Why Eurasian Debt, Economic Uncertainty Make a Bull Case for Bitcoin
Marie Huillet's original article for cointelegraph.com reduced by 48%%
Bitcoin bulls will no doubt keenly watch talk of the need for "a new, neutral global reserve asset" at the heart of the traditional financial sphere. Financial Times business columnist and associate editor Rana Foroohar published an opinion piece on Nov. 25, pointing to the renewed, half-justified "Paranoia" of the "Gold bugs," which has only been compounded by comments from investors and central bankers in recent weeks.
While she does not put her faith in gold itself, the very talk of gold points to a systemically fragile post-2008 horizon and the new urgencies ushered in by an era of acute geopolitical uncertainties. "The gold stock can serve as a basis to build it up again. Gold bolsters confidence in the stability of the central bank's balance sheet and creates a sense of security." The world's 58th wealthiest person - billionaire investor and hedge fund manager Ray Dalio - echoed this at the Institute for International Finance conference this fall, raising the possibility of a potential flight to gold should America's global creditors betray any signs of jitteriness.
The need for an asset "That's not somebody else's liability" - in Dalio's words - points to gold or something else altogether. Parallel to Dalio and the DCB this October, Cameron Winklevoss - one half of the eponymous family office Winklevoss Capital and co-founder of the Gemini crypto exchange - argued that, in serving as a "Source of Truth," Bitcoin can offer benefits that aren't confined to being a safe-haven asset or mere "Digital gold..
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CN [too long; didn’t read]
Summarised crypto news.