Crypto will replace the US Dollar as the World’s Reserve Currency [When will it happen?]

hello folks you have reached the cryptocurrency portal and today we want to go over little information about Bitcoin in general and you can see this first article talks about how a a macro strategist so kind of from a thousand foot level says crypto will replace the US dollar as the world's reserve currency so let me know in the comments section below what you think do you think the crypto will replace the US dollars the world's reserve currency but Bitcoin isn't up to the challenge so let's go through this together Jim Bianco who's present and macro strategist of financial analyst firm Bianco research says he believes a cryptocurrency will replace the US dollar as the world's reserve currency in an interview on the pump podcast which I actually highly recommend Anthony pump Leon o is great podcaster who brings on great guests and have great discussions about the crypto market in general so the pom pom podcast with host and Morgan Creek digital partner Anthony pump Leon o bianco explains why the dollar remains the primary fuel for global economies and financial markets his quote is remember that the dollar is the reserve currency what that means is 90% of world trade is in dollars we quote the price of crude oil in dollars we quote the price of gold in dollars when you get into a crisis everybody looks around and goes what currency do I want to be in and the answer is I want to be in the reserve currency I want to be in dollars there's this giant need for dollars the safe haven currency and because it's the right thing we do to trade with Bianco however says that people have been looking for a better reserve currency over the past ten years since the dollar is far from perfect and especially in light of the United States keeps printing money and spending money in and through Congress through all their policies they're doing lately which probably makes sense to do in the short term but long term with 25 trillion dollars in debt that's not going to end well long term in his quote here and he says to quote Winston Churchill the dollar is the worst reserve currency we've ever devised except every other one and so it benefits that there is no alternative you're not going to you know wave a wand and say the Euro or the yen or the pound because no other fiat currency can fill the bill Bianco thinks that the next reserve asset will be encrypt oh and he says I've argued that in theory the next reserve currency will be a crypto I thought maybe Libre would do it but then I thought for sure I was on to something because the first thing they did when they announced Libre was they dragged Marcus in front of Congress in ripped him a new one because they were afraid of what Libre represented and that's true and I actually did a video about the libre white paper that was devised by Facebook so I'll put that in the comment section below if you want to check out that video I did about the libre white paper so continuing here it says but after backlash and unrelenting criticism from lawmakers Libre is no longer what it was originally conceived to be a single global stable coin backed by a basket of multiple currencies bitcoin is currently the largest cryptocurrency by market cap but Bianco says the king coin does not have what it takes to be the next reserved asset he process it probably doesn't exist yet and that kind of flies in the face of what the ripple fans and the XRP token fans are probably saying he says I don't know when it will exist or which one will be because it needs to be both a medium of exchange and a store of value bitcoin might be a store of value but it's not a real good meaning of exchange maybe there's some others like ether or something you can argue as better medium of exchange but they're not a good at the store of value and he finishes here and says I do think it's coming but it'll it still could be years down the road right now maybe it exists in some infancy form right now whichever crypto is is going to be it or maybe it's still yet to be invented so interesting thoughts there because a lot of people are thinking the dollar long term will not be the world to reserve currency now there's a lot of projects out there the thing they are next world reserve currency so put the comments section below what you think what crypto or what project out there long term do you think will replace the US dollars the world's currency not in the short-term not mooning tomorrow just long term give us some thoughts about what project do you like and could fit the bill long term so continuing on this whole bit coin and crypto theme here the next article I want to kind of give an overview on is this one of how it says as payments go digital survey shows Bitcoin and cryptocurrency must overcome major trust issues now I've done a video about the digital dollar project as well I'll put a link to that in the comment section below and when this video is over in the my in screen I'll go right into the next video the digital dollar project so if you want to check that video out just go to the end of this video and we'll go right into it so it says here a new survey from The Economist Intelligence Unit reveals there is still much work to do before the public gains confidence in Bitcoin and other cryptocurrencies the survey shows that 64% of the 3048 respondents are using digital payments such as online banking mobile payment and digital currencies to pay for over half of their purchases the results indicate crypto currencies are the least preferred as a payment method only 5 percent of the respondents report they always use crypto currencies for purchases and 10 percent say they use crypto assets often credit cards are the most popular payment method followed by online banking cash and then Krypton the result of the 20/20 survey on digital payments comes out as the world transitions to cashless financial transactions amid the corona virus pandemic the investors have been pouring big money into mobile thin tech platforms as online activity source payment processing giant stripe valued at 36 billion dollars just completed a funding round of 600 million dollars last week revolute raised 500 million and a 5.5 billion dollar valuation in February so there's a lot of money that's flowing into the crypto and thin tech space actually did a video a month or so ago about how ripple got a huge venture capital infusion of capital over 200 million dollars that valued them at 10 billion dollars so if you want to check that video out I'll also put that link to that video in the comment section below so continuing on says but new blockchain based platforms are still trying to carve out their niche with mainstream users among digital currencies responders have the least confidence in crypto currencies that are not backed by the government or or any organization such as Bitcoin 38% say these decentralized cryptocurrency are not trustworthy while 26% say they feel confident about using them respondents have more confidence in using government or central bank digital currencies cvd sees with 54% saying these assets are trustworthy at 14% saying they are not trustworthy the report cites several factors that hamper the widespread use of cryptocurrency first one is here familiarity with crypto currencies as the digital currency are high yet matters of trust use options and understanding persist managing digital currencies also require certain skills and crypto is largely viewed as a high risk asset in part because of volatility I actually did another video about the average Joe get into the cryptocurrency space what it's going to take for those types of retail investors to get on get into the crypto space so I'll also put a link to that video in the comment section below if you want to check that out afterwards alright so continuing along here with the Bitcoin theme overall Anthony papahana who again has a great podcast to check him out predicts a 1288 % Bitcoin bull run says global macro fallout will likely push leading crypto higher now again we don't like to price predict on this channel and we don't push for that we don't we don't price predict we don't give those suggestions out there we don't like to put you know click baby thumbnails out there but it is interesting to go why people think Bitcoin long-term is going to go up obviously a lot of people are talking about the Bitcoin having that's coming up in early May so let's go through this together it says despite the gloomy economy Morgan Creek digital co-founder Anthony Pompeii Ono says he's not backing down from his bullish outlook on Bitcoin in a new interview on tech with Catalina the crypto investment firm executive says he predicts the dominant cryptocurrency is on the verge of a new long-term bull or twelve hundred and eighty-eight percent bull run that will bring Bitcoin from its current price of seventy two hundred dollars to one hundred thousand dollars Pompeii oh no says the macro economic backdrop along with much anticipated having an event in May which will reduce bitcoins new supply by half will likely fuel a major rally he believes that massive money printing by central banks around the world will drive people to invest in assets that remain scarce and offer inherent anti-inflationary properties his quote is so in so end of 2021 I think Bitcoin will hit a hundred thousand dollars in u.s.

Dollar value and really the reason for that is a combination of macro environment but with the halving structure you then have massive quantitative easing in the United States we've already announced two trillion dollar stimulus Japan are approved in almost one trillion dollar stimulus plan they're devaluing the currencies and when that occurs people are going to seek out inflation hedges like assets like Bitcoin real gold real estate etc and so right when everyone is running to gold Bitcoin real estate and others bitcoins do gonna going to have this supply shock 50% of the incoming daily supply will disappear and that's the having event coming up I think you'll continue to see kind of see the same kind of level demand or more likely you're gonna see an increase in demand over time if you get that increase in demand but you get a decrease in incoming supply supply and demand economics take over and you get an increase in price and that's true some people think that the having pricing increases already baked in because people already think it's gonna happen time will tell we're gonna know here in a couple or a few weeks what will happen but those are the his thoughts on it so pop Leon o says he expects that bitcoins rise to begin slowly with BTC taking more than a year to register a new all-time low within the first 18 months of the halving give or take we will see a very material increase in price and he says my guess is that we'll see $100,000 by the end of December of 2021 at a minimum so those are just his thoughts and if you want to check out this video you just go here and click on it so continuing along 166 billion dollar hedge funds ient is considering Bitcoin futures entry so the hedge fund Renaissance technologies which manages a hundred and sixty six billion dollars and regulatory assets is ready to venture into Bitcoin futures in a new filing with the United States Securities and Exchange Commission Renaissance reveals it has green lighted its ten billion dollar flagship medallion fund to enter into the futures market the Long Island based firm acknowledges the risks that come with investing in Bitcoin describing the king coin as a relatively new and speculative asset due to its limited history decentralized system lack of recognition is a legal tender and its potential to power fraudulent transactions which I always kind of put an asterisk on that when people bring up fraudulent transactions because a lot of fraudulent transactions happen with cash as well investment results may vary substantially over time these instruments involve substantially more risk and potential for loss relative to more conventional financial instruments investments of this type should be considered substantially more speculative speculative and significantly more likely to result in a total loss of capital than many other investments Renaissance one of the largest hedge funds in the world says it is limiting crypto trading activities to Bitcoin futures contract on the Chicago Mercantile Exchange seamy the largest futures exchange in the world CME's bitcoin futures are cash settled so they do not involve the actual exchange of BTC and the firm's interest in bitcoin marks the extensive reach of the crypto industry and its ability to continue to attract top-tier institutional investors Renaissance Technologies medallion fund recently reported a 24 percent gain for 2020 despite the pandemic induced market downturn it may be a nine point nine percent return in march outperforming the sp500 which turned in days of historically low declines amidst a broad market sell-off so just some thoughts you know when you get large hedge funds starting to put money in you have the having that's gonna happen at the beginning of May which is gonna reduce supply more retail investors get involved more institutional investors get involved therefore there's more demand less supply because of the supply and demand economics in general price could go up so it's interesting to think about and just have that whole thought process so data shows investors are flocking to Bitcoin as traditional safe havens falter so I'll just kind of go over this right here cryptocurrency investors were quite disturbed to see Bitcoin trade as a firmly risk on asset when it closely mirrored the weakness seen by the traditional markets as investors began to understand the depth of the corona virus pandemic implications bitcoins weakness reached a boiling point in early March when the poor performance seen by the sp500 and other benchmark indices sparked a movement that proved to be devastating for cryptocurrency but a lot of its rebounded since then so that's not wanted to go over that real quick I didn't want to go over a lot of this it's just interesting to see the headline here or showing investors more investors are flocking to bitcoins so just kind of take that whole momentum together again the institutional investors the retail investors this data is showing investors flocking for more safe havens that the halving that's happening so a lot of momentum in this space so here's what's driving a Bitcoin buying frenzy among retail investors so just let's go over the bullet points on chain data suggest that detail investors are currently engaged in a buying frenzy this comes close on the heels of the Kryptos terrifying plunge from 8,000 to 3,800 and it's back up now over 7,000 which has since been followed by an unwavering uptrend where we are now the strength has shown Bitcoin has shown in the face of massive macroeconomic weakness maybe bolstering investor sentiment the Kapiti capitulate or plunge that Bitcoin took back on March 12th was historic with cryptocurrency declining from highs of 8,000 lows of 3,800 over matter of mere hours a day that will now live in in fact I am 50 at Thursday all right the price action seen following the sell-off however seems to illuminate the strength of the digital asset even leading one analyst to go as far as saying that it makes Bitcoin the most resilient asset in the world interesting to say that the over resilience may be driving in ongoing buying frenzy that Bitcoin investors are crying gauged in as data suggests that Bitcoin holders are human at a rapid rate probably cuz what's going on in the world in general with all of the printing of money Bitcoin holders enter full-fledged accumulation mode according to the recent data from blockchain research platform glass node Bitcoin investors are now accumulating the cryptocurrency at an unprecedented rate while looking towards their whole er net position change indicator it appears that investors are increase in their BTC exposure at the fastest rates seen this year and here's quote Bitcoin holder net position change has been growing daily since the end of March and is now hitting yearly highs long-term investors are increasing their position and they're accumulating more Bitcoin each day they noted while pointing to the chart below so you can kind of see Bitcoin hold ler net position change you could see started here back in May 2000 and 19 June 2019 continues here monthly December end of December of 2019 beginning of 2020 February March April you can kind of follow that whole process there this seems to indicate that investors are growing increasingly optimistic on the cryptocurrency a phenomenon that may be rooted in the intense uptrend that has been seen in the time since the recent decline so that's the big thing that I wanted to go through on this one let's check out this article and we'll kind of wrap this up says coin based apps Investment Banking exact exact input to push to bring ten billion dollars in big money to Bitcoin and cryptocurrency so the big players are pushing for more players get involved so you can just see you know they have everything we've talked about this video folks the sure momentum that's happening the space overall coin bases hiring Barclays executive Brett Ted Paul to head its institutional coverage group which was formed to focus exclusively on the needs of institutional clients the new hire reflects the california-based crypto exchanges efforts to make a major push into the institutional market as it targets an estimated ten billion dollars in big money sitting on the sidelines he held notable roles during his 17 years of working at the British multinational investment bank and financial services company he served as global head of sales across all of the fixed income and equities global head of credit and commodities and member of the five-person Market Executive Committee that manages Barclays and tyre markets business and he also spearheaded the bank's move into digital companies by managing Barclays FinTech venture investments in a new blog post coin based chief operating officers officer Emil choy says Tess Paul is joining the crypto firm as it focuses on better products and services for its institutional customers and the quote here is a theme in an Brett's career has been building new kinds of businesses with traditional finance a great fit for this particular wall where he'll be making connections between finance 1.0 and the crypto economy brett joins coinbase at a time when we've never been in a better position to serve institutional and professional investors the coinbase first began rolling out its suite of institutional products in late 2017 so let me know what you think about this article here about coinbase let me know what you think about this video in general because we brought up a lot of information about what's happened in the crypto space and the momentum this base happens and as always put anything in the crypt in the comment section below I like to have discussions about the crypto space in general and I respond to all comments so thank you for turning into the cryptocurrency poor dog deeply appreciate you turning and if you like this video please smash the thumbs up button helps me out helps the video out helps the channel out and just helps with those Google and algorithms so thank you very much and if you already have subscribed to the channel thank you very much I deeply appreciate you and if you're not a subscriber yet hopefully I've shown you value and would be honored with your subscription to the channel and as I said earlier the next video that's coming up is going to be the digital dollar project to learn more about that so thank you again for tuning in to the cryptocurrency portal and I'll talk to you real soon [Music] you you

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