Dollaride is a mobility platform for communities that are underserved by public transit

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Photo by on Luca Bravo Unsplash Current trends, technologies, and companies you need to know about in the smart city space I recently attended the conference as a volunteer. SCNY operated at the intersection of technology, policy and urban living, bringing together mayors, startups, big industry and… me. As someone just beginning my journey in the sustainability field, I was blown away by the work being done to make cities more modern, connected, and resource-efficient. Smart Cities New York At the conference, I noticed several key areas that leaders and technologists are focusing on to make cities smarter in 2018: . I’ve been researching companies and public initiatives working on these focus areas and thought I’d share some of what I’ve learned. technological equity, open data, and sustainability Smart cities are thinking about inclusiveness and equity Photo by on Evan Krause Unsplash Making technology inclusive and accessible for all people in cities was a major topic of discussion. Nearly every workshop, panel, and keynote discussed the impact and potential of technology to make cities more (or less) equitable for marginalized populations. MODA is interested in how automated decision systems (basically, algorithms) used by public officials have ethical considerations on low-income or minority populations. For example, municipalities have used predictive policing software such as , which attempts to inform law enforcement of where crimes are likely to occur. Neighborhoods with minority populations may be disproportionately targeted by such technologies, and public officials need to consider these impacts. NYC Mayor’s Office of Data Analytics : HunchLab As transportation options in cities grow, how can we ensure that lower income neighborhoods do not get left behind? One company trying to bridge this divide is Dollaride, which provides low-cost transit vans in urban transit deserts, areas that lack accessible public transit options despite being in cities. Dollaride : Smart cities are publicly sharing data for days. As IoT devices and connectivity grows, so does the amount of data being collected by local governments. Public transit, utilities, and permits account for millions of public records published across hundreds of data streams. There’s a lot of creative with this data: Data work being done Based out of Washington D.C., Open Data Nation applies machine learning to publicly available data. They’re able to assess risk for things like car crashes and food safety violations, better informing cities and third-party insurers. Open Data Nation : Lots of to the public via online portals. This data often includes subway/transit performance, environmental surveys and even detailed cartographical data. For example, check out and , which I’ll be using to write an article soon! City data portals: cities release data NYC Open Data Citi Bike System Data Smart cities are building for a sustainable future It’s estimated that cities account for roughly 70% of global emissions. Cities need to lead a worldwide push to transform urban infrastructure and reduce emissions. The battle to make urban impacts on the environment more sustainable is fought on four main frontiers: transportation, energy generation, building efficiency, and waste management. Transportation: Credit: carmera.com Both public and private entities in cities know that urban transportation is undergoing a revolution. Autonomous vehicles (AVs) and electric vehicles (EVs) are on our doorstep, while ride sharing has revolutionized how city dwellers think about transportation. Smart cities are preparing for a new transportation future by building support for efficient, next-generation transit into their infrastructure. Cities are working with companies to support (V2I) systems that can wirelessly communicate with AVs to make operations safer and more efficient. vehicle-to-infrastructure : Carmera provides AVs with real-time, HD maps of city streets, which augment on-board cameras and sensors. AVs can use these maps to see what their on-board cameras cannot and navigate cities better. Carmera : Similarly, Numina provides a simple infrastructure solution for urban planners to gather data on how various modes of traffic traverse intersections. Data-driven urban planning can make cities easier to navigate by foot or bicycle. Numina : Energy generation The DOE estimates that 62% of the energy consumed to generate electricity is lost somewhere in the electrical grid. Many components of existing electrical grids, such as generators and transmission wires, contribute to these losses. Smart cities are creating better grids that incorporate distributed energy resources, such as solar grids and wind farms, and eliminate wasted energy. As renewable energy sources become economically feasible, solar and wind farms will need to integrate with the existing electrical grid. , by Opus One, provides a grid management platform to plan and monitor how renewable energy assets can integrate with a utility’s infrastructure. Opus One : GridOS 3DFS is working on software defined electricity (SDE). The company is to (nearly) instantaneously modulate electric power to the instantaneous load of an electrical system, such as a data center. The idea is that optimizing power delivery to an electric load can greatly reduce waste in the form of heat and vibration in circuits. 3DFS : using software : Building efficiency Credit: Fentrend New York City that 58% of its emissions are caused by residential and commercial buildings. Heating, ventilation, and cooling (HVAC) systems consume lots of energy. Aging buildings often have inefficient HVAC systems and poor insulation, which compounds the energy demands of these buildings. Making buildings more resource-efficient, or replacing old buildings with more modern construction, is crucial. estimates Sapient is working on an autonomous building management system that identifies how and where energy is being used in a building. Then, via smart outlets, they want to automatically turn off appliances or devices that aren’t being used. Sapient Industries : : Old windows and doors lead to poorly insulated buildings, causing heating and cooling demands. Fentrend is creating a marketplace between buildings and suppliers to make it easier and cheaper for buildings to purchase modern windows and doors. Fentrend : Waste management Linear vs circular economy, Credit: Northeast Recycling Council Currently, most cities are linear economies: raw materials are used to make products, products are consumed, and waste is discarded. Smart cities are thinking about and implementing circular economies, where a sizable portion of materials are reused or recycled back into the economy. Amsterdam is a world leader in transitioning to a circular economy. The city is already recycling , including batteries and cooking oils (in addition to the paper, plastic and glass streams us Americans are familiar with). Amsterdam has also devised a long-term ( ) to become “more circular” by focusing on recycling construction and high-value materials. City of Amsterdam: nine waste streams roadmap link to PDF Industrial/Organic is a trying to recover water, energy, and nutrients from organic waste. They’re currently operating a facility in Newark, NJ which uses both biological and mechanical process to turn food waste into cleaning products. Industrial/Organic : startup There’s lots of exciting work going on to make cities more inclusive, data-driven, and sustainable. Most of the companies mentioned here are from the NYC area (where I’m currently based), so please feel free to share other relevant companies or initiatives in the comments or via . Twitter If you found this overview interesting or helpful, please 👏 the article below and follow me ( ) on Medium to read similar work in the future! Pranav Badami Similar articles by me: 3 #TransitTechiesNYC: A quick recap of the inaugural Meetup

What makes a city "smart" in 2018?

Exit Liquidity

তারল্য থেকে প্রস্থান করুন

Liquidität verlassen

Liquidez de salida

Liquidité de sortie

तरलता से बाहर निकलें

出口流動性

유동성 종료

Liquidez de saída

Likiditeden Çıkış

Thoát thanh khoản

退出流动性

Bukele and his laser eyes. Source: https://www.indiatoday.in/ What happened? On June 9 2021, El Salvador’s parliament passed President Nayib Bukele’s proposed legislation to make El Salvador the first nation to make Bitcoin legal tender. This was hailed as an epochal moment not only for El Salvador, but also for Bitcoin in general, as its proponents declared the bill to be a first huge step toward broader global acceptance of the cryptocurrency. Many others, though, were not as sure. Indeed, this move has left many observers puzzled — why would Bukele cede control of his own policy space to a global network that can’t be controlled and more importantly, cannot be held accountable or trusted? Is this a mere PR move to detract from El Salvador’s real issues at hand, or is this an actual and well-thought policy implementation to stimulate the nation’s economy? In this article, I will examine both these sides to their fullest extent before providing you with my value judgement. Before that, however, let’s take a quick look at El Salvador as a nation, and what making Bitcoin legal tender will mean for her. What does it mean to make Bitcoin legal tender in El Salvador? El Salvador is the smallest country in Central America, and suffers from persistently low levels of growth and poverty reduction in the country has been moderate. Her national GDP, at 27 billion USD, renders her one of the poorest nations in the world. However, inequality has declined during the last two decades and El Salvador is now one of the most equal countries in Latin America. El Salvador has two official forms of money in its local system — locally issued colons and U.S. dollars, the latter of which was adopted as legal tender in 2001 as a policy reform to curb inflation and increase trade with the US (its biggest trading partner by far). Using Bitcoins is already legal in El Salvador, as is the case for most countries, where you can use it freely in any given transaction if both parties (buyer and merchant) are able and willing. However, making Bitcoin would mean that merchants would now be to accept Bitcoin as payment, unless they can prove that they lack the access to necessary technologies that enable them to do so. People will also be permitted to pay their taxes in bitcoin. legal tender required by law A roadside stall that accepts Bitcoin. Source: https://www.aljazeera.com/ As the new legislation states, Every economic agent must accept Bitcoin as payment when offered to him by whoever acquires a good or service. Now, will this actually be a good thing for El Salvador? An analysis of El Salvador’s Bitcoin policy: Is Bitcoin the proverbial silver bullet? In order to come up with an answer to this question, I will start my appraisal from a certain premise, or reference point: the potential upsides that this policy implementation can bring to El Salvador, as promised by President? Bukele. From there, I will evaluate these upsides, and critique them to the best of my abilities and knowledge, to see if they hold. If they do, then Bitcoin the silver bullet to El Salvador’s economic woes. If they don’t, then my article title holds. is Let’s begin. According to Bukele, there are 4 main potential upsides to this implementation: An improvement to last-mile delivery processes for remittances A democratization of access to financial services A buffer against the US Dollar The attraction of Foreign Direct Investments (FDI) Improvement of Last-Mile Delivery Processes for Remittances First, remittances constitute a large chunk of El Salvador’s GDP. In 2020, these remittances (money that El Salvadorians living abroad send home to help their families) totaled a sizable US$5.9 billion, or 23% of the national GDP. However, the last mile delivery process for these remittances is often fraught with inefficiencies and severe inconveniences. Because most people receiving these remittances tend to be overrepresented in the lower-income segment, with many living below the poverty line and in rural areas without proper transportation infrastructure, there are many hurdles to clear before remittance money can actually get to them. A rural village in El Salvador. Source: https://fernandopocablog.wordpress.com/ For example, because most of these people are unbanked (do not have bank accounts), remittance money cannot simply be wired to their accounts. More often than not, the money will have to be withdrawn as cash by the local banks, then kept there for the intended recipients to collect. But because the intended recipients usually live in very rural and inaccessible places, transportation to these banks (that are usually in the city) is a huge issue. Further, when it comes to cross-border remittance transfers, many middle-men will take a cut of the money to keep as transaction fees, chipping away at it as it makes its way across continents. These fees may appear insignificant to those of us living in privileged conditions, but may mean much more to those in El Salvador. This is where Bitcoin comes in. Bitcoin will allow for the circumvention of all these aforementioned issues because it , All the recipient needs is a mobile phone with a free Bitcoin wallet, which is easy enough to download. This way, no extra fees will be lost unnecessarily, and recipients will not have to travel long distances to physically collect their money. allows for direct point-to-point and peer-to-peer transactions and thus — complete disintermediation. Critique Whilst all seems good so far, there are some major caveats I have to address. Although it is undeniable and incontestable that Bitcoin solves all the aforementioned issues with last-mile deliveries and cross-border payments — are these issues even pertinent in the first place? In fact — do these issues even ? exist First, sending remittances to El Salvador is already relatively inexpensive, because the utilisation of U.S. dollars in cross-border transactions means that payments don’t have to go through currency exchanges. If one insists on transacting with the colon, there is also , which is devoid of any hidden exchange rate markups. The transfer time is also , and it is very safe to use. Wise (formerly TransferWise) less than a day Even if it was, there are already extant central solutions like Wise, that are working just fine, if not perfectly. Intermediation does not seem to be a problem in this case, because the impacts are negligible — . From this, we realise that the ‘problem’ of exorbitant middle-men fees that Bitcoin is ostensibly solving, may not even be a problem at all. if any A road linking a rural El Salvadorian town to the city. Source: https://www.icwa.org/ Second, the transportation infrastructure in El Salvador is not as backward as many may think. Sure, it does not compare to those in countries America, Singapore, or Germany, but it is not dysfunctional. The was initiated by the Latin America Investment Facility in 2011 to improve rural road infrastructure in El Salvador so that these areas will be better linked to the major cities. This does go a long way in mitigating the friction that recipients from rural areas will face with regard to the collection of their remittance money and divulges to us that Bitcoin may not really be necessary after all. Rural Road Program that There is no silver bullet for a problem that doesn’t exist (or is not a huge issue), because there is no for one anyway. need Democratization of access to financial services Next, in El Salvador, some 70% of citizens are unbanked, meaning they lack access to a basic bank account. Concomitantly, they are also isolated from all the financial instruments that come with said bank account (loans, investments etc.). because once again — you do not require a bank account to access Bitcoins; you only need your phone, and a digital wallet to do so. Bitcoin can provide financial inclusion to this group of people These citizens can then invest these remittance Bitcoins into decentralized financial instruments like liquidity pools and decentralized exchanges (DEX) — all without a bank account. Critique However, there is a need to be realistic here. El Salvador is a country with one of the lowest rates of internet use in the Americas — 33% in 2017, according to . How many of these unbanked individuals do you think, are equipped to handle cryptocurrency transactions? World Bank data An El Salvadorian household in the rural countryside. Source: https://blog.compassion.com/ If they are unable or unwilling to even open up a bank account in the first place, what makes you think they will have the capacity, or even willingness, to set up a digital Bitcoin wallet? Heck, even many of us in these so-called ‘first world countries’ also struggle to do so! As a result, Bitcoin may actually even widen the gap between the unbanked and the banked, because it is usually the latter that will be the ones that are more able and willing to utilise it anyway. Herein lies the inherent paradox of this silver bullet that will severely inhibit the potential of what Bukele has promised to the world. A buffer against the US Dollar According to what appeared to be an excerpt from Bukele’s proposed legislation, included in a slide from Mallers’ Miami presentation, “Central banks are increasingly taking actions that may cause harm to the economic stability of El Salvador.” “In order to mitigate the negative impact from central banks, it becomes necessary to authorize the circulation of a digital currency with a supply that cannot be controlled by any central bank and is only altered in accord with objective and calculable criteria.” Unlike the dollar, A fixed amount of new bitcoins are created every 10 minutes. Every four years, the number of bitcoins created are cut in half. There will never be more than 21 million bitcoin and that eventual number will be reached more than 100 years from today. the supply of bitcoin today, next month, and 20 years from now will always be known in advance, and cannot be changed. A US Dollar Note. Source: https://www.dailyfx.com/ Twenty years ago when El Salvador ‘dollarized’ their economy, they effectively put themselves in a position (although necessary) where they were beholden to the whims and decisions of US policy makers with regard to the currency. Twenty years ago, this was a nonissue. The US dollar was managed primarily for the benefit of, but in comparison to other currencies was a rock; consistent, reliable and the ‘lesser of all evils’. El Salvador looked to the dollar for relative stability and predictable monetary policies, and twenty years ago, they got just that. Since the 2008 global financial crisis, however, the US has been undertaking a very experimental form of monetary policy involving tools like quantitative easing and a central bank that now directly monetizes, or purchases, government-issued debt to purposefully keep interest rates low. Although these ‘experiments’ may yield very positive results just yet, the stability and predictability that El Salvador was looking for when they dollarized their economy all but disappeared. To put this into perspective — the supply of USD has more than doubled over the last 10 years from $8 trillion to $20 trillion as of April, according to the Federal Reserve Bank of St. Louis’ data. In fact, close to half of that $11 trillion increase happened just in the last 18 months, as the US government sought to counter the negative economic impacts that the coronavirus pandemic inevitably brought about. Seen in this light, and in a world where the global reserve currency is almost wholly dictated by short-term government needs, Bitcoin — ironically — becomes the more ‘stable’ form of currency that can better serve El Salvador’s monetary policy planning interests. Critique However, this is ultimately still Bitcoin that we are talking about. Although Bitcoin may arguably be more stable than the USD in terms of its role in monetary policy-making, there is no denying the fact that the of Bitcoin is volatile, to say the least. price Indeed, at the time of this writing, the price of Bitcoin has already drastically dropped from the April 2021 high of nearly US$65,000 to the high 30s. This presents a fresh new set of problems when it comes to monetary policy making. For example, when it comes to debt: How, and by whom, will the amount of bitcoins necessary to pay a debt be determined? Will it be based on the Bitcoin price at the time the debt was incurred, or when the debt falls due? Because of how volatile the Bitcoin price is, a few days — even hours — could make a world of difference. Further, the nature of Bitcoin renders it extremely unsuitable for transactions that need a fast confirmation time. To evince — imagine you want to buy a coffee from a coffeehouse. If you were to pay in USD, the exchange would take place almost instantaneously. You hand over the cash in return for the coffee, the cashier stores the cash away, and the exchange of value is complete. If you were to use Bitcoins, however, now that would be a different story altogether. In the Bitcoin blockchain, a block is minted to the network every . For transaction finality (or the best semblance of it), 6 confirmations are required (6 blocks need to be appended to the block that your transaction is a part of). That would mean your transaction can only be confirmed and finalized after 1 whole hour! That is definitely no way to purchase a coffee. 10 minutes thus further point us to the possibility that making Bitcoin legal tender could in fact destabilise El Salvador’s economy more than it helps it. This impracticality of using Bitcoin for fast, day-to-day transactions Moreover, let us not forget that because of Bitcoin’s deflationary design (fixed supply with supply ‘halving’ every four years), the price per Bitcoin will eventually rise (assuming it does not become obsolete). Why would anyone want to purchase something in the present, with a currency that they know will definitely be worth more in future? El Salvadorians with Bitcoins are thus more likely to hold on to them, as compared to spending them. This could pose even further problems to El Salvador’s economy, when Bitcoin prices eventually and inevitably soar. as the income fissure between the haves and have nots , of which the former can probably afford to purchase and hold (many) more Bitcoins now, will likely widen exponentially in future Additionally, the enhanced ability to remain anonymous when transacting with Bitcoins will present the El Salvadorian administration with many serious issues. Money laundering, tax evasion, and black-market economies are all more likely to flourish and thrive even more in El Salvador with Bitcoin becoming legal tender, as authorities will find it much harder to track ‘dirty’ money and their movements. Therefore, until solutions to the above have been found, Bitcoin will unfortunately never be a better alternative to the USD in El Salvador. all The Attraction of Foreign Direct Investments (FDI) Finally — according to Bukele, “If 1% of it (Bitcoin) is invested in El Salvador, that would increase our GDP by 25%” Visual Representation of an FDI. Source: https://www.business-standard.com/ Critique Of all the benefits of Bitcoin that Bukele purported, this one is the of them all. most bewildering It is extremely flawed logic for Bukele to think that Bitcoin’s total market value (total Bitcoins in circulation multiplied by the price of Bitcoin) directly equates to money that bitcoin owners all around the world are looking to invest at all. As already mentioned above, most people see Bitcoin as an . In other words, there are very few people — if at all — who purchase bitcoins to then invest in other things. That is just not the logic that most Bitcoin holders follow. investment asset in and of itself In essence, it is highly unlikely that the many major funds or individuals around the world holding Bitcoins will suddenly be attracted to start investing in El Salvador just because its made legal tender there. That is just one assumptive leap . too far Further, one must also remember that FDIs do not directly contribute to the GDP of a nation. In other words, ; it will merely bid up the price of said land. foreign investors who use Bitcoins to buy tangible assets such as land in El Salvador may not necessarily increase GDP The only way that FDIs can really boost El Salvador’s GDP is if a huge injection of foreign capital into new infrastructure and/or businesses substantially increases the overall productivity of the workforce. However, whether Bitcoin is to be the spark that instigates this remains to be seen, and at this moment — seems highly unlikely. The Verdict From all the above, I think I can safely and definitively say: Bitcoin is not the silver bullet for El Salvador’s economic woes. In fact, I would go so far as to say that there is no such thing as a silver bullet when it comes to a nation’s economic planning. Economic problems are solved over time by meticulously-planned, citizen-centric, diligently-executed, and substantively-effective governmental policies. There is simply no lazy way around that. Recently, and in the wake of his party’s expulsion of El Salvador’s attorney general and several top judges, Bukele has come under heavy fire for being overly authoritative in his administration. For all we know, this whole Bitcoin saga might just be a PR ploy by Bukele to detract attention from these real issues at hand. Whatever the case, El Salvador’s Bitcoin experiment will certainly be watched by the world with bated and anticipatory breaths. For the sake of the 6.5 million people living there, let’s hope that one day we can all come back to this article for a good collective laugh at how wrong my prediction really turned out to be. The alternative would be too upsetting to imagine.

Bitcoin is NOT the silver bullet for El Salvador’s economic woes — here’s why

Bitcoin Shall Bring Back The Lost Art of Commercial Banking

Most cryptocurrency pioneers would not call what they’re building “institutions.” The term reeks of centralization — it’s too unsexy. (Except when it’s “institutional capital”, then it’s welcomed with open arms.) In a recent on cryptocurrencies, Krugman is asked why he rejects the decentralized vision behind cryptocurrencies. He responds: debate between Paul Krugman and Katie Haun “We developed this socially ingenious thing: enduring institutions […] and it’s going to be really, really hard to come up with something better.” This is an unpopular view within the crypto world, but I think he’s absolutely right. Ask what has driven the economic vitality of the most advanced nations in the world, and we pretty much know the answer: it’s strong institutions. If you improve a country’s institutions, the society inevitably flourishes — economically, socially, and ethically. Institutions are essential, difficult to replicate, and hard-won through generations of social and political toil. So if crypto is trying to make the world better, why be so quick to circumvent institutions? By embracing cryptocurrencies, aren’t we turning away from the we know works? one thing Not so fast. In fact, . Specifically, it’s about building scalable, global, decentralized institutions — institutions that survive any particular group, country, or time. crypto is all about institutions What we talk about when we talk about institutions “Institution” is a famously broad and slippery term. In his , Douglass North defines institutions as There are formal constraints (such as contract law, property rights, and court systems) and informal constraints (such as traditions, taboos, and social norms). In short, institutions are the rules that impose order and certainty onto our economic and social lives. seminal 1991 paper “the constraints that structure political, economic, and social interactions.” Institutions matter because If you don’t trust that your shipment will arrive safely or that your currency will hold value tomorrow, you won’t transact. With institutions in place, everyone is more willing to take risks, and thus a healthy market evolves — and with it, a healthy society. risk and uncertainty are the enemy of commerce. New institutions don’t come around often. Arguably, the last major global institution to be built was the Internet. One of the promises behind the Internet was that it would be a global informational commons. Once all of the world’s information was packetized and hosted on public servers, every human would have access to the corpus of human knowledge. And this mostly came true! For the majority of humans anywhere in the world, if they want to access the world’s information, they can run a Google or Wikipedia search and find it. Search engines are now a pervasive institution available almost everywhere in the world. Notably, these institutions were built once and then enjoyed everywhere. There’s no need to rebuild Google or LinkedIn, whether for Brazil or for Burundi. All you need to do is translate the UI, and every society in the world can enjoy a search index or a social network (with a few caveats). If this sounds obvious, it’s because we now take this scalability for granted. For most of human history, delivering an institution across the world was a feat of conquest and empire. Now it just requires having a computer with an open port. And yet, if you look at finance, the story is the complete opposite. Every country has its own walled-off and homegrown financial infrastructure. Each nation must design and staff its own iteration on these institutions: banks, credit systems, exchanges, and legal structures. If they don’t, they’re doomed to be a financial backwater. We know this. But when most of the money in the world is already digital — why isn’t money more like the Internet? With cryptocurrencies, anyone is free to plug into a global financial system: a bank, savings account, payment rail, public registry, and system of contracts. Innovation in this sphere can be shared with everyone. The promise of crypto, then, is to be the first global financial commons. It purports to do to money what the Internet did to information. This is incredibly powerful. Crypto will compete against centralized governance Today, most citizens across the world can’t do much to combat economic mismanagement. They can try to circumvent capital controls, they can engage in gray or black markets, they can dollarize, they can divest into gold. But in the future there will be another, more powerful option: adopt cryptocurrencies. This will allow people to opt into a global digital economy and financial system, complete with mature financial services. So it’s incorrect to say that crypto will replace institutions. Instead, crypto will build alternative . These decentralized institutions will be more portable and global, they will operate autonomously, and they will offer financial certainty to the rest of the world that doesn’t currently have it. decentralized institutions And this is an important point: in a world where , cryptocurrencies will serve as a powerful check against wayward financial stewards. more than 50 nations have undergone hyperinflation in the last century The best antidote against bad governance is competition. Cryptocurrencies are the only serious competitor against centralized financial infrastructure. Economic choice, , and the abilities of citizens to coordinate is precisely what leads to better local governance and institutions in the long run. the power to exit But crypto will only succeed in this if it builds compelling institutions. Why does crypto need institutions? Many crypto-anarchists would consider the term “decentralized institutions” nonsensical. The whole point of decentralization, they’d claim, is to abolish institutions. They see institutions as hallmarks of centralization, a temporary bike stand that will eventually get kicked away. This is completely backwards. Institutions are critical to any stable economic system. They ensure graceful evolution (or upgrades), and they allow the individuals within that society to conduct their business safely, peacefully, and predictably. Of course, cryptocurrency prices fluctuate like crazy — aren’t cryptocurrencies ? And what about Ethereum’s credo that “code is law”? Isn’t this all the antithesis of institutions? inherently risky Indeed, a fundamental property of most cryptocurrencies is immutability. No authority, no matter how powerful, can seize your assets without control of your private key. But make no mistake, this is also crypto institution: an enshrined norm around property rights. In Ethereum, there are continual debates around , , and . Of course, these have evolved over time: there have been times where its governance has favored safety and restitution over property rights (e.g., ), and other times when it has weighed in favor of immutability (e.g., rejecting the ). In the recent , the norm of maintaining smart contract invariants was upheld over timely software upgrades. These are all reflections of the formal and informal institutions that govern Ethereum. economic policy inflation property rights the DAO fork Parity rescue fork Constantinople postponement All this churn and debate might make some believe that Ethereum is poorly governed, but this is a mistake: these are precisely the instantiations of Ethereum’s institutions. If you believe in the principles underlying Ethereum, then Ethereum does an impressive job of satisfying those constraints. And institutions encompass more than just governance — they also include the software, the economics, and the community. Infrastructure like Infura, Metamask, and ERC-20 are all part of what makes Ethereum continuous and predictable. Users, companies, miners, developers, and entrepreneurs are all counting on Ethereum fulfilling its promises to them. In other words, they participate because . they trust in the underlying institutions On-chain governance as an institution Most institutions are valuable because they make our lives predictable. Without them, businesses and entrepreneurs could not plan effectively for the future. This is precisely why is so central to every mature legal system: it allows people to predict the outcome of a trial without having to undergo expensive litigation. It makes the law more predictable. judicial precedent This is one of the reasons why . While it’s elegant in theory, meting out justice via randomly sampled crowds (or worse, an unelected cabal of plutocrats) is unlikely to end well. I am skeptical of on-chain governance If you want me to use your blockchain, I’ll ask: why should I trust you? If an on-chain vote can completely change the blockchain’s properties or seize my coins, I want to be damn sure that I can predict how these votes will turn out. More often than not, any coin-based voting mechanism can be swung by one or two whales. On-chain governance makes a splendid first impression. It sounds more transparent than the messy, humanoid governance systems around us. But the pseudonymous, unaccountable identities behind any on-chain voting system ultimately makes the system more opaque and harder to predict. I don’t mean to imply that on-chain governance is intrinsically bad! But with any radical experiment in governance, we should expect it probably won’t work (as is the case with most experiments). Until we know one way or another, it is inevitable that on-chain governance schemes will be treated as risky and unstable. Forking an institution But what about forking? Can’t we just fork a network if we want something better? Not really. Crypto commentators like to blithely claim that the threat of forking is a constant check against crypto networks. But they are missing something deep about what makes any economic system valuable. It’s not the code, it’s not the ticker name, and it’s not the UTXO set. , and institutions cannot be forked. It’s the institutions Imagine a group of violent revolutionaries who carve out a subsection of a peaceful country. If they establish a junta, brandish a flag, and call themselves a competing state, would any outsider consider it an improvement over the original? Likewise, a fork that doesn’t improve on its originating institutions is only compelling to those designed to profit from it. A large fundraise and a well-stocked war chest is not enough: institutions cannot be bought, only built. This has been borne out by the fact that (the most notable exception being Monero, which unequivocally improved on the institutions of its predecessor, Bytecoin). almost all cryptocurrency forks have failed The path forward At the end of the day, crypto is not just technological innovation. It’s also social and political innovation. If you want to build valuable institutions, it takes time, patience, and a lot of missteps. If you’re just benchmarking on prices, it might look like crypto has failed at this project. Reading Twitter and Bloomberg, you might even be convinced that crypto is dead (Bitcoin recently celebrated its 10th birthday and ). 300th obituary But the arc of change is long. We can agree with Paul Krugman on this point: it doesn’t happen in a year or two. Most technological revolutions started with similar speculative ups and downs — , , , and the , to name just a few. Crypto will be no different. Indeed, the nature of the technology will likely magnify these cycles. railroads automobiles video games Internet I’d be remiss if I didn’t touch on ICOs here. ICOs are the apotheosis of why institutions matter. Lately I was revisiting from when I first started blogging about crypto last year: some of my writing It’s unfortunate that right now, blockchain-as-speculation is dominating most people’s attention. The signal is getting drowned in the noise. But that’s to be expected. We’ve seen this before. When people first realized the extraordinary potential of the internet, tons of money was pumped into random dot coms. Anticipating mass adoption and astronomical value creation, speculation fed speculation, until the frenzy finally crashed in 2001. What’s going on right now is comparable. There will eventually be a comedown. It’s become clear to everyone now that the ICO boom was a circus of global, unregulated penny stocks. ICOs did not disrupt venture capital — they made a parody of it. It will take some time for crypto to clean itself off, cast out the scammers and profiteers, and start focusing again on building real value. Going forward, we will need to develop better institutions around how projects get funding: more norms around transparency, disclosures, incentives, advisors, partnerships, marketing, lockups and liquidity restrictions, and what it means to both create and capture value. Organizations like and are trailblazers in self-regulation, but there’s more work to be done. Messari Gemini Not by shouting at them that they’re not decentralized enough, but by This is the only way to win people over in the end. showing them that your institutions are a compelling alternative to their own. I’ll end on something I wrote in that blog post a year ago: But when the dust is cleared, like after the dot com crash, those who were serious — the Microsofts, the Amazons, the Googles — will have to come in and do the graceless work of building the future. There’s much work to do.

Why Crypto Needs Institutions

$DED: The MemeCoin Sparking New Life in Polkadot's Ecosystem Memecoins have made a name for themselves in the constantly changing world of cryptocurrency by offering a mix of fun, community, and real money-making opportunities. All three of these things come together in memecoins. What this phenomenon is best shown by is how popular the term $DED is right now on the social media site X. Not only does this rise in fame show how strong the community behind memecoin is, but it also marks an important moment for Polkadot and the environment it fits into. We will talk more about this trend and look at what it means and how it has changed since the news of the $DED memecoin snapshot. For instance, the $DED memecoin began as a joke in a small online group but quickly caught on as more people joined the joke and put money into the coin. This made it more valuable and well-known, showing that community and humour can really help people make money in the world of cryptocurrency. The meteoric rise of the DED The fact that $DED has moved up the top lists on X shows how quickly the memecoin is becoming famous. Due to the fact that $DED, which is a representation of the Polkadot ecosystem, has created a rush of excitement within the community, more than 20,000 individuals are eagerly anticipating the airdrop in the $DED Telegram channel. This is because $DED has caused the community to become more enthusiastic. What a nice treat this photo event was! It helped to reinforce the goal of $DED, which is to get more people in the community involved in the network. The Polkadot group is even more excited now that the snapshot has been made public. The huge number of people who are active in the $DED Telegram group shows how passionate they are about it. This channel has a lively community spirit because people there actively discuss strategies, share ideas, and work together. It is extremely clear that the community is ready to support and propel the $DED token to new heights, as seen by the increasing interest that has been displayed recently. This is very visible. An important step towards strengthening $DED's place in the Polkadot environment was taken by the snapshot event for the token. It's a smart move that will get more people involved in the community and give them more reasons to join the network. This attempt brings attention to the fact that the coin has the power to encourage growth and make community members better bonds. The $DED coin is helping Polkadot grows and scale its ecosystem Perhaps the release of $DED will mark the start of a new era of growth and attention for the Polkadot community. This is a very important event. Because $DED is a memecoin with real goals, it has the unique ability to bring new wealth to the ecosystem. This means that it can compete with other markets for more people's attention and money. Where Polka Dot Style Starts to Change An important part of the community thinks that the launch of the $DED coin was a turning point for Polkadot. It's a smart chance to bring new investors into the environment and get people who are already involved excited about it again. Polkadot needs to get moving again in order to regain its position in the competitive world of cryptocurrencies, and this could be the push it needs. Making ties between people in the community stronger The partnerships and support that are supplied by key initiatives that are a member of the Polkadot network are evidence of the unwavering solidarity that exists within this community. The Talisman Wallet, Nova Wallet, and SubWallet are a few examples of the projects that fall within this category. This collaborative effort strongly demonstrates the community's commitment to supporting $DED and, by extension, the whole Polkadot ecosystem. It is an important message that conveys the importance of this commitment. The Zealy Campaign The launch of the Zealy campaign, with a prize sum of over $30,000 in DOT, is another sign of how passionate and involved the community is with the $DED coin. Polkadot is once again the centre of attention thanks to high-profile sponsorships from well-known crypto stars like DataDash, Ash Crypto, and DubzyXBT. These recommendations make the token even more well-known and desirable.  The goal of "Dot is DED" is to rethink how to bring people together and get them involved in their communities. The goal of the community to launch the first memecoin on the Polkadot network was what led to the start of the DOT is $DED campaign. Because of the impact that $BONK had on the ecosystem of Solana, the community saw an opportunity to produce a similar rush of passion and engagement for Polkadot by using the same platform. This was something that they viewed as a potential possibility. How collaborative work pushes the memecoin community forward There were a lot of problems that had to be solved along the way to start $DED. However, the community's desire to repeat the success seen in other areas was what was needed to get things moving. This project that everyone worked on together shows how strong group teamwork can be when it comes to reaching big goals. For example, community members held virtual events and teaching classes to get more people to know about and join the Polkadot environment. This was similar to what was done during the $BONK campaign. The strength of community-driven efforts in attaining shared objectives was shown by the fact that this collaborative effort resulted in a considerable rise in user engagement and adoption of Polkadot. People are getting more and more excited about the upcoming airdrop. It is also expected that this event will bring even more people into the community, bringing in more followers and making the coin more popular among loyal Polkadot fans. Any and all concerns about the death of the Polkadot ecosystem have been put to rest as a direct consequence of the successful execution of the introduction of the $DED. Because of the combined efforts of the community, the Polkadot Foundation, and ecosystem activities, the market has been given a new lease of life. This is a consequence of the combination of these three factors. This shows how strong and useful the Polkadot network can be. The successful launch of $DED has not only revived interest in the Polkadot ecosystem but has also solidified its position as a leading player in the decentralized finance space. With the community's continued support and the foundation's strategic initiatives, Polkadot is poised for even greater success in the future. Don’t forget to like and share the story! This author is an independent contributor publishing via our brand-as-author program. Be it through direct compensation, media partnerships, or networking, the author has a vested interest in the company/ies mentioned in this story. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR Vested Interest Disclosure:

How $DED's Social Media Surge is Redefining Crypto Community Engagement

$DED-এর সোশ্যাল মিডিয়া সার্জ কীভাবে ক্রিপ্টো কমিউনিটি এনগেজমেন্টকে পুনরায় সংজ্ঞায়িত করছে৷

Wie der Social-Media-Anstieg von $DED das Engagement der Krypto-Community neu definiert

Cómo el aumento de las redes sociales de $DED está redefiniendo la participación de la comunidad criptográfica

Comment la montée en puissance des médias sociaux de $DED redéfinit l'engagement de la communauté cryptographique

$DED का सोशल मीडिया उछाल क्रिप्टो सामुदायिक जुड़ाव को कैसे पुनर्परिभाषित कर रहा है

$DED のソーシャル メディアの急増が仮想通貨コミュニティの関与をどのように再定義しているか

$DED의 소셜 미디어 급증이 암호화 커뮤니티 참여를 재정의하는 방법

Como o aumento da mídia social de $DED está redefinindo o envolvimento da comunidade criptográfica

Как всплеск социальных сетей $DED меняет определение взаимодействия с криптосообществом

$DED'in Sosyal Medya Artışı Kripto Topluluğu Katılımını Nasıl Yeniden Tanımlıyor?

Sự gia tăng truyền thông xã hội của $DED đang xác định lại mức độ tương tác của cộng đồng tiền điện tử như thế nào

$DED 的社交媒体热潮如何重新定义加密货币社区参与

The US dollar remains the world’s favorite reserve currency, but its dominance has come under unprecedented levels of scrutiny in recent times. Could USD be at risk of falling behind new rivals? And will this impact its status in the ? world of forex International trade and transactions historically revolve around the dollar, but recent geopolitical conflicts have made more nations wary about their dependence on US currency. “The risk of de-dollarization, which is a periodically recurrent theme throughout post-war history, has returned into focus due to geopolitical and geostrategic shifts,” , Strategic Research analyst at J.P. Morgan. warns Alexander Wise As more economic headwinds have lingered throughout 2022 and 2023 such as high inflation rates and subsequent Fed interest rate hikes, the dollar is not only becoming less trustworthy but more expensive to use. We’re already seeing de-dollarization in action in South America. July 2023 saw in paying for imports and exports using the Chinese renminbi. Bolivia join Brazil and Argentina In addition to this, a new gold rush has been taking place since the beginning of 2022 as nations consciously seek to move away from their heavy reliance on the dollar. According to , monetary authorities across several nations made net purchases of 387 metric tons of gold in the first half of 2023 alone, after buying a record-breaking 1,083 tons throughout 2022. data from State Street Global Advisors The move has occurred as more nations seek to diversify their assets in a bid to improve their balance sheets and gain liquidity without credit risk. De-Dollarization and FX In a nutshell, de-dollarization takes place when countries intend to reduce the influence of the dollar over their respective economies. Dollars have historically been favored as a reserve currency for many economies because it’s widely used and show relative strength in which to execute international trades and transactions efficiently. The issue here is that when economic headwinds begin to impact the strength of the dollar, countries can become interested in utilizing a new reserve currency. Finding a currency to replace the dollar can be hard work, and major alternatives have generally included the euro, yen, and British pound sterling. However, in recent years, China has ramped up the capabilities of its renminbi as an attractive reserve currency to the dollar. While we’ve seen widespread adoption among central banks, particularly in South America, the currency’s share of global reserves remains at . Despite this, the rise of renminbi reserves accounts for around a quarter of the decline in the distribution of the dollar, with Russia holding a third of all reserves in the Chinese currency. less than 2.5% While we’re also seeing de-dollarization lead to a rise in central bank holdings in gold, the impact of the movement across FX markets is becoming increasingly clear. "De-dollarization is evident in FX reserves where USD share has declined to a record as share in exports declined, but is still emerging in commodities," . claimed JPMorgan This has made the forex landscape a surprising geopolitical battleground where the US continues to fight to preserve the status of the dollar. While USD has begun to lose ground to gold due to rising central bank adoption, the currency still holds a strong 43% share of SWIFT payments, signifying its dominance. Battling the BRICs for USD Dominance Forex markets have shown that one of the biggest threats to the dollar comes in the form of the emerging BRIC nations of yesteryear. Now with many of the BRIC nations emerging as powerhouses in their own right, USD is facing fresh competition throughout the FX ecosystem. Brick alliances formed a catalyst for de-dollarization in early 2023 with some nations looking into abandoning the dollar for brokering global trades. Despite the dollar’s 43% share of SWIFT, is becoming more of a reality, with more nations considering the merits of abandoning USD. this BRIC initiative While there are forming with the dollar, we’re yet to see China’s push to compete with USD manifest itself on forex markets. tangible levels of distrust Recent USD/CNY trends have seen the trading pair move more sideways without either currency capable of breaking the deadlock. “As China has shown a stronger determination lately to defend the CNY and sentiment is already very weak, we have lowered our expectation of the pace of CNY weakening against the USD,” . explained a Danske Bank economist How can Forex Traders Anticipate De-Dollarization? Should forex traders be looking for de-dollarization? Is the strength of the dollar set to come under greater pressure in the coming months? Evidence suggests that no single successor will overpower USD, but the emergence of multiple alternatives may point to a fragmented landscape. This push for a more diverse network of reserve assets could significantly impact the forex landscape. Even assets like corporate debt, real estate, and alternative currencies could come into play when it comes to reserve asset blocks. "This is the process that is underway. The dollar is going to be used less in the global system,” , managing director of Toscafund Hong Kong. explains Mark Tinker While this will bring more uncertainty to the FX markets of tomorrow, the arrival of new reporting features from MetaQuotes designed for its flagship MetaTrader 5 terminal could help traders to more accurately that can illustrate the relative strength of the dollar against its rivals. observe the performance of key symbols The new reporting format, which was launched as part of a major update in September 2023, can help to provide traders with a more direct overview of specific pairs, their respective profit factors, and percentage-based performance over time. This ability to observe trends surrounding the performance of USD in a more holistic manner alongside external asset performance can help to more accurately adapt their strategy based on the climate surrounding de-dollarization. forex traders As economic headwinds and geopolitical frictions persist, the dollar may be facing an unprecedented level of uncertainty regarding its dominant status in FX. Traders should adapt to this changing environment by incorporating these factors into their fundamental analysis. Whether the push for de-dollarization is sustainable or not, we’re likely to see the battle for dominance played out throughout the world of forex.

Will De-dollarization Affect the USD’s FX Status?

ডি-ডলারাইজেশন কি USD এর FX স্থিতিকে প্রভাবিত করবে?

Wird sich die Entdollarisierung auf den Devisenstatus des USD auswirken?

¿La desdolarización afectará el estatus cambiario del dólar?

La dédollarisation affectera-t-elle le statut de change du dollar américain ?

क्या डी-डॉलरीकरण यूएसडी की एफएक्स स्थिति को प्रभावित करेगा?

脱ドル化は米ドルの為替状況に影響を与えるのでしょうか?

달러화 해제가 USD의 외환 상태에 영향을 미칠까요?

A desdolarização afetará o status cambial do dólar americano?

Повлияет ли дедолларизация на валютный статус доллара США?

Dolarsızlaştırma USD'nin Döviz Statüsünü Etkileyecek mi?

Việc phi đô la hóa có ảnh hưởng đến trạng thái ngoại hối của USD không?

去美元化会影响美元的外汇地位吗？

The past months have been filled with unceasing buzz regarding a dollar-reliance reduction. The U.S. dollar has been the standard currency in countries for years, but with recent developments, this narrative could take a different turn. For about , the U.S. dollar has dominated the financial market, setting and unsetting market trends. 79 years It has been the standard asset for investments, international trades, and global monetary policies. Stock indexes tend to increase alongside an increase in dollar value, and vice versa. Other significant assets are also known to follow its trajectory, just like altcoins follow the Bitcoin trend. The U.S. dollar was the king of currencies until certain headlines started making rounds globally. We've seen a series of events and news updates showing reduced alliance to the U.S. dollar and attempts to substitute this currency as the global reserve for other alternatives. In light of these recent developments, this article gives a detailed overview of and what the phenomenon could mean for digital assets. de-dollarization Seeing that cryptocurrencies display a significant reliance on the US dollar, we’ll dive deeper into what de-dollarization could mean for digital assets like cryptocurrencies. Dollar Dominance: The Beginning of the End? If de-dollarization would end the dollar dominance in the world, how about we begin by understanding how this dollar reign came about in the first place? Before the second world war, the British pound functioned as the world's reserve currency. However, the detrimental effects of the war led to a change that cemented the U.S. dollar's status as the new reserve currency. The dollar served its purpose well shortly after World War II. However, over the years, this dominance has come with some drawbacks. Aside from the snowball effect of dollar devaluation, which constantly affected global trade, this dominance has brought some imbalance and vulnerabilities to the global financial system. The economic disruption experienced by countries like Iran and Russia is substantial proof of these imbalances. The held in U.S. and E.U banks when Russia invaded Ukraine, resulting in Russia's inability to access its reserve assets. U.S. impeded a freeze of over $600bn foreign reserves and gold Regardless of the world's position on the Russian-Ukraine war, the U.S. dominance has shown instances that allow leveraging countries' reserves against them. And such a level of dominance gives uncontrolled authority over foreign countries. Conversations around de-dollarization can be traced back to the need for a more widely spread control or better stability over the global financial system. What Is De-Dollarization? A High-Level Overview De-dollarization is a concept that has gained significant traction in the past years. It refers to substituting the dollar as the reserve currency for other currencies or commodities. The introduction of this concept was birthed from the profound economic tumult experienced by major countries in the past. Countries like Russia, Iran, India, China, Saudi Arabia, and Malaysia are beginning to work towards replacing the dollar as a reserve currency and medium of international trade. Although the concept of de-dollarization has been making rounds for years, the actions we've seen from these counties signify that we could be closer to this change than ever before. Russia and China have taken some giant strides towards alternative means of transactions. And the . Brazil and Argentina are discussing the creation of a common currency, and for the first time in years, excluding the U.S. dollar. ruble-yuan trade has increased by 80% since the 2022 invasion Saudi Arabia is open to trading in other currencies, These new developments and movements from varying countries signify that we might be closer to the end of the dollar reign than ever before. However, it is essential to note that larger amounts of instability could accompany such rapid changes in economic trends before we can attain some level of independence. What Does De-Dollarization Mean for Cryptocurrencies? The centralized financial economy, particularly the U.S. government, has cracked down on cryptocurrencies for a long time. Seeing some minor changes following the backtrack from dollar reliance is exciting, and we'll be discussing how some of these recent developments could positively influence crypto market positions. One of the first and most interesting of them is The countries recently announced this new inventory as an avenue to avoid dollar sanctions and recurring acts of freezing accounts. Iran and Russia's plan to launch a new cryptocurrency backed by Gold. With these developments, there are expectations of Russia legalizing cryptocurrency before the year ends and providing solutions to regulatory problems. Subsequently, China is beginning to welcome cryptocurrencies again, albeit through the back door, by allowing cryptocurrency and stable coin trades in its special administrative region, Hong Kong. There have been several conversations around the cryptocurrency evolving to be a global financial reserve alternative, allowing for international trades and seamless transactions without intermediaries. These events and several other circumstances coming together are fueling the narrative that the next bull market will be funded by the East as compared to the market seeing a huge inflow from the West during the last bull run. With the Russia-Iran movement welcoming such an idea, the practicality of cryptocurrencies as trading alternatives is beginning to take root. And this can be characterized as a significant win for the crypto market. The value proposition of the crypto market is in a bigger spotlight as that one digital asset that no single body can fully gain control over. In theory, cryptocurrencies exhibit the qualities of a reserve asset. Still, many also argue the possibility of this happening soon is slim, mainly due to factors like volatility, regulatory limitations, and the need for more stability. However, de-dollarization marks the beginning of substituting the U.S. dollar for other alternatives. Whatever fraction of liquidity gets directed at cryptocurrencies could result in more price pumps in years to come. In addition, the more these digital assets are seen as viable commodities, the more they will become less volatile. This also means digital assets could have a shot at a more welcoming ecosystem, signaling positivity and stability for the crypto community.

What Could Global De-Dollarization Mean for Crypto Market Positions?

The past month has been quite interesting on the global platform as the narrative about the de-dollarization of the world economy continues to gain momentum. Saudi Arabia recently into a trade alliance with China, Russia, India, Pakistan, and four central Asian nations in a move to further reduce reliance on the US dollar. entered Meanwhile, the BRICS nations are to develop a new currency that will be discussed at the upcoming BRICS leaders' summit in August. collaborating In Russia, the Chinese Yuan has overtaken the US dollar as the most traded foreign currency for Q1 according to data from the . Moscow exchange So, what’s to expect here? And how will this impact crypto? On one hand, it is almost obvious that potential de-dollarization could lead to a loss of confidence in the USD as the global reserve currency, which will erode the US's economic power on the global stage. On the other hand, by reducing the dominance of one currency, it is likely that we enter an era where the world will depend on more than just one currency for global trade. We’re not here to paint doom and gloom because even if such a transition will happen, it will probably take a long time. However, without interpreting events, this latest series of events is probably the toughest blow that has been dealt to the US Dollar in decades and is likely something that will spring confidence in strong and long-lasting viable alternatives like Bitcoin and other cryptocurrencies. Ethereum’s Shapella Upgrade Around the Corner In the crypto market, Bitcoin’s price continues to hover between $27K and $28.5K, but Ether seems to be showing a stronger price action as the Shapella upgrade quickly approaches on April 12, 2023. Image source: Coingecko The much-awaited Ethereum upgrade will allow staking withdrawals. Currently, over 17.9 million ETH is staked in the beacon chain. ETH What most crypto natives are still wondering is whether this will have a positive or negative impact on Ether's valuation. The pendulum could swing both ways. Enabling ETH staking withdrawals means that the locked ETH could enter the market, increasing selling pressure and ultimately pushing the price down. On the other hand, the upgrade will also likely increase the incentive to stake ETH since that decision has up until now been reserved for those looking willing to keep their stake illiquid. Lately, Liquid Staking Derivative (LSD) tokens like LDO, FRAX, and RPL have likely as investors bet on the successful implementation of the upcoming Shapella upgrade. Binance Troubles Continue … Last week, we reported that Binance founder and CEO Changpeng Zhao was sued by the US CFTC on multiple charges. Since then, the volumes of this leading crypto exchange have plummeted by around 15%, although it still maintains a comfortable lead over other global exchanges in the market. But what's particularly concerning are the recent rumors circulating on Crypto Twitter (CT) that Interpol has issued a red notice for Changpeng Zhao (CZ). While the Binance team, led by CZ, has emerged to dispute these rumors as FUD, the exchange is certainly facing turbulent times. Industry Shakers Donald Trump Indicted with 34 counts of felony As the dollar continues to take a beating, former US President Donald Trump appeared before a New York court where he is facing 34 counts of felony. Trump is the first former US president to be indicted, although he pleaded ‘not guilty’ to all charges. With the 2024 elections around the corner, it seems that the US might have to endure a while longer before catching a break. Artificial Intelligence developments under attack A group of over 1,000 individuals, composed of AI experts, researchers, and supporters, have come together to request a temporary halt on the development of "giant" AIs, such as GPT-4, for a period of at least six months. The goal is to thoroughly examine and minimize the potential risks associated with such systems. The open letter conveying this demand has been signed by several prominent AI figures, including Elon Musk, who co-founded OpenAI, the research organization behind ChatGPT and GPT-4. Crypto politicization - Senator Warren’s Anti-crypto army As part of her re-election campaign, Democratic Senator Elizabeth Warren has announced plans to "build an anti-crypto army." Warren, who serves on the Senate Banking Committee that oversees the U.S. Securities and Exchange Commission (SEC), has been leading a series of anti-bitcoin and crypto bills introduced in the past year. In contrast, Republican Governor Ron DeSantis of Florida recently proposed legislation that would prohibit the use of central bank digital currencies (CBDCs) in his state. DeSantis claims that this measure is necessary to protect the financial privacy of Floridians. Paxful Halts its peer-to-peer BTC marketplace Paxful, one of the leading BTC peer-to-peer marketplaces, announced through the company’s CEO Ray Youseff that they have suspended operations and are uncertain whether they will resume. Speaking on Twitter spaces following the surprising news, Youseff cited regulatory concerns sparked by a lawsuit from his co-founder Artur Schaback, which has made it difficult to ‘guarantee the security of the platform’ and therefore ‘had to go down’. Also published here.

The Latest Developments in De-dollarization

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**GEORGE TOWN, Cayman Islands, May 8th, 2024/Chainwire/**AIGOLD,is pleased to announce the launch of its innovative cryptocurrency project. This groundbreaking initiative integrates artificial intelligence with the enduring value of gold, aiming to redefine the landscape of digital assets. The presale phase of AIGOLD is currently underway, with early access available at aigold.io. AIGOLD: Pioneering Gold Integration in Cryptocurrency with Enhanced Security and Market Stability AIGOLD is aiming to lead the integration of gold into the cryptocurrency sector, enhancing security and stability for those engaged in trading. The platform's design includes dedicating a portion of the proceeds from the presale of AIG (AIGOLD) tokens to acquire PAXG tokens. PAXG tokens are backed by physical gold, each representing one fine troy ounce stored in LBMA-certified vaults in London. At launch, the liquidity pool, underpinned by over one million dollars in PAXG, will be securely locked and aligned with gold price movement The initial presale price for AIGOLD is set at $0.0035 per token and the project underwent comprehensive audits from Cyberscope and is currently being audited by CertiK, underscore AIGOLD’s commitment to security and transparency. As the market trends towards gold-backed assets, AIGOLD is looking to offer a unique platform that not only secures value but also rewards participants with gold, enhancing their participation in the evolving digital economy. AIGOLD: Leading Sustainable Digital Finance with Strategic Tokenomics AIGOLD team's innovative tokenomics structure is crafted to foster growth and establish a solid foundation for its next developmental phase. This structure, along with a strategic tax model, is aimed at enhancing the benefits for participants in the ecosystem. By reinvesting 2% of every transaction back into the liquidity pool, AIGOLD looks to ensure a dynamic and well-supported trading environment. Additionally, a designated marketing allocation aims at keeping AIGOLD prominent in the marketplace, driving ongoing visibility and engagement. The team sees the self-sustaining approach as marking a notable evolution in the cryptocurrency arena, positioning AIGOLD as a leader in sustainable digital finance practices. AIGOLD: Empowering Future Financial Landscapes with Innovative Rewards and Stability AIGOLD’s ecosystem offers multiple compensation methods to its participants, including rewards in gold for every transaction. Holders of AIG tokens will potentially benefit from a 5% share of gold with each buy and sell action, thanks to AIG's built-in reward mechanism. This reward is issued in digital gold, which can also be claimed physically AIGOLD not only provides rewards in gold but also serves as a strategic hedge against inflation and de-dollarization. By integrating artificial intelligence with gold, AIGOLD is not merely a tool for potential profit but a forward-looking platform designed to empower participants for future financial landscapes. AIGOLD is dropping a never-before-seen Real Gold-backed NFT Mining Permit Collection as a bonus with exclusive benefits for NFT holders. AIGOLD is excited to announce the limited release of its real gold-backed NFT Mining Permits, with a total of only 4,000 permits ever to be issued. These exclusive mining permits offer additional benefits to AIG NFT holders, including receiving an annual share of 25% of the profits from gold recovered in AIG’s mining operations. This innovative approach positions AIG NFT holders to benefit from the burgeoning digital economy. For more details and to ensure early access, users visit aigold.io to secure their place on the whitelist. AIGOLDs team marks a transformative point in the development of digital currencies by integrating artificial intelligence with genuine gold mining. This initiative is led by new technology, including an AI-integrated exploration recovery vessel (ERV) equipped with state-of-the-art tools and LIDAR systems. These advancements facilitate the extraction of gold from the seabed in the Bering Sea, where estimates suggest there are over 500 million ounces of gold. With the rising value of gold, strategic positioning is crucial. AIGOLD's founder and CEO, Forest, from Cornell University, stated, "At AIGOLD, we are forging a unique combination of advanced artificial intelligence, forefront technology, and the reliability of gold-backed assets." For more details about AIGOLD, including its tokenomics, token metrics, and gold paper, users can visit aigold.io. The AIG Team is set to introduce a variety of incentives and special offers to benefit AIG token holders. These include exclusive NFT Mining Permits, participation in charity events, air drops, and official merchandise available through the AIG store. Additionally, participants will have the opportunity to enter a Tesla Cyber Truck Competition. For more details on these exciting opportunities, users can visit aigold.io. AIGOLD’s Tesla Cybertruck Competition AIGOLD is currently hosting a Cybertruck Competition featuring the chance to win a Tesla Cybertruck among a total of 20 prizes. The Tesla Cybertruck boasts remarkable features such as bulletproof construction, a waterproof or wade mode that allows driving in up to 30 inches of water, and a durable exoskeleton similar to materials used in Space X rockets. This all-electric vehicle includes Tesla's autopilot system, accelerates from 0 to 60 mph in just 2.6 seconds, can tow up to 11,000 lbs, and travels up to 340 miles on a single charge, all while being equipped with advanced interior technology. This competition is skill-based, not a random draw. In an era where durability and real-world utility are highly valued, AIGOLD offers a substantial opportunity. Moving away from transient trends in cryptocurrency, AIGOLD is looking to establish itself as a significant force with the potential to impact the crypto market significantly this year. About AIGOLD AIGOLD is the first-ever cryptocurrency project to back its liquidity pool in gold. Founded in 2023, they are a cryptocurrency ecosystem and a digital currency that offers a reward mechanism that pays out digital gold to all of their token holders. They are the first of their kind, bringing together AI and real gold mining. AIGOLD is a real utility token and aims to act as a hedge against inflation. They offer gold-backed assets through the buy/sell of their AIG token and access to the profits from their gold mining operations to Gold Mining NFT holders. AIGOLD is committed to and strives to become one of the top 100 cryptocurrencies and get on top-tier 1 exchanges. They are on a mission to maintain a self-sustainable, well-balanced, and healthy ecosystem where their investors and their ecosystem thrive. They aim to build a community of investors from around the world, including Bitcoin and Ethereum enthusiasts. Users can find more information about AIGOLD on the following platforms: Website I X I Telegram I Medium I Instagram AIGold is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Contact PR Media Relations Kate Brown AIGOLD aigoldofficial@aigold.io This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here. **GEORGE TOWN, Cayman Islands, May 8th, 2024/Chainwire/**AIGOLD,is pleased to announce the launch of its innovative cryptocurrency project. This groundbreaking initiative integrates artificial intelligence with the enduring value of gold, aiming to redefine the landscape of digital assets. The presale phase of AIGOLD is currently underway, with early access available at aigold.io. AIGOLD: Pioneering Gold Integration in Cryptocurrency with Enhanced Security and Market Stability AIGOLD is aiming to lead the integration of gold into the cryptocurrency sector, enhancing security and stability for those engaged in trading. The platform's design includes dedicating a portion of the proceeds from the presale of AIG (AIGOLD) tokens to acquire PAXG tokens. PAXG tokens are backed by physical gold, each representing one fine troy ounce stored in LBMA-certified vaults in London. At launch, the liquidity pool, underpinned by over one million dollars in PAXG, will be securely locked and aligned with gold price movement The initial presale price for AIGOLD is set at $0.0035 per token and the project underwent comprehensive audits from Cyberscope and is currently being audited by CertiK, underscore AIGOLD’s commitment to security and transparency. comprehensive audits from Cyberscope comprehensive audits from Cyberscope As the market trends towards gold-backed assets, AIGOLD is looking to offer a unique platform that not only secures value but also rewards participants with gold, enhancing their participation in the evolving digital economy. AIGOLD: Leading Sustainable Digital Finance with Strategic Tokenomics AIGOLD team's innovative tokenomics structure is crafted to foster growth and establish a solid foundation for its next developmental phase. This structure, along with a strategic tax model, is aimed at enhancing the benefits for participants in the ecosystem. By reinvesting 2% of every transaction back into the liquidity pool, AIGOLD looks to ensure a dynamic and well-supported trading environment. Additionally, a designated marketing allocation aims at keeping AIGOLD prominent in the marketplace, driving ongoing visibility and engagement. The team sees the self-sustaining approach as marking a notable evolution in the cryptocurrency arena, positioning AIGOLD as a leader in sustainable digital finance practices. AIGOLD: Empowering Future Financial Landscapes with Innovative Rewards and Stability AIGOLD’s ecosystem offers multiple compensation methods to its participants, including rewards in gold for every transaction. Holders of AIG tokens will potentially benefit from a 5% share of gold with each buy and sell action, thanks to AIG's built-in reward mechanism. This reward is issued in digital gold, which can also be claimed physically AIGOLD not only provides rewards in gold but also serves as a strategic hedge against inflation and de-dollarization. By integrating artificial intelligence with gold, AIGOLD is not merely a tool for potential profit but a forward-looking platform designed to empower participants for future financial landscapes. AIGOLD is dropping a never-before-seen Real Gold-backed NFT Mining Permit Collection as a bonus with exclusive benefits for NFT holders. AIGOLD is excited to announce the limited release of its real gold-backed NFT Mining Permits, with a total of only 4,000 permits ever to be issued. These exclusive mining permits offer additional benefits to AIG NFT holders, including receiving an annual share of 25% of the profits from gold recovered in AIG’s mining operations. This innovative approach positions AIG NFT holders to benefit from the burgeoning digital economy. For more details and to ensure early access, users visit aigold.io to secure their place on the whitelist. AIGOLDs team marks a transformative point in the development of digital currencies by integrating artificial intelligence with genuine gold mining. This initiative is led by new technology, including an AI-integrated exploration recovery vessel (ERV) equipped with state-of-the-art tools and LIDAR systems. aigold.io aigold.io These advancements facilitate the extraction of gold from the seabed in the Bering Sea, where estimates suggest there are over 500 million ounces of gold. With the rising value of gold, strategic positioning is crucial. AIGOLD's founder and CEO, Forest, from Cornell University, stated, "At AIGOLD, we are forging a unique combination of advanced artificial intelligence, forefront technology, and the reliability of gold-backed assets." For more details about AIGOLD, including its tokenomics, token metrics, and gold paper, users can visit aigold.io . aigold.io aigold.io The AIG Team is set to introduce a variety of incentives and special offers to benefit AIG token holders. These include exclusive NFT Mining Permits, participation in charity events, air drops, and official merchandise available through the AIG store. Additionally, participants will have the opportunity to enter a Tesla Cyber Truck Competition. For more details on these exciting opportunities, users can visit aigold.io . aigold.io aigold.io AIGOLD’s Tesla Cybertruck Competition AIGOLD is currently hosting a Cybertruck Competition featuring the chance to win a Tesla Cybertruck among a total of 20 prizes. The Tesla Cybertruck boasts remarkable features such as bulletproof construction, a waterproof or wade mode that allows driving in up to 30 inches of water, and a durable exoskeleton similar to materials used in Space X rockets. This all-electric vehicle includes Tesla's autopilot system, accelerates from 0 to 60 mph in just 2.6 seconds, can tow up to 11,000 lbs, and travels up to 340 miles on a single charge, all while being equipped with advanced interior technology. This competition is skill-based, not a random draw. In an era where durability and real-world utility are highly valued, AIGOLD offers a substantial opportunity. Moving away from transient trends in cryptocurrency, AIGOLD is looking to establish itself as a significant force with the potential to impact the crypto market significantly this year. About AIGOLD AIGOLD is the first-ever cryptocurrency project to back its liquidity pool in gold. Founded in 2023, they are a cryptocurrency ecosystem and a digital currency that offers a reward mechanism that pays out digital gold to all of their token holders. They are the first of their kind, bringing together AI and real gold mining. AIGOLD is a real utility token and aims to act as a hedge against inflation. AIGOLD AIGOLD They offer gold-backed assets through the buy/sell of their AIG token and access to the profits from their gold mining operations to Gold Mining NFT holders. AIGOLD is committed to and strives to become one of the top 100 cryptocurrencies and get on top-tier 1 exchanges. They are on a mission to maintain a self-sustainable, well-balanced, and healthy ecosystem where their investors and their ecosystem thrive. They aim to build a community of investors from around the world, including Bitcoin and Ethereum enthusiasts. Users can find more information about AIGOLD on the following platforms: Website I X I Telegram I Medium I Instagram Website Website X X Telegram Telegram Medium Medium Instagram Instagram AIGold is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Contact PR Media Relations Kate Brown AIGOLD aigoldofficial@aigold.io This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here. This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here . here here

AIGOLD Goes Live, Introducing The First Gold Backed Crypto Project

AIGOLD লাইভ যাচ্ছে, প্রথম গোল্ড ব্যাকড ক্রিপ্টো প্রজেক্টের সাথে পরিচয়

AIGOLD geht live und stellt das erste goldgedeckte Kryptoprojekt vor

AIGOLD se pone en marcha y presenta el primer proyecto criptográfico respaldado por oro

AIGOLD est lancé et présente le premier projet de cryptographie soutenu par l'or

AIGOLD लाइव हुआ, पहला गोल्ड समर्थित क्रिप्टो प्रोजेक्ट पेश किया

AIGOLDが始動、初の金担保暗号プロジェクトを発表

AIGOLD가 출시되어 최초의 금 기반 암호화폐 프로젝트를 소개합니다

AIGOLD entra em operação, apresentando o primeiro projeto de criptografia apoiado em ouro

AIGOLD запускается, представляя первый криптопроект, обеспеченный золотом

AIGOLD İlk Altın Destekli Kripto Projesini Tanıtarak Yayına Başladı

AIGOLD đi vào hoạt động, giới thiệu dự án tiền điện tử được hỗ trợ bằng vàng đầu tiên

AIGOLD 上线，推出首个以黄金为后盾的加密货币项目

The last week has been filled with more management drama than I can remember for any individual week. Most notably with the back-and-forth between OpenAI and Sam Altman, who first got fired and later re-hired. The crypto economy faced drama of its own as Binance agreed to settle up to $4.3 billion in penalties with various U.S. federal agencies, along with Changpeng Zhao (CZ) stepping down from his role as Binance’s CEO. Binance Agrees to a Settlement with the DOJ On Tuesday, CZ pleaded guilty to violating the Bank Secrecy Act and to pay a personal finde of $50 million. Additionally, Binance has reached agreements with FinCEN, OFAC, and CFTC, committing to credit $1.8 billion to these federal entities, along with an additional forfeiture amounting to $2.51 billion. agreed It will be interesting to observe how Binance moves forward under the new leadership of Richard Teng, who has been named the new CEO. The news may come of very negative but bear in mind that the charges mostly relates to stuff happening years ago, while this sentence may actually bullish for the broader crypto market as the “Binance risk” is now greatly diminished. Sure, $4.3B is an ungodly amount of money but probably not enough that it will shake the stability of the Binance empire. Argentina’s Pro-Bitcoin Candidate Wins Presidential Election The crypto market resilience over the past week can also be partly attributed to Monday’s rally following the news of Javier Milei's victory in the Argentine presidential election. But while the far-right president has previously support for Bitcoin, it's worth noting that his primary campaign policy centred around 'dollarization' - the replacement of the Argentine peso with the U.S. dollar to address hyperinflation. signalled The effectiveness and potential adoption of this policy remain uncertain and will only be revealed over time. However, what is evident is that President Javier's win has injected a sense of optimism into the crypto market. Noteworthy Mentions Bitcoin Halvening: A Comprehensive Analysis Of Bitcoin’s Supply Dynamics We are gradually approaching yet another Bitcoin halvening event, which is likely to occur around April or May 2024. Historically, BTC halvenings have been a bullish catalyst. Our latest research analyses Bitcoin’s supply and price dynamics around this prominent event. This is an absolute must read. article Industry Shakers Chaos at OpenAI A series of dramas has unfolded at OpenAI. Sam Altman is currently poised to return to OpenAI after being fired as the CEO and subsequently re-hired by Microsoft, all within a week. While the developments are still ongoing, thus far, OpenAI’s board is set to be overhauled, a move welcomed by Microsoft CEO Satya Nadella, who clearly has made the most of the chaos. These unfolding events will likely have a significant influence on the Generative AI competition space, with Microsoft now stepping in at a stronger position. Grab your popcorn! Santander Private Bank Opens BTC, ETH Trading to Swiss Clients Santander Private Banking International, the global arm of the Spanish financial institution Banco Santander, has unveiled a new feature that enables clients with Swiss accounts to engage in investment and trading activities involving Bitcoin (BTC) and Ethereum (ETH). While Santander's initial cryptocurrency trading services are confined to BTC and ETH, the bank has outlined intentions to broaden its portfolio to include additional cryptocurrencies meeting specific screening criteria. SEC files new lawsuit against Kraken While Binance is almost being let off the hook, the SEC has launched a new lawsuit against Kraken. Earlier in the year, the crypto exchange was fined $30 million for running a staking service. In the latest development, the SEC has filed a lawsuit against Kraken, accusing the exchange of violating securities laws. The lawsuit claims that Kraken's business practices, internal controls, and record-keeping introduced additional risks to investors, which would be prohibited for any duly registered securities intermediary. Stay Updated - Follow me on Twitter! Enjoyed these insights? There's more where that came from. Follow me on for daily tidbits and updates. Twitter/X Also published . here

Crypto Roundup: Bitcoin is a Constant in a World of Drama

In this article, we will be building a currency converter application in . You can find a youtube video at the end of the article with my step-by-step process. Flutter Let’s dive straight into the code. main.dart import 'package:flutter/material.dart';
import 'package:testapp/dollar_to_inr.dart';
import 'package:testapp/inr_to_dollar.dart';

void main() {
  runApp(MyApp());
}

class MyApp extends StatelessWidget {
  // This widget is the root of your application.
  @override
  Widget build(BuildContext context) {
    return MaterialApp(
      title: 'Flutter Demo',
      theme: ThemeData(
        // This is the theme of your application.
        //
        // Try running your application with "flutter run". You'll see the
        // application has a blue toolbar. Then, without quitting the app, try
        // changing the primarySwatch below to Colors.green and then invoke
        // "hot reload" (press "r" in the console where you ran "flutter run",
        // or simply save your changes to "hot reload" in a Flutter IDE).
        // Notice that the counter didn't reset back to zero; the application
        // is not restarted.
        primarySwatch: Colors.blue,
      ),
      home: CurrencyConverter(),
    );
  }
}

class CurrencyConverter extends StatelessWidget {
  const CurrencyConverter({super.key});

  @override
  Widget build(BuildContext context) {
    return Scaffold(
      appBar: AppBar(
        title: Text('Currency Converter'),
      ),
      body: Center(
        child: Column(
          //for the buttons to be in center
          mainAxisAlignment: MainAxisAlignment.center,
          children: [
            ElevatedButton(
              onPressed: () {
                //on pressing dollar to INr we should navigate
                //to the dollar_to_inr widget
                Navigator.of(context).push(
                    MaterialPageRoute(builder: (context) => DollarToINR()));
              },
              child: Text('Dollar To INR'),
            ),
            //create sized box for space between
            //two buttons
            const SizedBox(
              height: 30,
            ),
            //another elevated button for inr to dollar
            ElevatedButton(
              onPressed: () {
                //on pressing this button
                //we should naviaget to inr_to_dollar.dart
                //widget
                Navigator.of(context).push(
                    MaterialPageRoute(builder: (context) => InrToDollar()));
              },
              child: Text(
                'INR to Dollar',
              ),
            )
          ],
        ),
      ),
    );
  }
} inr_to_dollar.dart import 'package:flutter/material.dart';
import 'package:flutter/src/widgets/framework.dart';
import 'package:flutter/src/widgets/placeholder.dart';

class InrToDollar extends StatefulWidget {
  const InrToDollar({super.key});

  @override
  State<InrToDollar> createState() => _InrToDollarState();
}

class _InrToDollarState extends State<InrToDollar> {
  //create controller for inr
  TextEditingController inrController = TextEditingController();
  //creating the varibale to store the dollar value
  double dollar = 0.0;
  @override
  Widget build(BuildContext context) {
    return Scaffold(
      appBar: AppBar(
        title: Text('Inr to Dollar Converter'),
      ),
      body: Container(
        //give some padding
        padding: EdgeInsets.all(20),
        //here we need to create
        //one text filed to take input form user
        //and one button
        //so we will use here column widget
        child: Column(
          children: [
            TextField(
              controller: inrController,
              //some box around text field
              decoration: const InputDecoration(
                border: OutlineInputBorder(),
                //labele text
                labelText: 'Enter Inr',
              ),
            ),
            //need some space between
            //textfield and button
            const SizedBox(
              height: 30,
            ),
            //create convert button
            ElevatedButton(
              onPressed: () {
                //on pressing the convert we
                //should convert the inr to dollar
                setState(() {
                  dollar = double.parse(inrController.text) * 0.012;
                });
              },
              child: Text("Convert"),
            ),
            //for some space between button and text
            SizedBox(
              height: 30,
            ),
            //now we have to show dollar on screen
            //so we will use here text widget
            Text(
              "Dollar : " + dollar.toString(),
              //increse some font size
              style: TextStyle(
                fontSize: 30,
              ),
            ),
          ],
        ),
      ),
    );
  }
} dollar_to_inr.dart import 'package:flutter/src/widgets/framework.dart';
import 'package:flutter/src/widgets/placeholder.dart';
import 'package:flutter/material.dart';

class DollarToINR extends StatefulWidget {
  const DollarToINR({super.key});

  @override
  State<DollarToINR> createState() => _DollarToINRState();
}

class _DollarToINRState extends State<DollarToINR> {
  //create controller for dollar
  TextEditingController dollarController = TextEditingController();
  //creating the varibale to store the inr value
  double inr = 0.0;
  @override
  Widget build(BuildContext context) {
    return Scaffold(
      appBar: AppBar(
        title: Text('Dollar to inr Converter'),
      ),
      body: Container(
        //give some padding
        padding: EdgeInsets.all(20),
        //here we need to create
        //one text filed to take input form user
        //and one button
        //so we will use here column widget
        child: Column(
          children: [
            TextField(
              controller: dollarController,
              //some box around text field
              decoration: const InputDecoration(
                border: OutlineInputBorder(),
                //labele text
                labelText: 'Enter Dollar',
              ),
            ),
            //need some space between
            //textfield and button
            const SizedBox(
              height: 30,
            ),
            //create convert button
            ElevatedButton(
              onPressed: () {
                //on pressing the convert we
                //should convert the inr to dollar
                setState(() {
                  inr = double.parse(dollarController.text) * 82.40;
                });
              },
              child: Text("Convert"),
            ),
            //for some space between button and text
            SizedBox(
              height: 30,
            ),
            //now we have to show dollar on screen
            //so we will use here text widget
            Text(
              "Inr : " + inr.toString(),
              //increse some font size
              style: TextStyle(
                fontSize: 30,
              ),
            ),
          ],
        ),
      ),
    );
  }
} Step-by-step process https://youtu.be/705GO3kj9FU?embedable=true Also published here. The lead image for this article was generated by HackerNoon's AI Image Generator via the prompt "currency converter".

Building a Currency Converter in Flutter

Does the US still hold the key to mass adoption? That’s the trillion-dollar question today! In this interview with 's Chief Strategy Officer and Head of Global Policy, , we examine the role and influence of the United States in the nascent crypto industry. According to Dante, one could argue that a giant company such as Circle would not have been founded anywhere in the world but in the United States. Circle Dante A. Disparte stablecoin During our conversation, I asked Dante if he saw in the demise of Libra, the defunct Facebook-backed cryptocurrency project, a squandered opportunity for the United States to reclaim its global financial leadership and fortify the US dollar. In response, he pointed out that de-dollarisation is a long-range issue bordering on how the rest of the world views the United States dollar as America’s soft power instrument that goes back to the Brenton Woods era, and on the desire for countries to have monetary sovereignty and control of their domestic, economic and monetary environments. In Dante’s view, blockchain technology, notwithstanding its vast potential, is excessively intricate. In 2018 in a , he argued vehemently that we can change the world with blockchain technology when we stop talking about it. Read on for more details! Forbes article Mr. Dante, how would you describe your journey to blockchain technology and web3 coming from a 20-year career in entrepreneurship and business? First of all, it is great to have a chat with you. The way I found blockchain is in many ways the way people find most new industries. The industry or the technology finds you; you don’t find it. So, I was originally looking at this industry from the lens of insurance and risks. A lot of the early companies in the crypto space like Bitfury and others that were doing Bitcoin mining activities came to me looking for help with insurance bordering on things like cyber risk, technology risks, fiduciary and financial crimes, and other risks. So, that’s my original foray into the industry. Does it bother you that the US  losing its global lead in Web 3 as a result of its harsh crypto policies? I wouldn’t like to say anti-crypto policies because right now it looks like the regulatory landscape is not favorable. And then did you see it coming? For one, I wouldn’t say the United States is losing. As a matter of fact, I would recommend to you and your readers an article that I wrote, a couple of years ago, taking the counter-narrative position that is the US losing the digital currency space race. And, as you know very well, a lot of people suggest that unless the United States or the Federal Reserve Board issues a digital dollar of its own and tries to directly compete with the model that is being followed in China somehow the United States will be less relevant in the global economy and in the 21st century and in the digital assets markets. My view is despite some of the regulatory headwinds and despite some of the enforcement actions the crypto industry will be very well advised to remember that no single actor, government, country or enforcement agency caused the crypto industry more harm than the industry caused to itself. The collapse was not the SEC or the CFTC or the Treasury Department or the US government; it was the industry and it was excess risks, greed, and financial alchemy. All the way fast forward to the end of last year the FTX Collapse equally had nothing to do with regulatory actions. It was a blend of fraud and other risks of opportunities. But it was not something the US government did. Terra Luna https://youtu.be/A-d1TKkVu4o?embedable=true If anything, you could argue, with the benefit of hindsight many regulators and policymakers probably would look vindicated in warning about the potential for excess risks in the sector. So it is a little bit more nuanced, and I don’t think this is a zero-sum proposition where the United States is necessarily losing ground or where any country or company has to win at another company or country’s expense. In 2019 you described the uproar that followed the launch of Facebook’s cryptocurrency, Libra, as ‘oversimplification”. I would like you to buttress on this. What does that mean? I have had a front-row seat in the public policy discussion about money, the future of money, and the current state of affairs. I would do it all over again including the many awkward hours and often complex hours in public testimony either as a witness or sitting next to the witness in Congressional, Senate, and other hearings around the world. Frankly, my motivation for joining the Libra project even in failure was that it was a platform big enough to have a conversation about issues that I don’t think the world would be discussing if it wasn’t for Libra. For example, is it really your money if you have to pay someone to spend it and if you have to pay someone to hold it for you? For example, if you care about financial inclusion as,  such a global systemic problem, what better pathway to include more people in the formal economy than a large-scale digital transformation of the global financial system? And I think without the Libra project, things like the Central Bank Digital Currency would have remained in abstraction; and without the Libra project, I do think a lot of the developments that we now take for granted in fintech, in digital assets and in banking probably would not have happened without Libra. So I would have done it all over again. There is one crucial question I would like to ask now: do you see in the demise of Libra a missed opportunity for the United States to reclaim its financial leadership and strengthen the dollar or was Mark Zuckerberg merely amping up the worries over China's rise in recent times? Well as you can imagine, former Treasury Secretary Hank Paulson wrote an article on foreign policy basically saying that a currency and a trusted currency is the sum of the part. For example, if you are going to create a Digital Zimbabwean Dollar then you would have the sum of the part but in digital form, and that perhaps would not be a great innovation either in ones and zeros or in paper. This is partly because of the hyperinflationary nature of the currency, and so many of the world’s currencies–the publicly issued world’s currencies--are not worth the paper they are printed on. And so, I think this notion of de-dollarisation and the economic competitiveness of the US Dollar is a real issue. But the issue is not about the dollar itself as much as it is an issue about the payment rails on which the dollar rides. So much of the war taking place between central bank digital currencies and alternative payment networks is about creating sanction resistant network of payments so that from a geopolitical and geoeconomic vantage point the US soft power is blunted but that is a multi-decade slow-boiled change of the global economy. It is not something that just happened overnight because a digital currency is issued by a rival central bank or a rival country. It is something I think is a long-range issue. The reason the dollar is the global reserve currency is in no small measure because of the ability to transmit the dollar across multiple different channels on a global scale. There hasn’t been a time when the need for financial innovation in the United States is a front-burner issue than now. You are going to agree with me that there is a gradual decline in web3 innovation following some of the anti-crypto policies and you have the SEC to blame partly for this. Do you see this decline as a dangerous trend? I don’t actually. I’m wired personally an all-ships-rising person and you could argue that a company like Circle probably would not have been started anywhere in the world but in the United States.  However, the fact that many more jurisdictions around the world are now starting to enable responsible innovation in financial services and technology, fintech, and in digital assets is encouraging. Ideally, there would be more Circles developed in more places around the world but the Circles of the world would find more venues and more jurisdiction to stop the very dangerous race to the bottom regulatory arbitrage that has made crypto in its maiden decade scary, opaque and bad for consumers, bad for markets, bad for regulators and bad for people. If you care about all of those things done well, then we need to race to the top in terms of trust, transparency, and accountability as opposed to the race to the bottom. I think the race to the bottom cost crypto  2 trillion dollars. Why is mass adoption a major challenge today and do you see the United States changing the narrative anytime soon? There is no question. Three things have to happen at once. First, I joined this space and I joined the Libra project and I joined Circle to deliver three things. The first is that financial innovation, financial inclusion, and financial integrity are not tradeoffs. As much as there might be a conflict between those objectives, I don’t think of them as tradeoffs. I think you can achieve universal global access to universally accessible device-centric payments and money everywhere in the world without degrading the types of consumer protection, financial protection, financial market protection, and financial crime compliance protections that the world cares about. In fact, I am willing to wager that we can make exponential improvements in those three objectives compared to any other technology stack or any other sector. So what then does it take then to get to the billion-user market or the mass adoption market? It does take legislation and legal and regulatory clarity, and remember that has to become an export product. One person’s well-regulated stablecoin is not another country’s banned digital asset or digital security, right? In order to lead, we need to harmonize regulation and export a harmonized regulatory standard. We also need the technology to be abstracted away into the background because we oftentimes talk about crypto being trustless, open, frictionless technology. It is heavily complicated, it is fraught with gas fees and technological complexities that need to be abstracted away into the background. So I wrote an article in Forbes titled ‘We can change the world with blockchain if we stop talking about it”. When was the last time we talked about wireless software and routers? We are still making the technology a protagonist and I think that is one of the major pathways to the billion-user market. So let’s talk about de-dollarisation. Right now, the BRIC countries are pushing for this agenda. I want to really understand how it affects payment stablecoins like the USDC. Does the fate of payment-stable coins hang in the balance? It’s a very good question. So, to summarise this notion of . Every other day there is an article in the news, whether it is the mainstream financial media or elsewhere around a transition among many emerging and developing countries away from dollar dependency partly because of the notion that the dollar represents a soft power instrument of the US government and a way of exerting that soft power around the world. de-dollarisation It is also in the context of a war in Europe: Russia’s war of aggression against Ukraine. The dependency on the dollar and more importantly the rails on which the dollar rides, networks like SWIFT and others in which people, companies, and entities can be ‘de-banked’ or removed from having access to the financial system depending on whether those sanctions are imposed or not. So, de-dollarisation is on the one hand symbolic of the desire among many to have monetary sovereignty and control of their domestic, economic, and monetary environment as much as it is the desire to remove soft power instrument that the United States has and has had since the Brenton Woods era. But it is as I said before, a long-range issue: it’s not something that just happened overnight in no small measure because of the liquidity, the network effect, and the ubiquity of the dollar around the world. Those are hard preconditions to recreate irrespective of any innovation or country or central bank desire to have. What are the regulatory concerns in the United States as far as crypto regulation is concerned? If you look at the recent hearings; Im forever an optimist. Just like it took the recent dot-com bubble to develop a more durable, usable, value-adding internet, and then all of the tech titans that were burned from that bubble, I do think if you look backward to 2022, and the things that worked in crypto and digital assets and the things that did not work. I also remain very heavily optimistic about the space, and just like it took the 2008 banking crisis to get comprehensive banking reforms from the US and to get bodies like the Financial Stability Board and others, I do think these rounds of crypto risks that we have suffered will produce positive outcomes from a regulatory vantage point. We have had hearings for example in the US on stablecoins; I was in one of those hearings. The upcoming hearing, for example, on the role of the dollar, and the strength of de-dollarisation coming up on June 7. And I think that policy conversation will produce ultimately legislation and my hope is that that legislation is not so light-touched that more and more people and consumers are harmed but that it is sufficiently acknowledging a principle base that enables competition, a level-playing field, and the pathway to the billion users that remains very illusive for crypto but very important for the world. On a final note, how can my readers connect with you? What are your hobbies? Well so for one, I guess they could follow my work, my writings, and my other hobbies on my personal website which is www.dantedisparte.com. I have written hundreds of articles, a number of book chapters, and a book on global risk. In fact, the things that keep me awake at night probably have less to do with the future of money and payments and more to do with the state of the world. There is a lot of complexities in the world and unless we encourage innovation and the whole of society's approaches to solving big complex issues like the Covid-19 pandemic and other then we should all be concerned.  Those are some of my personal preoccupations but I promise you I’m a fun guy to be with. Articles Dante referenced in this interview: https://www.forbes.com/sites/dantedisparte/2019/05/20/why-enterprise-blockchain-projects-fail/?sh=ec4655b4b96b https://www.project-syndicate.org/onpoint/us-digital-currency-race-private-crypto-sector-secret-weapon-by-dante-alighieri-disparte-2021-07 https://www.forbes.com/sites/dantedisparte/2018/03/28/when-we-stop-talking-about-blockchain-we-can-change-the-world-with-it/?sh=489847c91037

The US and Crypto Mass Adoption: Insights from Circle's Chief Strategy Officer, Dante Disparte 

In just three years, the total supply of stablecoins has grown 10x to today. Stablecoins have emerged as a keystone of the crypto ecosystem, providing stability and a store of value in contrast to the volatility of much of the crypto world. We’ve seen a and the ecosystem has expanded dramatically, accounting for a majority of crypto trading and capturing the attention of regulators and policymakers across the globe. more than $130B cambrian explosion of stablecoin issuance and designs We’ve seen a newly passed regulatory framework in the , and plans to do the same in , and . Some of you may have missed a by the US House Committee on Financial Services which was overshadowed by before the same committee on SEC oversight, where he expressed his views on the SEC’s overly broad role in regulating crypto assets. The hearing on stablecoins, however, held a more constructive and objective tone which highlighted — in this author’s opinion — a much more pivotal issue for both US and global capital markets. EU Singapore Hong Kong the US recent congressional hearing on stablecoins Gensler’s frightening (and frankly embarrassing) testimony In this article, we will explore how stablecoins work, some of the issues discussed in the recent stablecoin hearing, and why a properly regulated US stablecoin is a win-win across the globe. HOW STABLECOINS WORK How do stablecoins work? And more importantly, how do stablecoin issuers make money? To answer that, we’ll begin with a brief overview of the stablecoin market and a quick explanation of the main classifications of stablecoins. Stablecoins can be taxonomized into three main categories: fiat-collateralized, crypto-collateralized, and algorithmic, i.e. non-collateralized. are the largest by far, and include stablecoins like Tether, USDC, and BUSD. They are backed by reserves of , which are tokenized (minted) on-chain by an issuer who manages the cash reserves. You can think of them similar to a bridge between Ethereum and BNB Smart Chain, except in this case the bridge is between the traditional fiat network and a blockchain network. include stables like DAI and FRAX, which are completely on-chain and backed, and usually over-collateralized, by reserves of cryptocurrencies like ETH, BTC, and other stablecoins. are a blanket term for an entire host of non-collateralized stablecoin designs that rely on mathematical relationships, often rebasing or seigniorage algorithms, to maintain price stability (beyond the scope of this article). Examples include the infamous TerraUSD, which was behind the catastrophic downfall of LUNA and Do Kwon. Fiat-collateralized stablecoins cash or cash equivalents Crypto-collateralized stablecoins Algorithmic stablecoins In this article we will focus on the former (fiat-collateralized), as it and is the most likely to gain acceptance with regulatory frameworks around the world. It’s worth it to note that is denominated in US Dollars. This is an important and far-reaching dynamic that speaks to the sheer global demand of the US Dollar and of which we’ll explore in further detail. accounts for over 90% of the market over 99.8% of the stablecoin market HOW STABLECOIN ISSUERS MAKE MONEY Stablecoin issuers take US Dollars from investors, exchanges, and businesses and issue them as which are redeemable at any time for their equivalent in USD. The issuers invest most of those US Dollars into short-term US treasuries, i.e. T-Bills. Holding T-bills provides yields to the holder at an implied interest rate that is in large part determined by the Federal Reserve. Currently that interest rate stands at around 4.5 to 5%. Despite what you may have heard in media echo chambers, treasuries are still considered some of the safest assets in the world, and “short-term” maturities ensure that the investment remains relatively liquid. It acts similar to a money-market fund (with key differences however), which lately has been the . dollar-pegged tokens on various blockchains SECs angle for declaring stablecoins a security In essence, stablecoin issuers take your dollars, put them on the blockchain, and get a risk-free return of around 4 to 5% by holding those dollars in treasuries. THE BIG FOUR Like the Big Four of accounting firms, there is also a Big Four of stablecoins. USDT, USDC, BUSD, and DAI dominate the market, representing 94.5% of all stablecoins in circulation. The market caps can be seen below. Of the four, the three largest are collateralized by US Dollar cash and cash equivalents. DAI is the only one NOT fiat-backed, though a large part of its cryptocurrency collateral is , meaning even as a crypto-backed currency it still maintains significant, albeit indirect, exposure to US Dollar cash equivalents. Of the four largest stablecoins two are domiciled in the US, and explaining the history and dynamics of the different issuers will help us understand why the US should continue to tactfully foster the domiciling of stablecoin issuers. in USDC is the largest by both market cap ($80bn) and volume. Much of this can be attributed to its use as a collateral asset for leverage trading on Binance and has enjoyed first-mover advantage in the space - having been founded in 2014 by a trio that includes none other than Brock Pierce (you may remember him from or his bizarre ) but was quickly purchased in 2015 by Hong Kong-based iFinex, owner of the Bitfinex exchange, where it’s early integration with Tether helped catalyze its early dominance. Since then, usage of US Tether has exploded, but not without its share of . According to Tether’s , it holds $67 billion (as of Q4 2022) in 1:1 fiat collateral - though the reports are vague and do not include CUSIPs i.e. US Treasury IDs or granular breakdowns of asset categories (including a vague category labeled “Other Investments - Including Digital Tokens”). Its banking partners are mainly domiciled in and a major and understandable concern with Tether has been a lack of transparency and oversight which has led to multiple allegations of and . US Tether (USDT) The Mighty Ducks presidential run continued controversy quarterly reserve reports the Bahamas falsely stating reserves market manipulation is the second largest by market cap ($30bn) and volume. USDC is issued by Circle . Its reserves are , holding 5.2bn in cash at reserve banks, and 25.5bn in short-dated US Treasuries. Balances are held and managed by US-domiciled institutions (BNY Mellon and BlackRock respectively), full audits are performed and by Deloitte, and reserve composition is updated on their site daily. Circle was a recent victim of the Silicon Valley Bank ordeal, where they had . Bankruptcy fears on those non-FDIC insured deposits caused over and a . USDC is mainly used in DeFi, as opposed to USDT which has most of its presence on centralized exchanges like Binance. USD Coin (USDC) in collaboration with Coinbase much more transparent publicly attested to monthly held over $3bn of their reserves $1bn in redemptions temporary depeg from its $1 value that took social media by storm is third largest ($6bn market cap), though quickly losing steam after their announcement to . BUSD is issued by Paxos in conjunction with Binance, but have recently ended their relationship after and the . BUSD is almost exclusively used on the Binance exchange with some volume on DEXs. Its drop in market cap from $20bn at the end of 2022 to $6bn today is a stark reminder of the influence our regulators have on the crypto ecosystem and highlights the need for retail awareness and a clear regulatory framework. Like USDT and USDC, Paxos collateralizes BUSD with cash equivalents like . Binance USD (BUSD) halt minting of new BUSD tokens a recent crackdown by the SEC New York Department of Financial services short term US treasury debt and reverse repo agreements is an outlier in the Big 4, as it is the only stablecoin here that is purely on-chain and backed by cryptocurrencies rather than fiat. Essentially, users can create dollar-pegged DAI by depositing cryptocurrency collateral like Ethereum. A smart contract then generates an amount of DAI, usually less than the collateral’s market value in order to create a buffer against volatility in the collateral’s price. If the market value of the collateral drops below a certain point, it is publicly available to be sold to someone else in an action called “liquidation”, where the user’s collateral is transferred to the liquidator at a discount, in return for settling the user’s debts. It was created by MakerDAO with a full suite of on-chain governance mechanisms to move the different financial levers used to manage the ecosystem. It is a wonderful example of decentralized stablecoin issuance, but is worth noting again that much of its reserves are in USDC, which creates some exposure to a centralized entity (Circle in this case). DAI WHY A US DOMESTIC STABLECOIN ISSUER IS IN THE WORLD’S BEST INTEREST We've seen a continued and unequivocal dollarization of crypto. Why? Because the dollar is STILL the most stable. Pundits and a frenzied media often misrepresent the idea of the US dollar losing value, but a cursory glance of the DXY (US Dollar Index) tells a different story *see below. Contrary to popular belief the dollar is actually in even HIGHER demand both domestically and globally, and doubly so in the world of crypto. Countries need dollars around the globe to transact and shore up capital positions to match growth in GDP and trade. Any dollars that are “printed” are inevitably absorbed, both domestically and globally. What recent media has been perpetuating is the idea of , which is often misunderstood to be an inflation of the dollar - however the data actually shows the opposite. What’s “inflating” is actually the , a basket of goods meant to be a normalized representation of how expensive or inexpensive things are getting. The recent domestic (US) inflation scares have been caused in part by a large money injection during COVID but more so by supply chain shocks caused by a global shut down, of which we are still feeling the effects today. The large money injection was (wrongfully) expected by the Fed to flow into household savings based on previous data. However, what we did as a whole was ape into memecoins, stonks, and Amazon Prime - causing a huge spike in asset prices and driving an excess of demand into a shortage of supply. inflation Consumer Price Index or CPI This is all to say that the US dollar will continue to dominate crypto, and especially DeFi, for the foreseeable future. Ask anyone in the crypto space around the globe about the prices of Bitcoin, Ethereum, Lunr 😏, or god forbid Floki Inu - and the likely response will be denominated in dollars. For regulators, this means that despite what consensus is on the Hill, the demand for the dollar within the crypto ecosystem will only continue to grow for the foreseeable future. If you’re one to believe that history is any indication of the future, all you need to do is look at the overall growth trends in the crypto and stablecoin ecosystems ( , , , , ). As this emerging ecosystem of decentralized capital and computation grows, the demand for dollars will grow right alongside it - and the US can either service this demand domestically, or leave it up to other jurisdictions that may not be as transparent or aligned with US ideals. Not to mention the US still needs net buyers of treasuries! You may have seen reports of “de-dollarization” or how Asia and Japan are slowly off-loading treasuries. Much of this has to do with the recent COVID-induced slowing of their economies, but much of these treasuries are being , still another form of exposure to the US dollar but without the desired controls and issuance of US regulators (look up ). If US regulators really want to maintain controls over dollar policy, more debt in the form of US Treasuries (held by stablecoin issuers) is in their best interest. US regulators like OFAC may also have concerns over AML/KYC controls. A domestically regulated stablecoin issuer will allow for the ability to regulate who and how those dollars are redeemed. The US would have no controls over dollar redemptions with for example, Tether, who is headquartered in CCP-controlled Hong Kong and banked in the Bahamas. market cap active wallet addresses stablecoin volumes developer activity media penetration converted into dollar bonds Eurodollars For users, a US domiciled stablecoin issuer will mean a more liquid, transparent, and regulated capital market in crypto. With fully regulated and transparent reserves held in highly regulated US institutions, users should have more confidence in the backing of the reserves, as well as the availability of the dollars to back those reserves (as dollars are issued domestically). Imagine if we found out that an opaque issuer domiciled in a jurisdiction free from enforcement had been misrepresenting deposit reserves and double printing, or you weren’t able to redeem for dollars (either out of mismanagement or outright refusal to do so). There would be no recourse for the average user, and cause a cascade of systemic failures in DeFi which would likely result in a negative feedback loop of dropping asset prices and trust in the ecosystem. Like traditional finance, most of crypto’s market value is predicated on confidence. US Regulators and the financial system haven’t always been perfect, but it is still among the best alternatives for financial systems with the ability to scale at a global level. TAKING THE OTHER SIDE You might argue that it’s pretentious to assume the US dollar should remain a reserve currency. I argue that until we have a (Bitcoin? Hint hint) that is widespread enough to facilitate global trade, we have no other choice. The merits of being a global reserve currency have costs and its pros and cons are widely debated. . neutral supranational currency Arthur Hayes (founder of the BitMEX exchange), argues that countries like China, whom many have assumed want to provision the next reserve currency, actually do NOT want the responsibility and would rather have a more diversified currency dynamic As a regulator, you might argue that we can’t afford to have capital flowing to other assets and financial instruments that don’t have controls that are operated and overseen by the US. I argue that onshoring stablecoin market share actually brings MORE deposit flows into the very assets that the US has the most control over (Treasuries), given the dominance of the dollar-denominated stablecoin in the crypto world. Domestic stablecoin issuers would also allow thoughtful, regulated control systems to ensure that dollars are not redeemed by nefarious actors and criminals. Regulators might also argue that stablecoins allow for a growth of unregulated credit and lending in a decentralized space. I argue that until we have robust markets for physical goods and digital necessities using crypto as a substrate, this expansion of credit is largely if not entirely limited to the crypto ecosystem - and worse comes to worst - the value of this credit creation, however large it might be, falls back to the reserves held (hopefully by vetted, US-domiciled institutions). Crypto die-hards and libertarians may also point to the fact that in its current form, fiat-backed stablecoin issuance is not truly decentralized and represents another middleman (the very thing we set out to destroy!). I argue that while this is true, it is a necessary step for the continued development of crypto, and a necessary step towards a conducive regulatory environment (imagine regulation for crypto-backed stablecoins being passed before fiat-backed, yeah right). Regulation and development of bottom-up systems is not a linear process. For those who ask why we should have any regulation at all, I would counter by asking for an example of any populous society or large financial system that works or has worked well without thoughtful regulation. It’s far from perfect, but the reason the US financial system is so robust is in large part due to the regulations that make it trusted and open for everyone. TL;DR The rise of stablecoins has been off the charts 📈 , regulation is taking a larger role on the political stage, and it is becoming increasingly clear that a properly regulated US stablecoin is a win-win for global capital markets.. The demand for the US dollar remains strong regardless of US policies and the US can either embrace this demand domestically or risk leaving it in the hands of less transparent and aligned jurisdictions. A US domestic stablecoin issuer would provide users with a more liquid and regulated capital market, ensuring confidence in the backing of reserves and the availability of dollars. Onshoring stablecoin market share brings more deposit flows into assets like US Treasuries, providing the US with greater control and aligning with current monetary directives. Thoughtful (looking at you Gensler!) regulation can address concerns of unregulated credit and lending and capital outflows, and while fiat-backed stablecoins may not be fully decentralized, they are a necessary step in the development of the crypto ecosystem and conducive regulatory environment. Some people and agencies to follow moving forward for stablecoin regulatory developments: , Chairman of House Financial Services Committee (R-N.C.) Patrick McHenry , Chief Strategy Officer and Head of Global Policy for Circle Dante Disparte U.S. Senator (R-WY) aka “Crypto Queen” Cynthia Lummis , Partner at Zero Knowledge Consulting and Adjunct Professor at Columbia Austin Campbell , House Rep (R-OH) Warren Davidson (NYDFS) New York Department of Financial Services U.S. House Financial Services - Dems U.S. House Financial Services - GOP Author: Toby Fan, Web3 Strategist @ LunarCrush | Twitter LinkedIn Toby Fan is Head Web3 Strategist at LunarCrush, which provides real-time social media data on crypto, NFT, and traditional equities. He is a graduate of UC Santa Cruz, where he double majored in Econometrics and Information Systems and helped lead departmental research on commodity market dynamics in China and the US. Toby is also an active contributor for Coinmonks ( ) and a member of the BlockBrosDAO. https://medium.com/@tobyornottoby

From Stablecoin Surge to Dollar Domination

Despite heightened volatility in the crypto market, the first quarter of 2023 has ended on a good note. In this article, we’ll review developments in the crypto market and macro environment and provide predictions for the next quarter. Bitcoin: Entering into consolidation after a strong rebound The crypto market performed strongly in Q1 2023, with the total market cap growing by 49% to $1.19 trillion. Bitcoin ( ) rose 72% and closed at $28,440, while Ethereum ( ) rose 53% and closed at $1,827. This upward trend was driven by multiple factors, including tightened monetary policies and the bank crisis. However, indicators, such as increased outflows from and capital outflows from exchanges, show that this trend may not be sustainable. BTC ETH stablecoins BTC rebounded after testing the support at $15,000 in Q1. Into a new quarter, BTC is also entering a new journey in terms of weekly and monthly lines. We applied the Donchian Channel (“DC”) indicator to assess the volatility of the market. (The indicator consists of an upper band, a lower band, and a middle band which usually represents the 20-day high, 20-day low, and the average respectively. When the prices are stable, the Donchian channels will be relatively narrow, and when there is heavy price fluctuation, the indicator channels will be wider. The indicator is helpful for determining buy and sell signals. When prices break above the upper band, traders might interpret it as a buy trade. When prices break below the lower band, traders might interpret it as a sell trade.) judging from the DC indicator, the weekly line of BTC still goes below the middle band of $320,000 and it has been slightly fluctuating for over two weeks after the strong rebound. It seems that BTC is still in a post-rebound consolidation phase at the weekly level. Meanwhile, the Average True Range (ATR) indicator has emerged from a long-term downtrend, but is still at a low point in the cycle, indicating that the market is still in consolidation. Therefore, by combining the two indicators, we believe if the weekly line breaks meaningfully above the middle band, while the ATR indicator also reverses and breaks through, then it means that BTC will enter a strong upward phase, and it is advisable to enter the market at an appropriate time. Weekly Chart: The monthly line of BTC has just experienced three consecutive bullish candles, but it has yet to reclaim the loss from last June when BTC started at $35,000. Combined with the centreline of the DC indicator in the weekly chart, we believe $32,000 might be the next major resistance level. Applying the DC indicator, we can see the monthly line of BTC is still under the middle band but is high above the lower band. Meanwhile, the ATR indicator continues to be in a long-term downtrend. This means an immediate reverse might not be in sight. Monthly Chart: For the quarter, BTC achieved a strong rebound with a nearly 80% increase. This is a good signal for long-term investors, indicating that the quarterly trend has reversed and will enter a new phase of sideway consolidation. US Stocks: Unpredictable due to macro uncertainties US stocks’ performance in the first quarter was in line with expectations with fundamentals and technical indicators both in bullish mode. Firstly, the Personal Consumption Expenditures (PCE)’ s below expectation year-on-year increase of 5% indicated mitigated inflationary pressure, which boded well for the stock market. Secondly, the US economy remained strong and corporate profits continued to grow, providing support for the rebound of US stocks. Thirdly, the employment rate looked good, which gave American companies more opportunities. And in the policy front, the Federal Reserve’s change of attitude also contributed to reducing downward pressures on the market. In Q1, the S&P 500, Dow Jones, and Nasdaq all performed strongly with the Nasdaq leading the increase due to the outperformance of tech stocks. and shares both increased by over 60%. On the contrary, bank shares underperformed badly. Both the KBW Nasdaq Bank Index and the KBW Nasdaq Regional Banking Index suffered declines. We believe the US economy is at a crossroads in choosing between continued growth in the stock market and an economic recession and one of the largest risks the market will face in the upcoming months will be the US economy falling into stagnation. Meta Tesla The upcoming Q1 earnings season and key economic data releases should have a great influence on the performance of the market, especially the data on cooperate profits and economic growth. The Fed turning more dovish under this backdrop will be conducive to a recovery of the market. It should be acknowledged that the overall rise of the S&P 500 has covered the sluggishness of the whole market and big tech stocks have become safe harbors for investors. Performance of the US stocks in Q2 is unpredictable due to the continued existence of some uncertainties from last year, especially the impact of rate hikes on the US economy. Although S&P 500 has been in sideway movements lately, daily volatility is increasing, making it difficult to assess the true healthiness of the market. As S&P 500 companies successively release their Q1 earnings, we believe the EPS predictions will be reduced. Also, we think the trend of narrowing profit margins might continue till the end of the year before restoring growth. US Bonds: To suffer from accelerated de-dollarization The US 10-year Treasury yield often stays in long-term downtrends, but every time it rises to the upper edge of a downtrend channel, a global financial crisis occurs. This time, the speed and degree of its upward breakthrough were unprecedented in 40 years. At present, the yield curve of US Treasuries is rapidly turning positive, which could be a harbinger of a US economic recession. The UK and the Euro-zone were major buyers of US Treasuries, while Japan and Korea pulled money out of the market “unwillingly” and China continued to cut holdings. We believe, in the second quarter, international capital inflows into the US will further slow down and foreign purchases may even register net decreases. Influenced by the recent banking crisis, investors’ expectations for the US 10-year Treasury yield for the next three months should move downward, but the mainstream opinions will still be for it to fluctuate within 3.4%~3.6%. According to the Treasury International Capital report, at least 16 countries sold US Treasuries in January this year, including China, Belgium, Luxembourg, Ireland, Brazil, France, Saudi Arabia, Germany, Mexico, Israel, Kuwait, Colombia, Sweden, the Bahamas, Vietnam, and Peru. This trend reflects the growing recognition of the adverse effects of the debt-based economic model of the US. The monetary authorities of various countries are now well aware of the unreliability of the US debt being a core asset backing the US dollar. And the trend is also in line with our predictions made back on October 18, 2022, which says that “the Federal Reserve’s aggressive rate hikes and the rapid appreciation of the US dollar will further accelerate some countries’ de-dollarization and process of getting out of US treasuries”. US Dollar: Weaponized in the global financial market The US non-farm payroll data for March released on April 7 was better than expected and showed the labor market to be resilient. Meanwhile, the Consumer Price Index (CPI) report released on April 12 showed inflation slowed again. Although the market’s concerns over the vulnerability of the US Dollar Index increased, considering that economic activity is at a reasonable level and inflationary pressures subsided, we believe the Fed’s tightening monetary cycle might be close to the end. Previously, the Fed’s aggressive tightening policy has resulted in huge capital inflows, leading to a global US dollar crunch. While the USD dollar crunch intensified, it did not lead to liquidity risks. And in the first quarter of 2023, global capital flows into dollar-denominated assets have slowed. Therefore, we believe the US Dollar Index might drop to the lowest level within the year in the coming weeks and remain sideways afterward. Most importantly, the Russia-Ukraine war has made it clear to people in the US dollar system that US dollar reserves can be frozen by the US. The gradual uncoupling from the US dollar and multi-polarization will be the trend in the global financial market. If the importance of the US dollar system declines, its competitors will become more important and at least one strong currency will emerge. Conclusion: BTC is on the way back to above $32,000 We believe as some countries’ fiat currencies collapse due to debt crisis, BTC will demonstrate its power to challenge the incumbent debt-based financial system. As long as the debt size keeps increasing, BTC will command an increasingly larger proportion as a source of capital in the debt recycling pool. In the second half of 2023, we predict that BTC will rise to above $32,000 thanks to the following catalysts: A slowdown in inflation; Mitigation of energy issues; Ceasefire in the Russia-Ukraine war; The reverse of the M2 supply trend. The above factors will collectively drive the beginning of a new bull cycle. We believe consumers will gradually see Bitcoin as a store of value and a hedge against M2 inflation instead of a direct hedge against CPI inflation. Particularly in the middle regions of emerging markets that are fraught with frictions from multi-polarization, BTC will become one of the perfect natural alternatives for US dollar dominance. Meanwhile, if the US economy falls into a recession in one of our expectations, the Fed will probably halt rate hikes and there will continue to be an oversupply of money and deficits in government budgets. We maintain the view expressed in our last year's article that the YoY growth of CPI might drop to below 5% by the middle of the year while the unemployment rate might continue to rise, providing the Fed with the best reasons to stop rate hikes. This round of global dollar crunch exposed inherent defects in the incumbent international monetary system. Combined with the influence of geopolitical factors, we believe it will facilitate the move towards a multi-polarized international monetary system. As competitors of the US dollar system have less power and discretion than the controller of the US dollar system, the possibility of their fiat currencies being weaponized by a few authoritarian politicians is fundamentally eliminated. In this context, Bitcoin’s narrative as a fully stateless currency makes it a more reasonable choice. The large-scale adoption of Bitcoin will significantly lower the possibility of conflicts among political interest groups. In summary, we believe we are at a critical turning point in the economic cycle, and while the Fed focuses all its attention on managing economic growth and inflation, it will face even greater challenges when unpredictable crises occur in the economy. In that situation, if there is no particular negative news for cryptocurrencies, BTC will be able to return to above $32,000.

Q1 2023 Market Analysis: Will Bitcoin Rise Against USD and Above $32,000?

Análisis de mercado del primer trimestre de 2023: ¿Bitcoin subirá frente al dólar estadounidense y por encima de los 32 000 dólares?

Analyse du marché du premier trimestre 2023 : Bitcoin augmentera-t-il par rapport à l'USD et au-dessus de 32 000 $ ?

Q1 2023 बाजार विश्लेषण: क्या बिटकॉइन यूएसडी के मुकाबले और $32,000 से ऊपर उठेगा?

2023 年第 1 四半期の市場分析: ビットコインは米ドルに対して上昇し、32,000 ドルを超えるか?

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2023 年第一季度市场分析：比特币兑美元汇率会上涨并突破 32,000 美元吗？

The development of digital technology was an innovative breakthrough at the intersection of finance, which was the foundation for the creation of and cryptocurrencies. Recently, many crypto-industry experts talk and argue about cryptocurrencies, but often overlook the fact that the phenomenon of cryptocurrencies and blockchain technology has demonstrated many new possibilities in finance, one of which is the Central Bank Digital Currency (CBDC). blockchain technology This article will shed some light on what CBDCs are and what role they play today. In addition, we will look at the essential advantages and significant disadvantages of this technology and find out which countries are developing CBDCs today and their practical implementation chances. Ultimately, you will learn what the future holds for CBDC technology. KEY TAKEAWAYS CBDC is a third form of state money, a digital form of the national currency denominated in the national monetary unit and serving as a means of payment and account measures to regulate the exchange of value and preserve value. On the one hand, CBDCs can reduce the issue of national currency and the level of dollarization in the world, but on the other hand, carries the risk of cybercrime. It is assumed that the introduction of CBDC will help improve the financial stability of financial institutions and payment systems, which will completely transform the existing economic structure. What is CBDC and What Role Does it Play Today? , or Central Bank Digital Currency, is a financial instrument that continues the development of cryptocurrency and blockchain technology with some limitations and is intended for implementation in the state economic system. This digital currency is an alternative version of the paper and non-cash money in the territory of a state. Among other things, it serves as a measure of value, accumulation, and payment system. CBDC There are many applications for central banks (CBs) to use blockchain technology in their operations, from optimizing the settlement of securities markets to issuing bonds and managing cash flow. However, one of the key applications of distributed ledger technology for central banks is the issuance of central bank digital currencies, which can be used in both national retail and cross border payments. The issuance of involves the modernization of existing technologies of providing central bank settlement and payment services, as the introduction of a new form of money into international monetary system circulation, leading to increased efficiency in the functioning of modern financial systems. CBDCs The widespread introduction of central bank digital currency may lead not only to global changes in payment, clearing, and settlement mechanisms but also affect the composition of the monetary base and the structure of the money supply, change the functions of commercial banks, and the competencies of central banks in the financial and payment systems, and have to influence the conduct of monetary and macroprudential policies. Important Advantages and Significant Disadvantages of CBDC Technology CBDC, like any other technology, has its advantages and disadvantages, as well as many distinctive features that allow it to gain confidence from different states already engaged in creating the digital analogs of their national currencies. Being a digital form of the national currency of a single state, CBDC technology is designed to improve the financial system due to the following advantages. Advantages of CBCD Technology Let's start by looking at the merits of the technology, which is intended to change the idea of what digital money is. Reducing the Number of Banknotes in Circulation Today, every country in the world has its own currency, which is used for mutual settlements between states, companies, and even ordinary citizens. The state of each country independently calculates the amount of currency to be issued and, in accordance with certain criteria, regulates this volume. Introducing CBDCs into the economy will help to significantly reduce the amount of paper money in circulation and eventually completely replace cash with digital money. Decreasing Dollarization of the World Economy The U.S. dollar today is the strongest and most widespread currency in the world, used to pay for all kinds of services and goods and for cross-border transfers. Such massive use and stability of the dollar are due to the historical crisis of many countries that could not pay their obligations in local currency. CBDCs will help to reduce the involvement of the dollar for mutual settlements, as other countries in the world will have the opportunity to strengthen their currency, which will be more reliable and stable in digital form . Financial Stability CBCDs, by their nature, are a digital alternative to existing fiat currencies, many of which are so resistant to various financial crises that they almost always object to investing and saving capital, indicating that they are financially stable regardless of the political or economic situations in the world. Moreover, unlike Bitcoin, the issue of central bank money has no restrictions, which creates the preconditions for their use as a reliable tool for insurance, investment, and risk hedging. Disadvantages of CBCD Technology Now let's look at a few significant weaknesses of CBDCs. Capital Outflow from the Banking Sector Being a highly liquid and risk-free asset, the new currency may begin to compete with deposits in large, systemically important commercial banks. These banks are positioned as the most stable and, therefore, can offer relatively low deposit rates. With near-zero nominal interest rates, even if no interest is paid on the central bank’s digital currency, hypothetical CBDCs could become an alternative to many fixed-income investments and thus make the central banks a competitor to commercial banks in terms of attracting liabilities. Cybersecurity Risks Cybercrime has become a massive problem with the advent of distributed ledger technology. Today, many areas of development of this concept are going through difficult times because attackers have come up with new ways to hack and deceive investors to get tokens, crypto assets, or other financial instruments. Unfortunately, CBDCs are no exception and cannot guarantee 100% safety of funds in either the public or private sector, at least at the moment. Novelty Technology Even though the economic progress of many countries is moving rapidly towards a complete transformation of the financial system, particularly in the public and banking sectors, the economic situation of many countries leaves much to be desired. It does not allow the creation of the infrastructure for implementing the launch and maintenance of CBDC technology. This can become a stumbling block on the way to digitalizing the economy and mutual settlements between financial institutions. CBDC vs. Cryptocurrencies: Which Technology Will Dominate the Future? Conducting a comparative analysis between cryptocurrency assets and CBDCs, we can conclude that these two technologies are very similar, but they are designed to perform completely different tasks. The main difference between CBDC and cryptocurrencies is centralization. CBDC operates under the supervision of a single supervisory authority. That is, the central bank controls its issuance and circulation. Meanwhile, cryptocurrency does not fall under the direct influence of financial regulators. If cryptocurrency uses consensus algorithms to validate transactions, CBDC does not need a blockchain to work effectively because the central bank will validate transactions. CBDC is a new payment instrument characterized by absolute centralization, closed (we cannot see all transactions in the blockchain, only the Central Bank), and a lack of anonymity. Cryptocurrencies are the opposite of CBDC because it is characterized by decentralization, transparency, and anonymity. Moreover, CBDCs still need to solve the main problem of fiat money – inflation. The issuance of new units of CBDC, just as with traditional fiat, is fully controlled by the central bank. That means no halving and burning of tokens, no impartial smart contracts. Thus, CBDC is not a competitor for cryptocurrencies, and it cannot be unequivocally stated that central bank money will be able to displace cryptocurrencies anytime soon. The reason for this is straightforward – cryptocurrency exists in a different plane – a parallel financial, non-state system and is completely decentralized. It can be assumed that the CBDC technology will not only not be able to force crypto assets out of the financial system but also will increase financial inclusion, becoming a catalyst for even stronger development of the crypto market and the influx of even more new users who are not ready to accept the total control of the central bank of the country. FAST FACT According to the as of 2023, 20 countries in the world are actively developing CBDC and are going to introduce the technology into their financial system soon. research Which Countries are Developing CBDCs and What are the Chances of Practical Implementation? CBDC today is a new, immature concept, the mere expediency of which is still debated among experts in both the crypto industry and other financial fields. Many rightly believe that the elaboration and implementation of CBDC are extremely premature. Others argue that this technology will become a life jacket for the global economy, especially in times of crisis. However, there are already countries today that are actively developing their own CBDC infrastructure in order to keep pace with progress. Below is a list of some of the most ambitious of them. Bahamas In October 2020, was issued by the Central Bank of the Bahamas. It was the first nationwide CBDC in the world. In the Bahamas, part of the population cannot access financial services because it is unprofitable for commercial entities to operate in all areas, partly due to the country's geography, which is divided into many islands. Consequently, an estimated 20 percent of the population still needs a bank account. The Sand Dollar The Sand Dollar is supposed to help improve financial inclusion and strengthen protection against money laundering and illicit economic activity. CBDC users must go through the Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance processes. Nigeria Nigeria became the first African country to launch a CBDC last October. is stored in a digital wallet and can be used for contactless payments in stores, as well as for transferring money. By the end of January 2021, almost 700,000 users had downloaded the eNaira wallet. eNaira China China became the first major economy in the world to try out digital currency in April 2020. The People's Bank of China aims for widespread domestic use of the , or digital yuan, and aims to completely transform the economy through digital assets. According to the IMF, China now has more than a hundred million individual active users transacting in the billion-dollar range. e-CNY Jamaica On August 9, 2021, the Central Bank of Jamaica began issuing its CBDC, the Jamaica Digital Exchange, or . The Jamaican government considers the accelerated transition to a digital society and economy vital to the development of the economy. Also, the state government has stated that the expected benefits of the CBDC include increased financial inclusion, as it will provide another, more easily accessible means of making payments and moving away from financial intermediaries. Jam-Dex Uruguay The Central Bank of Uruguay has launched a pilot project to introduce a national digital currency called . An official statement from the country's central bank stresses that the digital peso will be regulated similarly to the ordinary Uruguayan peso, but will have technological support. e-Peso CBDC Prospects in the Near Future From a theoretical point of view, the emergence of central bank digital currencies can be justified by the key provisions of credit monetary theory and the state theory of money. The need for the evolution of fiat money in general and central bank money, in particular, is determined not only by socio-economic processes associated with the adaptation of modern monetary forms to the changing needs of economic agents but also by the need for the state to maintain control over the issuance of money. Although the introduction of central bank digital currencies does not lead to the transformation of the modern fiduciary monetary system, it symbolizes a new stage in the development of fiat money. For the first time in economic history, universal central bank money, one of modern money's basic components, is digitized. In this regard, the emergence of a new form of money is no less significant than the evolution of their types. The main motives that drive central banks to implement digital currencies for settlements are to increase the efficiency of cross-border payments and improve trade finance tools and capital market settlements. The security and efficiency of retail payments, as well as financial inclusion, are critical reasons for central banks to introduce digital currencies into the future economic system. On the other hand, factors such as maintaining financial stability, maintaining monetary sovereignty, and de-dollarization of the economy also play an essential role in determining the future of CBDC. Conclusion Undoubtedly, the implementation and practical application of CBDC will contribute to the elaboration of mobility and transparency of the settlement system of each country in the world, facilitate mutual settlement processes, as well as allow for investment cooperation. On the other hand, the introduction of CBDC technology will undoubtedly stimulate the development of fintech and increase competition between technologically advanced banks and other financial institutions.

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In this interview, I’ll be speaking with , the Vice President of Capital Markets at DeFi growing ecosystem . He also builds high-end computer systems as a perennial student of IT from integrated circuit design to systems integration. Waseem Mamlouk Nimbus Platform His educational background spans from IT to Finance and even Commercial Law. Today, he’ll give his interesting perspective on the global economy, which includes the ramifications of fiat currencies, the state of the crypto markets, and alternative technologies that would solve the economic problems of today. Hey Waseem, thanks for sitting down with me and doing this interview. Being in the world of digital finance, it would be interesting to know your thoughts on fiat currencies. How have they affected the economy? The dollarization of the global economy has made goods and services, whether in the form of commodities or otherwise, far too expensive for consumers and even businesses. Therefore, global bankers, a.k.a. central bankers, cannot continue printing their way out of trouble every time a crisis occurs. This has led us down the path where we need a more fluid and harder currency that is deflationary as opposed to the inflationary ones we have today. This realization has returned to us many times over the years. Most recently, we had this mass printing in the early 2020s to keep the global economy from falling into a state of depression due to the pandemic, lockdowns, and supply chain shortages. As someone who builds fintech infrastructure like yourself, can you describe the advantages blockchain systems have over traditional finance ones? Moving goods and even currency through the traditional system takes far too long for value exchange to occur, and that is why crypto is now the best solution available. With the various blockchain technologies supporting it, we can track transactions and ensure they’ve been processed correctly. These are all the demands that caused cryptocurrency to come to the forefront nearly 15 years ago, even before bitcoin. Because we already had some other versions of online payments at such time. After this achievement, it was necessary to devise a way to deploy digital assets efficiently, so DeFi became the solution of choice. By the summer of 2021, there was over 70 billion $ already deployed in DeFi as total value locked, and by some accounts, the number reached over 100 billion, bringing us to where we are now. In a situation where the value of fiat currency is no longer supportive of global growth and expansion, and therefore, needs to be replicated and duplicated to meet demand. What are the long-term effects of pricing everything in dollars? The market has woken up to the idea that pricing everything in dollars may be harmful. We even see the dollar price declining correctly against various benchmark currencies, such as the Japanese yen, indicating that alternatives are being sought. As the cost of living continues to rise, the buying power of consumers is declining at an alarming rate. This is notably true for basic necessities, such as housing and durable goods. Economists attribute this phenomenon to the failure of currencies to keep up with inflation, which results in a decrease in the value of money. As the prices of goods and services increase, consumers must spend more money to acquire the same amount of items. This has caused an increase in debt levels, making it difficult for many to have a comfortable lifestyle. In addition, this situation has also led to a widening wealth gap, where those with higher incomes remain relatively unaffected. In comparison, those with lower incomes struggle to make ends meet, which is why US existing home sales are decreasing: US Existing Home Sales Decrease Today’s market is fraught with uncertainty for several reasons. Still, especially with crypto, we see many market participants simply unable to make decisions and gripped by the fear of making a mistake or falling victim to a deceitful or insolvent lending scheme. What type of blockchain-based solutions are you introducing, and how will it benefit society today? We bring the best existing financial solutions and implement it via blockchain which makes it more accessible and efficient through smart contracts. Even users with a small amount are welcome. Our solutions are built for all users, from everyday people to those experienced in blockchain. At Nimbus, we provide an easy and quick access point to DeFi’s best products. Our platform hosts 15 unique revenue streams, including yield-generating NFTs, the very first of its kind. Nimbus also prioritizes safety as it’s the first globally regulated DeFi institution under a central bank’s jurisdiction.We’ve been active in the market since 2020 and have maintained a positive track record throughout. Now we’re researching and planning to move forward with the development of synthetic assets. They can hold the same value as any asset in digital format. They’re also placed within the hands of the holders, which is the best available solution known to man. It has been a long time coming, and we did our research. The journey via NFTs and other instruments served as vehicles for exchanging value for some time. But now, with synthetic instruments, we can create an expanded customer base and add clients to the products, while allowing the issuer to enjoy a diversified field of market participants that benefit from their investment opportunity. Synthetic products allow companies to reach more users, especially those who previously didn’t have the ability to invest in synthetic derivatives of real-life companies. They can now do so with ease. Lastly, our commitment to supporting the unbanked, over a billion people worldwide, remains evident throughout everything we do. The Bitcoin price dropped by nearly 65% in 2022, and the general crypto consensus isn’t quite positive. What would it take for cryptocurrency to be soaring again? The Federal Reserve has recently pivoted back from a Hawk to a Dove status, which signals that they will keep interest rates steady or even cut them. This shift in policy has direct implications for the cryptocurrency market, as it is seen as a sign of economic stability, and therefore encourages investors to purchase digital currencies. The pivoting of status is beneficial for the crypto market, as it shows that institutional investors are willing to put their money into digital assets, which can lead to further growth in the industry. Moreover, a lower interest rate environment increases the appeal of crypto relative to other asset classes, allowing more investors to take advantage of the market’s volatility.

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