Cryptomustar
Monday, May 23, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

Here’s why Bitcoin will boom in the “biggest overhaul” of finance

by admin
October 20, 2020
in Bitcoin
0
Here’s why Bitcoin will boom in the “biggest overhaul” of finance
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter


The development of Central Bank Digital Currencies (CBDC) has blossomed in the past few years, with countries like China in the advanced stages of its digital Yuan and Japan, Korea, and the US in their research phase for their respective fiat currencies.

However, this presents a concern for the inclusivity of decentralized cryptocurrencies like Bitcoin and Ethereum in the current financial system. Nation-states have not yet made any strong regulations to adopt Bitcoin, but are taking steps to roll out their own centralized currencies.

RELATED POSTS

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

But according to one trader, CBDCs might be the “biggest overhaul” of the global financial market, one not seen since the Bretton Wood international conference in 1944 that set the stage for all economic and financial policies ever since.

He also says they’re good for Bitcoin.

The rise of CBDCs

Raoul Pal, ex-Goldman Sachs head of equity research and currently the CEO of Real Vision, said in a tweet Sunday that CBDCs were inevitably coming alongside massive stimulus and monetary policies.

Important Thread:

If you don’t think Central Bank Digital Currencies are coming, you are missing the big and important picture. This is going to be the biggest overhaul of the global financial system since Bretton Woods.

— Raoul Pal (@RaoulGMI) October 18, 2020

Pal noted that Mark Carney, former governor of the Bank of England, earlier called for a rejig of the financial system and “set the course for a new system.” This point, noted Pal, is the center of discussion (alongside digital currencies) in an International Monetary Fund conference scheduled for Monday.

His big idea is a move away from the dollar, using CB digital currencies so its affects on world trade, flows and debts was not so pronounced.https://t.co/rzMhkGh9cK

— Raoul Pal (@RaoulGMI) October 18, 2020

In fact, an IMF survey on social media giant Twitter on Sunday showed the current populace is betting on digital currencies as a means of money transfer in the next five years. Over 80% of all respondents choose digital money ahead of cheques or cash.

POLL: In 5 years, how will you be sending money to a family member abroad? https://t.co/bLxWHkYKeE #CrossBorderPayments

— IMF (@IMFNews) October 18, 2020

Pal added on the benefits of digital currencies in the regard:

“They allow central banks to circumvent the banking and fiscal system and give or take money (tax or transfer payments) directly. That completely changes monetary vs fiscal policy forever. Central banks will now be able to manage fiscal policy, outside of government balance sheets.”

Pal further stated that “the key part here outside of a totally revolutionary way to collect taxes, give incentives and overhaul the entire system is an implicit agreement at IMF level that central banks can run unlimited balances sheets if they combine forces.”

He also added that the move away from the dollar towards a basket of currencies (the idea envisioned by Facebook in Libra,” leads to avoid single countries getting penalized via FX.

Fiat globally will be worth less versus hard assets.

And that means that gold and in particular #Bitcoin will become THE way to circumvent the system of ever lower value.

It also create incentives systems for other nations to opt into a hard currency system to attract capital.

— Raoul Pal (@RaoulGMI) October 18, 2020

Bitcoin primed for upside

With all the above points in mind, Pal stated that Bitcoin and gold will serve as a solution to circumvent the system of ever-lower value. “It also creates incentive systems for other nations to opt into a hard currency system to attract capital,” he noted.

“Right now, the positive impact on Bitcoin and gold is extraordinary. Regulation globally is opening up to acceptance.”

Meanwhile, Pal stated “Bitcoin is protection” and is poised for spectacular growth in an uncertain era.

In the end, we have lived with gold as an opt-out for millennia and we will live with Bitcoin too. Im not concerned and its a story for another day.

Right now, the positive impact on Bitcoin and gold is extraordinary. Regulation globally is opening up to acceptance.

— Raoul Pal (@RaoulGMI) October 18, 2020

He ended, “I’m #irresponsiblylong and it’s seeming more and more responsible by the day.”

Posted In: Bitcoin, Adoption

Like what you see? Subscribe for daily updates.





Source link

Tags: BiggestBitcoinBoomFinanceHeresoverhaul
ShareTweetShare

Related Posts

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

by admin
May 22, 2022
0

United States Rep. Byron Donalds has initiated a bill to the U.S. House of Representatives seeking to incorporate Bitcoin...

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

by admin
May 22, 2022
0

Christine Lagarde, president of the European Central Bank, has warned that cryptocurrencies are worthless and should be regulated. The...

PizzaDAO to host world’s biggest pizza party on May 22 to commemorate first BTC purchase

PizzaDAO to host world’s biggest pizza party on May 22 to commemorate first BTC purchase

by admin
May 22, 2022
0

PizzaDAO is sponsoring more than 100 local pizzerias from 75 countries to give away free pizza to celebrate Bitcoin...

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

by admin
May 21, 2022
0

What a peculiar combination: bitcoin and pizza. Nonetheless, an entire day has been designated for each of these occasions....

Cyprus Drafts Regulatory Framework For Cryptocurrencies

Cyprus Drafts Regulatory Framework For Cryptocurrencies

by admin
May 21, 2022
0

A government official stated that Cyprus has drafted its own legislation to handle crypto assets and is likely to...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

DeFi project Dfyn buzzes to $200m TVL, secures 3 major partnerships just weeks after launch

DeFi project Dfyn buzzes to $200m TVL, secures 3 major partnerships just weeks after launch

June 7, 2021
Eerie Gold Fractal From 2020 Leaves Bitcoin Exposed to $27K-Retest

Eerie Gold Fractal From 2020 Leaves Bitcoin Exposed to $27K-Retest

January 26, 2021
Gas fees: Ethereum is now cheaper than Polygon

Gas fees: Ethereum is now cheaper than Polygon

March 14, 2022
Bitcoin Pullback Deepens; Support at $37K

Bitcoin Pullback Deepens; Support at $37K

April 26, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Fantom Maker Announces the Closing of Its $1.8m Private Rounds Led by Dao Maker and Halvings Capital
  • Cardano IDO LaunchPad “Coollaunch” Records a buzzing progress as it Sells Out 0ver 11% Of $COOL Tokens Within Days
  • BabyMusk Coin Launches, As It Aims To Be The Next Big MEME Coin
  • Coinrealcap Announces Its Pinksale, Aims To Bring Advanced Crypto Tracking Features
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%