EddieJayonCrypto
24 May 22
• The US Federal Reserve has released their annual report on US household finances• Governor Andrew Bailey of the Bank of England agrees with the importance of crypto, but not as a payments system• US bankers debate the impact of the digital dollar and other Central Bank Digital Currencies (CBDCs) ...
• The US Federal Reserve has released their annual report on US household finances• Governor Andrew Bailey of the Bank of England agrees with the importance of crypto, but not as a payments system• US bankers debate the impact of the digital dollar and other Central Bank Digital Currencies (CBDCs) on the banking infrastructure• Kristalina Georgieva, the head of the International Monetary Fund says Terra was a pyramid but not to discount the importance of cryptocurrencies and CBDCsThe times they are a changing! The IMF says crypto and CBDCs are important and adoption in the US is growing from the ground up. Here is what is on my mind today.1. Here is something to think about. The US Federal Reserve has released a report that paints at least a little bit of a picture of who is investing in crypto. 12% of the US population was involved in crypto in 2021with 60% of those people earning less than $100K per year. It was also noted the only 3% of crypto users paid for goods and services with crypto. My outlook is that there is not enough being offered for people to use crypto as a payment method. As with credit cards, I believe as time marches on and more stores offer the payment option, we will see much more adoption. Rebel Reach is about to make it easier for companies to do just that! 2. Governor Andrew Bailey of the Bank of England agrees with the importance of blockchain and distributed ledger technologies, but still writes crypto off as a method of payment. I think he will be singing a different tune in another year as adoption continues to increase. 3. The debate is heating up as US bankers debate the impact of the digital dollar and other Central Bank Digital Currencies (CBDCs) on the banking infrastructure. When crypto first hit the scene, no one paid any mind to it. The Silk road happened and everyone started wondering about this then underground technology and economy. Now countries are being pushed to get into the game with CBDCs. Please do keep telling me how things are not changing and how crypto is not at the center of that change. 4. Kristalina Georgieva, the head of the International Monetary Fund says Terra was a pyramid but not to discount the importance of cryptocurrencies and CBDCs. That is the best statement I have heard come from the IMF. As quoted in Bloomberg, she said "I would beg you not to pull out of the importance of this world. It offers us all faster service, much lower costs, and more inclusion, but only if we separate apples from oranges and bananas." This is a very big step by the IMF.