Goldman Sachs Says USD Reserve Currency Status At Risk

Plus a HUGE bump in BTC and BTC futures volumes

Happy Tuesday, Blockfolians

The Lede

As we discussed in the Market Refresh, yesterday was a hell of a day for bitcoin. Many people have attributed the move to a broader movement in gold and silver up, along with the Dollar down.

The US dollar's global-reserve currency status could be threatened ...

Now, it’s one thing for the squawkers on Crypto and FinTwit to be saying this. It’s quite another for it to come from Goldman Sachs. That’s why this line from a report on gold caught people’s attention:

"Combined with a record level of debt accumulation by the US government, real concerns around the longevity of the US dollar as a reserve currency have started to emerge,"

When Bloomberg’s Joe Weisenthal tweeted that he thought the whole argument was a bit overblown, this response captured something important about the shift in beliefs about possibilities.

When it comes to an asset like BTC, it doesn’t take much of an increase in odds to make a big difference.

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Highly Relevant Reading


Community Commentary

Repeat after us: decentralized projects are not the same as centralized startups
That’s a hell of a point, Pete.

A Really Big Number We Should Be Paying Attention To  

$43M

That’s the size of Polkadot’s most recent private sale - completing in just 72 hours

polkadot-private-sale

Final Thought

There are some real powerhouses here