JUST IN: 🇺🇸 Former CFTC Chairman Chris Giancarlo says "the genie is out of the bottle" on crypto, and it’s going to consume the entire financial system 👀
"Wall Street itself is now adopting digital network technology as its very architecture." 🚀
@cz_binance@Crypto_bn Majority of work laptops will not allow you to download apps unless you get security clearance, how was it able to be done? Unless the employee overrode it?
Tether's CEO says they just bought another 50,000 bitcoin. This is a company that already owns tons of gold.
In July @LukeGromen explained why, by accident:
A gold analyst just made the best case for bitcoin I've heard all year. By accident.
His whole thesis: "the beauty of gold is it's not used for anything." Send gold to $1,000,000 and nobody gets hurt. Send corn to $1,000 a bushel and people starve. Send oil there and the economy collapses. A reserve asset has to be useless, because money that doubles as something people need to consume punishes everyone the moment it goes up.
He's right. He just stopped one step short.
Gold still has day jobs. Jewelry, electronics, dentistry. Bitcoin is used for even less. It was built to be money and nothing else. No industrial demand fighting its monetary demand, nothing to melt down, no factory waiting on the supply.
Gold is useless enough to be great money. Bitcoin is useless at everything except being money. Same principle, taken to its logical end.
The purest reserve asset isn't the one with the fewest uses. It's the one with none.