Goldman Sachs Says USD Reserve Currency Status At Risk
Plus a HUGE bump in BTC and BTC futures volumes
Happy Tuesday, Blockfolians
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.
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.
Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.
Highly Relevant Reading
Open interest in CME bitcoin futures hits a new all time high at $724m
A crypto hedge fund best known for their “short ETH” thesis is shutting down
The CFTC Chair says much of the financial infrastructure might ultimately end up on blockchain
A Swiss exchange has listed the world’s first active bitcoin ETF
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
That’s the size of Polkadot’s most recent private sale - completing in just 72 hours
There are some real powerhouses here