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According to hedge fund manager Mark Yusko, banks take $7 trillion dollars out of the system every year. The advent of triple entry accounting with blockchain means that banks are becoming redundant. Banks fight dirty Founder of Morgan Creek Capital, Yusko recently gave an interview in which he gave a portrayal of the banks that isn’t often heard. He stated that banks have paid more in fines for criminal acts such as fraud and money laundering than the entire market cap of Bitcoin. He affirmed that banks are extremely worried about crypto and blockchain technology because it heralds an end to their existence, given that the middle man is now no longer needed. He said: “We (the banks) skim $7 trillion a year out of this system. It’s 6 to 8% of GDP that goes to the banks for trust - but we can replace trust with truth.” Yusko is of the belief that the FTX collapse was actually orchestrated in order to bring controversy to the crypto industry and allow US regulators to react by launching an aggressive onslaught against the crypto sector. He believes that the banking industry, in charge of money for hundreds of years, is in league with regulators to cripple the crypto industry so that it can continue its hegemony over printing money. Yusko expects the banks’ fight against the crypto industry will carry on for the next few years before the obvious advantages of crypto and blockchain are finally recognised and given government support. How the incumbent fights the newcomer An example of an antiquated and embedded system that seeks to suppress and cripple a new and better system is given by Yusko. He points to when cars were invented and how the incumbent transport system of the horse and buggy sought to do just this in the late 19th century. Reportedly there was collusion between those seeking to protect the horse and buggy system, and the regulators. Ridiculous and onerous rules were imposed on cars that forced them to have someone walking ahead of them holding a red flag. In addition, three persons were required by law to have charge of a vehicle, and additional persons were needed if wagons or carriages were attached. These harsh and exacting laws were in place for 30 years before being repealed, and technology was finally allowed to progress. Imposition of CBDCs According to Yusko, banking is attempting to do the same thing against crypto. He believes that moves are afoot to impose central bank digital currencies on citizens, forcing their use. Yusko said of CBDCs: “If you haven’t watched Agustin Carstens (Head of the Bank for International Settlements) talk about what a CBDC actually is - and of course the central bank should control how, when, and if you are allowed to spend ‘your’ money - it’s one of the most chilling 1 minute and 47 seconds that you’ll ever watch.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

According to hedge fund manager Mark Yusko, banks take $7 trillion dollars out of the system every year. The advent of triple entry accounting with blockchain means that banks are becoming redundant. Banks fight dirty Founder of Morgan Creek Capital, Yusko recently gave an interview in which he gave a portrayal of the banks that isn’t often heard. He stated that banks have paid more in fines for criminal acts such as fraud and money laundering than the entire market cap of Bitcoin. He affirmed that banks are extremely worried about crypto and blockchain technology because it heralds an end to their existence, given that the middle man is now no longer needed. He said: “We (the banks) skim $7 trillion a year out of this system. It’s 6 to 8% of GDP that goes to the banks for trust - but we can replace trust with truth.” Yusko is of the belief that the FTX collapse was actually orchestrated in order to bring controversy to the crypto industry and allow US regulators to react by launching an aggressive onslaught against the crypto sector. He believes that the banking industry, in charge of money for hundreds of years, is in league with regulators to cripple the crypto industry so that it can continue its hegemony over printing money. Yusko expects the banks’ fight against the crypto industry will carry on for the next few years before the obvious advantages of crypto and blockchain are finally recognised and given government support. How the incumbent fights the newcomer An example of an antiquated and embedded system that seeks to suppress and cripple a new and better system is given by Yusko. He points to when cars were invented and how the incumbent transport system of the horse and buggy sought to do just this in the late 19th century. Reportedly there was collusion between those seeking to protect the horse and buggy system, and the regulators. Ridiculous and onerous rules were imposed on cars that forced them to have someone walking ahead of them holding a red flag. In addition, three persons were required by law to have charge of a vehicle, and additional persons were needed if wagons or carriages were attached. These harsh and exacting laws were in place for 30 years before being repealed, and technology was finally allowed to progress. Imposition of CBDCs According to Yusko, banking is attempting to do the same thing against crypto. He believes that moves are afoot to impose central bank digital currencies on citizens, forcing their use. Yusko said of CBDCs: “If you haven’t watched Agustin Carstens (Head of the Bank for International Settlements) talk about what a CBDC actually is - and of course the central bank should control how, when, and if you are allowed to spend ‘your’ money - it’s one of the most chilling 1 minute and 47 seconds that you’ll ever watch.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

A currency swap with the PBoC together with a loan from the Development Bank of Latin America helps Argentine central bank to meet $3.7 billion obligation to IMF. IMF enslavement The International Monetary Fund (IMF) was established after the Bretton Woods agreement, and since then has provided loans to developing countries, however some have pointed out that the loans have served to export the dollar and enslave countries with repayments rather than help them to develop. Argentina is one of the most indebted countries in the world, having defaulted many times in its torrid financial history. The latest default avoidance was made possible by the People’s Bank of China stepping in and providing the means for Argentina to meet its IMF obligation by way of $1.7 billion in yuan currency swaps. According to the South China Morning Post, the intervention of the PBoC and the Latin American Development Bank has only succeeded in buying time for Argentina. Ariel Gonzalez Levaggi of the Pontifical Catholic University of Argentina was quoted by the SCMP as saying “it does not provide a viable way out for Argentina.” However, it does mean that for now Argentina does not have to dip into any of its dollar reserves, which wouldn’t have been adequate with which to pay the debt and would have placed the country in an extremely precarious situation. Further encroachment into dollar hegemony This recent move by China is seen by many as an attempt to undermine the use of the US dollar for debt settlement, and another nail in the coffin of de-dollarisation. Alexandre Coelho of the International Political Science Association, and former legal advisor to the Bank of China said on the matter: “Although the renminbi has been part of the IMF currency basket since 2016, its use for debt settlement is not common. The path chosen by Argentina sets a precedent and may, in the future, be adopted by other emerging countries in a similar situation,” As the BRICS countries prepare for their summit later this month, and a potential announcement of a rumoured gold-backed currency to rival the dollar reserve currency, the US domination of global finances could certainly be slackening. Bitcoin - the last hope for world citizens In addition, the IMF’s scathing view of El Salvador’s adoption of Bitcoin as a joint legal currency with the dollar while at the same time exacting a promise from the Argentine central bank to steer clear of Bitcoin as a requirement for payment of its loan looks to be patronising and a form of bullying. The global financial system is changing, and whether the good will of China is actually that, and not just a way of usurping monetary power from the US in order to achieve its own world domination remains to be seen. This is probably the likely scenario, and therefore Bitcoin is still potentially the only way out of super power domination for the world’s citizens. A currency/store of value such as Bitcoin, that has no government or politics backing it, remains an extremely attractive proposition. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Who would have thought it? Crypto has now suffered harsh crackdowns from both the major world superpowers and is still undergoing increased adoption. An adapting Chinese crypto strategy First it was China. A huge and sprawling country with a very centralised government overseen by its paramount leader Xi Jinping who controls both the Chinese Communist Party and the People’s Liberation Army, and just about everything else. China has been at the forefront internationally of those countries that are looking to implement a central bank digital currency (CBDC). Such a move, allied to China’s social scoring system would likely give Jinping and his central bank unrivalled power and control over Chinese citizens. Therefore, private digital assets such as cryptocurrencies are complete anathema to such a plan. There followed a complete ban on trading of cryptocurrencies and a ban on crypto mining was imposed across China. However, China has implemented such bans before, and despite causing an initial large drop in the Bitcoin hash rate, as many of the Chinese Bitcoin miners came off line, much of the hash rate has since returned as the miners set up shop again in other more welcoming countries. Further to Chinese embarrassment, the hash rate has increased again in China itself, leading it to become the 3rd largest contributor to the Bitcoin hash rate worldwide. On top of this, the Chinese government appears to have had a change of heart as regards crypto, perhaps realising that this technology could have a much greater impact on the world as it continues to mature. Still not happy with allowing crypto to have its head within the mainland borders, China looks to have nominated Hong Kong as its offshore sandbox, giving it the luxury of watching developments as Hong Kong strives to become a fully regulated crypto hub and attracts crypto companies that might have gone instead to competing Asian crypto hubs such as Dubai and Singapore. US fast becoming the most repressive regime for crypto Meanwhile in the West, the United States, once the home of business and the entrepreneurial heartland of the globe, is very much following in the footsteps of China, without even the testing ground of an offshore territory such as Hong Kong. It might appear that Gary Gensler, the head of the SEC, the regulatory watchdog of the US for securities, has been tasked by the government with systematically destroying the crypto industry in the United States. Given that the US has managed to achieve complete financial hegemony over the rest of the world by the use of the dollar as the global reserve currency, private digital assets such as cryptocurrencies are probably being seen as a threat to this domination. However, the US should be the first country to realise that no individual, regulatory body, or government, can do more than impede the progress of a new technology for any length of time. Technology cannot be repressed for long, and if it is truly innovative and ground-breaking, as is the case with blockchain and cryptocurrencies, it will always win out. Therefore, the SEC’s attacks on crypto exchanges such as Coinbase, which have done their level best to follow the misty and obscure road of compliance, would appear to be the height of folly. The US might be attempting to go the route of much greater control and centralisation, but it still happens to be the land of the free, even though the sands of time might be running down for that particular ideal, so it is not difficult for business leaders to see what is really happening as the regulatory agencies go far beyond their remit in order to attack and suppress the crypto industry in the US. Crypto adoption marches on Be that as it may, crypto marches onwards and upwards. Wallet holders of Bitcoin increased by 40% even during the bear market, and if the US succeeds in driving crypto companies from its shores, jurisdictions in Europe (UK, and France) and Asia (Dubai, Hong Kong, and Singapore) among others, are waiting to take up the slack. The battle is also not over in the US. The entrance of the largest asset management company in the world (Blackrock) into the Spot Bitcoin EFT space, will now make the battle for crypto even more interesting going forward. Fast-depreciating fiat currencies are an unpalatable fact for all citizens of the world. A store of value (Bitcoin), and a potential solution to debasing fiat currencies (crypto) are becoming widely adopted. Will central bank-influenced governments be able to stop them? Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

China looks at Web3 as a powerful tool to challenge the United States’ technological and economic hegemony, Animoca co-founder said.

Despite the earth shattering development of a new BRICS currency to rival the dollar, Western mainstream news media is generally silent on the matter. A rival reserve currency The hegemony of the US dollar as the world’s reserve currency has remained intact since the Bretton Woods agreement in 1944. However, the average citizen in the West is probably not aware that a group of countries termed the BRICS (Brazil, Russia, India, China, South Africa) is about to announce a new rival reserve currency, with the likelihood that it will be backed by gold. The announcement is expected to take place at the BRICS summit, in late August, only a matter of weeks away, and none of the mainstream media outlets in the West have reported on what has the potential to be the biggest monetary change since Bretton Woods. Backlash against the dollar The weaponisation of the dollar in response to the Russian invasion of Ukraine was seen by many countries as a move that could potentially be used against them in the future, and so a move away from the dollar has begun. This rebellion against US hegemony has undoubtedly been led by Putin, but has the backing of the other BRICS nations and countries that are in the process of joining them, including Saudi Arabia, and the Gulf Cooperation Council among others. Gold backing Originally, the BRICS currency was to be backed by a basket of commodities, which included gold, but according to Alistair Mcleod, Head of Research at GoldMoney.com, this would probably not work, and therefore gold on its own is likely to be that backing. Therefore, the flow of gold from West to East over recent decades can certainly be accounted for, along with the increase of gold mining production in China and Russia. With as many as 41 countries either joining or expressing interest in joining the BRICS trading bloc, the combined populations and GDP would be equal to more than half of the world and would be far bigger than that of the Western alliance. The West needs to wake up This introduction of a new rival reserve currency is not likely to usurp the dollar’s position any time soon. However, the attraction of a currency that is actually backed by a real asset, instead of the dollar, which is printed out of thin air and has no backing at all, might be anticipated to grow steadily over time. Such a development should greatly alarm the West. Media blackouts on the situation should not be the alternative to free and open dialogues on such a critical evolution in the global monetary system. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

As the SEC piles on the misery for the crypto sector most would expect Bitcoin to continue its descent. However, two indicators say otherwise. SEC pulls crypto market down Gary Gensler’s Securities and Exchange Commission (SEC) is doing everything in its power to crush the crypto sector. A sector that is potentially seen as a rival to the hegemony of the US dollar is having the life sucked out of it as the SEC attacks on/off ramps and major exchanges. The retail investors who are just there for the money are leaving in droves and it is likely that many cryptocurrencies will die because of being labelled by the SEC as securities, while others will have their growth stunted as the threat of a potential SEC action hangs over them. Bitcoin still in upward trend Meanwhile, as the crypto industry continues its suffering, Bitcoin is still technically in its upward trend; one that it has been following since the beginning of the year. Granted it has seen an 18% correction since topping at around $31,000 in early April, but this is entirely normal. Weekly Stochastic RSI One huge indicator for Bitcoin, which is potentially only 2 or 3 weeks away from triggering, is a cross up on the high time frame weekly Stochastic RSI. This indicator is very near bottoming out, and in fact, it is showing bullish divergence, which on the weekly time frame can be very powerful. Gaussian Channel Another indicator, which not so many look at, is the Gaussian Channel. This indicator is incredibly powerful in interpreting price movements and is able to predict price trends. When looking at the Gaussian Channel on the higher time frame of 5 days, the data has no false signals, at least for Bitcoin’s short history. The Gaussian Channel flipped from red to green on the 5 day in early May and is now trending upward. Importantly, the bitcoin price has come back to test the top of the channel and a bounce could be seen from this area. Bitcoin will outstrip the dollar This still does not mean that Bitcoin is automatically confirmed as having entered its bull market, but it is certainly a positive sign. To boot, given the decentralised nature of the Bitcoin network, and its scarcity and predictability of supply, it is highly likely to outstrip the dollar as that fiat currency continues to suffer extreme debasement. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Iranian President Ebrahim Raisi recently condemned what he calls the "unipolar world order", emphasizing that Iran plans to join the BRICS group to help create a multipolar world and in effect challenge the dominance of U.S. dollar as a reserve currency. There are broad implications to the crypto industry with this move, and it only represents a beginning. Iran Condemns 'Unipolar World Order' The BRICS group is an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The acronym was initially coined in 2001 by Jim O'Neill, an economist at Goldman Sachs, to represent the four countries of Brazil, Russia, India, and China. South Africa joined the group in 2010, officially expanding the acronym to BRICS. These countries are characterized by their large, fast-growing economies, significant influence on regional and global affairs, and the potential to become among the world's dominant economic powers in the 21st century. The BRICS nations collectively represent about 42% of the world's population, 23% of the global GDP, and around 18% of the world's total trade. “Iran wants to have constructive relations with all states on the basis of common interests,” stresses Iranian President Ebrahim Raisi. The announcement was made on Lebanese media outlet Al Mayadeen, with Raisi quoted that after his country's recent membership with the Shanghai Cooperation Organization (SCO), Iran is now "getting ready" to join the BRICS Group. The Iranian president was quoted as saying: "We condemn the unipolar world order which makes it possible for the United States and some three to four other countries to feel the rulers of the world." The BRICS nations have been ramping up their de-dollarization efforts and settling trades in national currencies. The group is also working to create a new common currency that is expected to be discussed at the group’s next leaders’ summit. What does this mean for crypto and, specifically, stablecoins? Potential Impact on the Dominance of USD-pegged Stablecoins The ongoing efforts of the BRICS nations and Iran to move away from the U.S. dollar and establish a new common currency could potentially impact the global dominance of USD-pegged stablecoins, such as Tether (USDT) and USD Coin (USDC). These stablecoins, which maintain a 1:1 peg with the U.S. dollar, have been widely used in the cryptocurrency market for trading and settling transactions. As the BRICS countries and Iran seek to reduce their reliance on the U.S. dollar and move towards settling trades in their national currencies, it could lead to a decrease in demand for USD-pegged stablecoins. This may open up opportunities for the development of new stablecoins pegged to other currencies or even a common currency as proposed by BRICS. Could this new common currency be blockchain-based? We could hope so. Political and economic Implications of De-dollarization De-dollarization efforts by the BRICS countries are a direct challenge to the United States' global financial hegemony. The U.S. dollar has long been the dominant reserve currency, and its position has allowed the U.S. to exert significant political influence over global economic policies. The move towards de-dollarization by the BRICS countries signals a shift in the global balance of power, with these nations seeking to establish a more multipolar world order. This shift could reduce the United States' ability to impose economic sanctions and maintain control over global financial institutions, such as the International Monetary Fund (IMF) and the World Bank. It may also lead to a more fragmented global economic landscape, with multiple centers of power and influence. The economic implications of de-dollarization are multifaceted. By reducing their dependence on the U.S. dollar, the BRICS countries aim to mitigate the risk of currency fluctuations and promote financial stability within their respective economies. The move towards settling trades in national currencies or a common currency could lower transaction costs and facilitate more efficient cross-border trade between these nations. De-dollarization may also pave the way for the rise of alternative reserve currencies, such as the Chinese yuan, the euro, or even a digital currency backed by a coalition of nations. This development could lead to increased competition for the U.S. dollar, potentially affecting its value and global demand. Crypto Regulation in the U.S. and Europe Crypto regulation in the United States has been more stringent compared to Europe. The U.S. has adopted a more conservative approach, with regulators often classifying cryptocurrencies as securities subject to strict regulatory oversight. The Securities and Exchange Commission (SEC) has been particularly active in regulating initial coin offerings (ICOs) and pursuing enforcement actions against non-compliant projects. In contrast, Europe has taken a more progressive approach to crypto regulation. The European Union (EU) has implemented a comprehensive regulatory framework, the Fifth Anti-Money Laundering Directive (5AMLD), which covers cryptocurrency exchanges and wallet providers. Additionally, individual European countries, such as Switzerland and Estonia, have established crypto-friendly regulatory environments, attracting numerous blockchain projects and businesses. Breaking Chains: On De-Dollarization and Decentralization Recent years have shown a significant surge in the adoption of crypto, driven by the inherent benefits of decentralization and the potential to disrupt the traditional financial systems. It is thus worth considering the potential impact of decentralized digital currencies on the stability and growth of global economies. Perhaps one of the most appealing aspects of cryptocurrencies is their decentralized nature, which eliminates the need for intermediaries like banks and financial institutions.This can lead to reduced transaction costs, faster processing times, and increased financial inclusion for individuals who have limited access to traditional banking services. There's also the core attribute that crypto, despite its early failures, can operate on a global scale, enabling seamless cross-border transactions and fostering international trade. Decentralized digital currencies also offer the potential for enhanced monetary stability. Unlike fiat currencies, which are often subject to inflationary pressures and currency devaluation due to government policies or economic fluctuations, cryptocurrencies like Bitcoin and Ethereum have a predetermined supply cap, limiting the risk of excessive inflation.The divergent approaches to crypto regulation in the U.S. and Europe could have significant implications for the success of BRICS countries' de-dollarization efforts. The more stringent regulatory environment in the U.S. may deter innovation and the adoption of digital currencies, limiting the potential for digital currencies to challenge the dominance of the U.S. dollar. On the other hand, the more progressive regulatory environment in Europe could encourage the development and adoption of alternative digital currencies that could facilitate de-dollarization efforts by the BRICS countries. The European Union's interest in creating a digital euro, for example, may further contribute to the diversification of reserve currencies and strengthen the position of the euro as an alternative to the U.S. dollar. The political and economic implications of de-dollarization efforts by the BRICS countries, coupled with the divergent crypto regulations in the United States and Europe, could lead to a reshaping of the digital currency landscape and the stature of economic power as distributed across the globe. OPINION Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Opinions stated herein are solely of the author's, and hence do not represent or reflect CryptoDaily's position on the matter. The author has no influential stakes in any of the digital assets and securities mentioned, and does not have any significant hold of or own any cryptocurrency or token discussed.

The US economy is sinking towards recession as GDP came in at only 1.1% for Q1. Bitcoin on the other hand is continuing its rise. Economic factors Probably the most important factor for economic well being is oil. Oil drives economies, and strong demand for it signals a healthy economy that is using oil to fuel its industrial base. However, in these current times, in spite of OPEC countries reducing their output, the price of oil is continuing to decrease as demand falters due to falling economic growth. In the US, GDP growth for Q1 dwindled to 1.1%. This was an unexpectedly sharp fall given that the projection had been for 2%. In addition, the fall was also dramatic given that GDP had been at 2.6% for Q4 of 2022. De-Dollarisation Another looming problem for the dollar is that de-dollarisation is happening. Other countries around the world are starting to move away from the dollar, probably due to its recent weaponisation by the US government, by imposing sanctions against any other country it does not agree with. Russia is using yuan for trade, Argentina will pay for Chinese imports in yuan, India is settling some trades in rupees, Brazil and China are deciding whether to not use the dollar in trades between them, and Saudi Arabia is considering accepting the yuan for oil exports to China. However, de-dollarisation will likely be a slow process, given that dollar exchange reserves are nearly twice those of the euro, yen, pound, and yuan combined, and this is the same as it was a decade ago. The dollar accounts for 58% of all central bank foreign exchange reserves and this will probably not change any time soon. Nevertheless, a wind of change has begun to blow, and the dollar hegemony is on the wane. Dollar still in control Notwithstanding, the dollar has been described as the least dirty shirt in the laundry. It has its issues and detractors, but it is still the world’s reserve currency, and all the other fiat currencies are much weaker. The Brics nations of Brazil, Russia, India, China, and South Africa, are said to be developing a new reserve currency that will be backed by real substance, such as commodities. The evil of CBDCs Be that as it may, fiat currencies all go to zero over time and this has been proved throughout history. The only last throw of the dice for those wishing to maintain complete control, is the imposition of central bank digital currencies (CBDCs). CBDCs would enable central banks to exert the kind of control that up to now could only be read about in science fiction books. CBDCs would give the power to micro manage an individual's account, including setting time limits on spending, deciding what can and can’t be bought, and even direct sanctions should the individual do something that was thought to be against the interests of the State. Be your own bank with Bitcoin Among all this morass of fiat currency misery there is still one asset that is outside of the grip of governments and central banks, and that is Bitcoin. Bitcoin is completely decentralised, cannot be taken away, and enables an individual to be their own bank. Banks are antiquated behemoths of a bygone age. They do not serve depositors given that they make the decision of who we can or can’t transact with, they provide no return when inflation is taken into account, and if enough depositors demand their money at one time, the bank will fail given that it holds almost no deposits due to zero fractional reserve. Bitcoin is cyclical, so history tells us that it does go up and down in price, sometimes quite wildly, but it is a nascent asset class and therefore it will take time for its volatility to subside. The main thing is that it is the people’s money, and it reduces the reliance people need to have on governments and the banks. As the evil of CBDCs approaches, it would be incumbent on all to do their best to research Bitcoin with a view to getting out of a crumbling and dangerous fiat monetary system. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

More proposals and currency concepts are emerging as Asia ramps up its efforts to distance itself from U.S. dollar hegemony.

In a tone that Bitcoiners are becoming increasingly familiar with, another prominent lending institution has warned everyday investors against putting capital into Bitcoin. This time it comes from Deutsche Bank and its chief strategist Ulrich Stephan. The anti-Bitcoin tirade is losing steam as some well-established Wall Street names start to warm to the digital currency. The banking sector, however, is choosing to continue approaching it with something akin to disdain. It makes sense that a hegemony like the banking industry would feel threatened by a new money system that could make them obsolete. But the constant warnings and fearmongering are starting to wear thin, much like the campaigns to stop Brexit or keep Donald Trump out of the White House. The same old rhetoric The banking sector appears to be hanging on to rhetoric that is really starting to show its age. The usual excuses are volatility and regulation, and banks claim that these are the things keeping them back. According to Stephan, German citizens are generating hype about Bitcoin, yet the hype is exaggerating the size of their investments. Even the excitement about stocks is low. Perhaps it is the general attitude of such banks and authority figures that is fuelling this. As time goes by, the arguments of volatility and lack of regulation are becoming nonsensical. Volatility is fading, and many more regulations are being established. There are some, however, who are keen on minting digital currencies as a means to combat certain problems. Sweden's central bank, the Riksbank, is one institution which is actively investigating the potential of digital currency. In a statement in September, the Riksbank said that an "e-krona" might have the potential to combat some of the problems that are predicted for "the payment market of the future", in which the prevalence of cash transactions is rapidly diminishing.

In a tone that Bitcoiners are becoming increasingly familiar with, another prominent lending institution has warned everyday investors against putting capital into Bitcoin. This time it comes from Deutsche Bank and its chief strategist Ulrich Stephan. The anti-Bitcoin tirade is losing steam as some well-established Wall Street names start to warm to the digital currency. The banking sector, however, is choosing to continue approaching it with something akin to disdain. It makes sense that a hegemony like the banking industry would feel threatened by a new money system that could make them obsolete. But the constant warnings and fearmongering are starting to wear thin, much like the campaigns to stop Brexit or keep Donald Trump out of the White House. The same old rhetoric The banking sector appears to be hanging on to rhetoric that is really starting to show its age. The usual excuses are volatility and regulation, and banks claim that these are the things keeping them back. According to Stephan, German citizens are generating hype about Bitcoin, yet the hype is exaggerating the size of their investments. Even the excitement about stocks is low. Perhaps it is the general attitude of such banks and authority figures that is fuelling this. As time goes by, the arguments of volatility and lack of regulation are becoming nonsensical. Volatility is fading, and many more regulations are being established. There are some, however, who are keen on minting digital currencies as a means to combat certain problems. Sweden's central bank, the Riksbank, is one institution which is actively investigating the potential of digital currency. In a statement in September, the Riksbank said that an "e-krona" might have the potential to combat some of the problems that are predicted for "the payment market of the future", in which the prevalence of cash transactions is rapidly diminishing.