges offer trading pairs between different cryptocurrencies, while others offer trading pairs between fiat currencies and cryptocurrencies. This provides investors with more options and flexibility when it comes to trading.

Finally, US exchanges offer a variety of tools and features that make trading easier and more efficient. These include charting tools, trading bots, and other features that can help investors make better decisions when trading. Additionally, US exchanges often offer lower fees than their international counterparts, which can help investors save money in the long run.

Overall, trading on US cryptocurrency exchanges offers a variety of benefits for investors. The exchanges provide a secure platform with a wide range of trading pairs, as well as a variety of tools and features that make trading easier and more efficient. Additionally, US exchanges often offer lower fees than their international counterparts, which can help investors save money in the long run.

Security Considerations for US Cryptocurrency Exchanges

Security is of paramount importance when it comes to cryptocurrency exchanges in the United States. Cryptocurrency exchanges are responsible for safeguarding the funds of their customers, and must take steps to ensure that their customers’ funds are safe from malicious actors.

The first step for any cryptocurrency exchange is to secure its systems and data. This includes using strong passwords, two-factor authentication, and other security measures to protect customer data. Additionally, exchanges should use encryption to protect data in transit and at rest. This will help to ensure that customer data is not exposed to malicious actors.

In addition to securing their systems, exchanges should also take steps to ensure that customer funds are safe. This includes implementing Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. These procedures help to ensure that customers are who they say they are, and that their funds are not being used for illegal activities. Additionally, exchanges should have procedures in place to detect and prevent fraud and other malicious activities.

Finally, exchanges should also have a plan in place to respond to security incidents. This includes having a team in place to respond to security incidents, as well as procedures for notifying customers in the event of a security breach. Additionally, exchanges should have a plan in place to recover from a security incident, such as restoring data from backups.

In summary, security is of paramount importance for cryptocurrency exchanges in the United States. Exchanges should take steps to secure their systems and data, as well as implement KYC and AML procedures. Additionally, exchanges should have a plan in place to respond to security incidents, and to recover from them. By taking these steps, exchanges can help to ensure that customer funds are safe from malicious actors.

Regulatory Environment for US Cryptocurrency Exchanges

The regulatory environment for US cryptocurrency exchanges is a complex and ever-evolving landscape. Cryptocurrency exchanges are subject to both federal and state laws and regulations, and the US government has taken a number of steps to ensure that these exchanges are compliant with the law.

At the federal level, the Securities and Exchange Commission (SEC) is responsible for regulating the securities markets, including cryptocurrency exchanges. The SEC has issued a number of guidance documents to help exchanges understand their obligations under the law. These documents provide guidance on topics such as registration requirements, disclosure requirements, and other compliance issues. The SEC also has the authority to take enforcement action against exchanges that fail to comply with the law.

At the state level, each state has its own set of laws and regulations that apply to cryptocurrency exchanges. These laws can vary significantly from state to state, and exchanges must ensure that they are in compliance with all applicable laws. Some states have adopted specific laws that apply to cryptocurrency exchanges, while others have adopted more general laws that apply to all businesses.

In addition to federal and state laws, cryptocurrency exchanges must also comply with a number of other regulations. These include anti-money laundering (AML) and know-your-customer (KYC) requirements, as well as other consumer protection regulations. Exchanges must also adhere to rules and regulations issued by the Financial Crimes Enforcement Network (FinCEN) and other federal agencies.

The US government has taken a number of steps to ensure that cryptocurrency exchanges are compliant with the law. These include issuing guidance documents, conducting enforcement actions, and providing resources to help exchanges understand their obligations. As the cryptocurrency industry continues to evolve, the regulatory environment for US cryptocurrency exchanges is likely to change as well.

In conclusion, the top cryptocurrency exchanges in the US provide a secure and reliable platform for users to buy, sell, and trade digital assets. Each exchange offers different features and fees, so it is important to do your research and choose the exchange that best meets your needs. With the increasing popularity of cryptocurrency, the number of exchanges available is growing, making it easier for users to find the best exchange for their needs.

 

US Digital Dollar PLANS LEAKED! Coinbase Involved!?

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