Thursday, July 6, 2023
Why I disagree with Larry Fink, what BTC got up to this morning, and some privacy prejudice
“To confess that you are totally ignorant about the horse, is social suicide: you will be despised by everybody, especially the horse.” – W. C. Sellar ||
Hello everyone! So, this morning was quite interesting…
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WHAT I’M WATCHING
Larry Fink said what? While most of the crypto ecosystem is celebrating a public endorsement from one of the most prominent names in traditional asset management, let’s take a look at what was wrong with what he said. More on this below.
BTC on the move. This morning’s price action didn’t have any key catalysts that I could see, which itself is an interesting message. More on this below.
More stablecoins. Circle is reportedly exploring the idea of issuing a stablecoin in Japan, as last year’s legislation comes into effect. Diversification of stablecoin issuers, especially if they have local regulatory support, will add a certain spice to the intensifying work going on around CBDCs and tokenized bank deposits. This also becomes increasingly relevant as more countries attempt to reduce dependence on the dollar system for bilateral trade payments. Definitely something to watch.
Privacy prejudice. Many commentators have come out against the EU CBDC proposals in what seem like knee-jerk reactions against the idea of state surveillance and privacy violations. But not all CBDC proposals are the same, and the crypto ecosystem’s ingrained distrust of anything centralized and especially of financial chokepoints can lead us to ignore opportunities. Dea Markova published an interesting op-ed in CoinDesk yesterday that cast a more detached look at what the EU proposal actually entails, and hinted at some of the opportunities it implies.
MARKETS
BTC on the move
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