Daily Archives: November 7, 2021

Billionaire Stan Druckenmiller Warns Crypto, Meme Stocks, Bonds Are in a Bubble: ‘This Bubble Is in Everything’

Billionaire Stan Druckenmiller Warns Crypto, Meme Stocks, Bonds Are in a Bubble: 'This Bubble Is in Everything'

Billionaire investor Stan Druckenmiller has warned that everything is in a bubble, mentioning cryptocurrency, meme stocks, equities, and bonds in particular. “This bubble is in everything, every asset on the planet,” Druckenmiller stressed.

Druckenmiller’s Warning: Every Asset Is in a Bubble

Stan Druckenmiller discussed bubbles and value investing last week in a conversation with American billionaire investor and hedge fund manager Seth Klarman at the Boston Investment Conference.

Druckenmiller is chairman and CEO of Duquesne Family Office LLC. He was previously a managing director at Soros Fund Management where he had overall responsibility for funds with a peak asset value of $22 billion. According to Forbes’ list of billionaires, his personal net worth is currently $6.8 billion.

Klarman, who is the CEO of hedge fund Baupost Group, reportedly asked him: “If the bond market is what everybody’s keying off of and the bond market is in a bubble, then everything’s a bubble, is that fair?” Druckenmiller replied:

Yeah, crypto, meme stocks, art, wine, equities … This bubble is in everything, every asset on the planet.

The current bubble is not a narrow one like the dot-com bubble, Druckenmiller emphasized. “Everybody tries to compare this with ’99. That was a bubble in technology and, in some sense, a well-deserved bubble because the market figured out 20 years ahead of time the networking effect and that companies could come out of nowhere and have 2 billion customers. But it was a very, very narrow bubble.”

Klarman further asked if anything is not in a bubble and is undervalued. “You’re a value investor. I’m not,” Druckenmiller replied. “I don’t know what value means. I’m sure there’s value out there but I’m unable to see what it is, it’s really not my methodology.”

The billionaire chairman of Duquesne Family Office continued: “My North Star is every event in the world affects some security and I try to imagine the world as it is today and then try and see if there’s some kind of seismic change going on and how the world might look in 18 months. And if it does look that way, what are the securities that would be priced very differently than they are now?” He further opined:

I think a lot of investors live in the present, which is a disaster long term. It might work short term.

Druckenmiller revealed in November last year that he owned bitcoin, noting that the cryptocurrency was an attractive store of value that could beat gold. In June this year, he shared how he invested millions in BTC after he got a call from billionaire hedge fund manager Paul Tudor Jones about it. Jones himself said last month that he preferred bitcoin to gold as a hedge against inflation.

What do you think about Stan Druckenmiller’s warning? Let us know in the comments section below.

Onecoin’s $18.2M London Penthouse: Trial in Germany Reveals ‘Cryptoqueen’ Ruja Ignatova’s Lavish Lifestyle

The Onecoin Ponzi scheme is still making headlines as reports from a trial in Germany revealed the missing ‘Cryptoqueen,’ Ruja Ignatova, purchased a London penthouse worth $18.2 million with proceeds from the Onecoin operation. The Münster court’s findings stem from the trial against Martin Breidenbach, Ignatova’s German attorney, who is being accused of money laundering.

‘Cryptoqueen’ Ruja Ignatova’s $18.2 Million London Penthouse – Apartment Stuffed With Fine Art, Rare Andy Warhol Piece

Ruja Ignatova, Onecoin’s ‘Cryptoqueen,’ purchased a luxury penthouse apartment in London via a shell company, according to recent reports from the BBC. The report notes that Martin Breidenbach is on trial in Münster, Germany with two other individuals over alleged money laundering charges that are connected to the Onecoin pyramid scheme and Ruja Ignatova. Reports published years ago show that Breidenbach started working with Onecoin in 2014.

The lawyer worked with the law firm Breidenbach Rechtsanwälte and it has been said that the attorney was also the director of Onecoin Limited (Gibraltar) for eight months in 2015, and ostensibly a partner in Cryptoreal firm RSB Central GmbH (Switzerland) as well. Breidenbach’s trial, alongside the findings from the British author, BBC journalist, and “Missing Cryptoqueen” podcast host, Jamie Bartlett, found that shows Ruja Ignatova had extremely expensive taste.

The reports say that the four-bedroom luxury flat kept a number of fine artworks hidden in the apartment, including a rare Andy Warhol piece. The property was purchased by a shell company in 2016 which kept the ‘Cryptoqueen’s’ name out of the picture. Just before she leased the London flat, Ignatova pleaded guilty to a German bankruptcy case. Now Breidenbach is accused of money laundering after transferring €20 million ($23 million) in order to finance the property.

Reports note that the ‘Cryptoqueen’ did stay at the luxury apartment in 2016 but didn’t spend much time there. The property’s owner, as shown on the deed, is called Abbots House Penthouse Limited. Meanwhile, Ruja Ignatova has been missing since 2017 and despite a large worldwide search effort, she has not been found. Onecoin is considered one of the largest crypto-related Ponzi schemes ever and the first as well.

In 2014 the Law Firm Breidenbach Rechtsanwälte Said: ‘In Our Opinion, the Onecoin Is a Legitimate Product’

The German lawyer’s office Breidenbach Rechtsanwälte in 2014 helped legitimize the idea that Onecoin was a cryptocurrency, even though it didn’t have a blockchain or any similarities to any blockchain technology.

“Most countries have recognized cryptocurrencies as a bona fide commodity, which may be held and traded by their citizens,” the law firm Breidenbach Rechtsanwälte opined in 2014. “In our opinion, the ‘Onecoin’ is a legitimate product, limited to 2.1 billion (coins),” the law firm added in December 2014.

What do you think about the trial of Martin Breidenbach in Germany and the ‘Cryptoqueen’s’ expensive habits? Let us know what you think about this subject in the comment section below.

While the Value Locked in Defi Soars, Dozens of Dapps Leverage Cross-Chain Support

While the Value Locked in Defi Soars, Dozens of Dapps Leverage Cross-Chain Support

Decentralized finance (defi) protocols continue to shine as the total value locked in defi is over $260 billion. While Ethereum started the defi trend and holds the lion’s share of TVL in defi, a great number of decentralized applications (dapps) are supporting a slew of alternative blockchains.

Today’s Most Popular Dapps Support More Than One Network

On November 7, the total value locked in defi is $260 billion according to defillama statistics on Sunday. When defi first started making waves, most of the dapps that people interacted with leveraged the Ethereum (ETH) blockchain. Toward the end of 2021, all that has changed as cross-chain technology is hotter than ever and dapps are now supporting a myriad of networks.

While the Value Locked in Defi Soars, Dozens of Dapps Leverage Cross-Chain Support

For instance, Curve, the automated market maker (AMM) protocol, holds the largest percentage of TVL with its $20.08 billion commanding 7.71%. Curve also connects with seven different blockchain networks with Ethereum included. Chains include Avalanche, Harmony, Polygon, Arbitrum, Fantom, Xdai, and Ethereum.

Another large dapp with $15.75 billion TVL is Aave, the decentralized lending system and users from three different blockchains (ETH, AVAX, MATIC) can access the dapp. When it comes to cross-chain support the dapp Sushiswap has a significant number of chains as 12 blockchain networks can access the dapp. Chains like Palm, Xdai, Polygon, Avalanche, Celo, Okexchain, Moonriver, Harmony, Binance Smart Chain, Heco, Ethereum, and Arbitrum.

Sushiswap, Anyswap Support 12 Different Chains — Cross-Chain Support Trend Continues to Swell

With all those connections, the decentralized exchange (dex) platform Sushiswap has a TVL of $6.8 billion. The Anyswap dapp also supports 12 different networks and the only difference between it and Sushiswap is that the dapp supports the Kucoinchain. Other popular dapps that leverage more than one network include protocols like Abracadabra, Balancer, Uniswap V3, Renvm, Cream Finance, Synthetix, Mirror, Beefy Finance, Badger DAO, and Alpha Finance.

Of course, all of these applications also support Ethereum, but as ether gas fees have risen dramatically this year, competitors have started to catch up. During the last nine months, a great deal of dapps have been adding support for alternative blockchains and it doesn’t seem like this trend will stop growing any time soon.

What do you think about the defi applications that now serve various blockchains? Let us know what you think about this subject in the comments section below.

Jack in the Box Sues Crypto Exchange FTX for ‘Brazenly and Illegally’ Copying Mascot

Jack in the Box Sues Crypto Exchange FTX for 'Brazenly and Illegally' Copying Mascot

Restaurant chain Jack in the Box has sued cryptocurrency exchange FTX alleging that the crypto company “brazenly and illegally copied or derived its ‘Moon Man’ mascot” from its own mascot. The lawsuit details that FTX’s refusal to stop using Moon Man has caused Jack in the Box “considerable economic damage and irreparable harm, including by devaluing the goodwill associated with Jack.”

Jack in the Box Says FTX’s Moon Man Is an ‘Inferior Version of Jack’

One of America’s largest hamburger chains, Jack in the Box (JITB), has sued cryptocurrency exchange FTX, co-founded by CEO Sam Bankman-Fried, over its mascot. Jack in the Box operates and franchises more than 2,200 restaurants in 21 U.S. states and Guam.

According to a lawsuit filed in the U.S. district court of Southern District of California on Nov. 3, FTX US is accused of copyright infringement, trademark dilution, trademark infringement, false designation of origin, and unfair competition.

FTX recently launched a series of advertisement spots featuring a mascot that looks similar to the mascot for the Jack in the Box restaurant franchise. Moon Man, the mascot chosen by FTX exchange to represent the brand both in-person and in its own line of TV ads, could at first glance be mistaken for Jack, the 70-year old mascot for Jack in the Box restaurants.

The lawsuit details: “FTX’s Moon Man has a spherical white head also affixed to a talking human actor, with blue-dotted eyes, a nose, and a smile. The two characters are strikingly similar in both appearance and behavior. For example, the Moon Man also changes his facial expressions and clothing attire throughout advertisements and appearances, just like Jack.” Jack in the Box stated:

FTX brazenly and illegally copied or derived its ‘Moon Man’ mascot from JITB’s Jack … FTX’s Moon Man is a far inferior version of Jack that is now tarnishing Jack’s reputation to consumers, and/or blurring consumers’ association of FTX’s Moon Man with Jack.

Moon Man has already made several personal appearances at such sporting events as the World Series, and has at least one TV advertisement in which he seems annoyed that crypto traders all just want to “go to the moon.” This ad spot aired during several major league baseball games, according to the lawsuit.

The lawsuit further describes that Jack in the Box sent FTX a cease-and-desist letter on Oct. 15, accusing the exchange of “infringing on JITB’s intellectual property and diluting its trademarks.” FTX did not comply, however, responding on Oct. 29 that it will continue to use Moon Man in its advertising.

“FTX’s response to JITB’s cease and desist letter is also rife with legal and factual
inaccuracies, such as ‘Jack in the Box has only narrow protection limited to the
behatted ping pong‐headed clown who exploded out of a box to sell burgers,’” the restaurant chain argued, elaborating:

Defendant’s continuing infringement of JITB’s intellectual property is willful and in bad faith. Defendant’s conduct has caused, and if not enjoined, will continue to cause, JITB considerable economic damage and irreparable harm, including by devaluing the goodwill associated with Jack.

Do you think FTX’s Moon Man is a direct rip-off of Jack? Let us know in the comments section below.

Congress Passes $1.2 Trillion Infrastructure Bill — Crypto Advocates Criticize Amended Broker Definition, Tax Code 6050I

Congress Passes $1.2 Trillion Infrastructure Bill — Crypto Advocates Criticize Amended Broker Definition, Tax Code 6050I

Congress has passed the Biden administration’s bill aimed at improving infrastructure, fighting climate change, and bolstering social services. The $1.2 trillion infrastructure bill, which also expands the definition of a broker, awaits U.S. president Joe Biden’s signature after passing with a vote of 228–206 on Friday.

Bipartisan Infrastructure Bill Passes to the Tune of $1.2 Trillion

The bipartisan infrastructure bill has been a hot topic in recent times and on Friday the bill passed in Congress and now awaits president Biden’s approval. The passing followed weeks of delays and debates as 13 Republicans joined a large majority of Democrats in order to help forward the proposal.

Bitcoin.com News reported on the bill three days ago when it was slimmed down to $1.75 trillion and lawmakers whittled the number down once more before the passing to $1.2 trillion. From the State Dining Room, Biden celebrated Congress passing the bill and said with a smile: “Finally… Infrastructure week.”

The 1,600-page proposal discusses incentives to fight climate change, offers “universal pre-K child care,” and an allocation of funds for free computers. Estimates say around $550 billion will go towards fighting the alleged climate crisis in the United States.

$47 billion will be dedicated to flooding, coastal, and climate resiliency and $39 billion to “modernize traffic.” About $5 billion will be dedicated to low and zero-emissions buses, $110 billion for roads and bridges, and $7.5 billion toward electric vehicles and power charging developments.

Broad Definition of a Broker, Tax Code Section 6050I

Now while adding another trillion to the mountain of debt the U.S. already owns is unfavorable, most crypto proponents are more concerned about the cryptocurrency tax provision.

Senators who helped frame the bill slipped in a provision change that says organizations that deal in trading digital assets are considered brokers. In fact, digital currency proponents are worried that the definition of a broker is extremely broad, and crypto advocates think that alongside exchanges, software engineers and miners could also be targeted.

The way the bill is written, the main concern is the reporting requirement to the Internal Revenue Service (IRS) would force all brokers to file 1099 forms and declarations. Additionally, there is concern about the amendment to Tax code section 6050I, which essentially requires individuals and businesses that have received $10K in cash or a bank wire to file the IRS Form 8300.

The form mandates businesses and individuals to follow Know-Your-Customer (KYC) procedures and to record the sender’s name, address, and social security number. Detailed information on the reasoning behind the funding must also be accounted for in Form 8300.

Meltem Demirors: ‘Infrastructure Bill Is Inherently Anti-American’

Even after the bill passed in Congress, crypto supporters told their fellow Americans to call their representatives to fix the amended Section 6050I. One crypto advocate tweeted:

Everyone in the cryptocurrency community must contact their congressperson. Demand they oppose the clause snuck in [the] infrastructure bill that would amend Section 6050I of tax code, it’ll destroy the defi industry. It is extremely important we kill this.

Coinshares CSO Meltem Demirors also complained about the passing of the bill. “This bill is unconstitutional and inherently anti-American. Private citizens have the right to financial privacy and financial freedom. Absolutely shameful to see this,” Demirors said.

President Biden called the bill a “once-in-a-generation” investment. “It puts us on a path to win the economic competition of the 21st century,” Biden explained.

What do you think about Congress passing the $1.2 trillion infrastructure bill? Let us know what you think about this subject in the comments section below.

Digital Euro Should Be Attractive But Not ‘Too Successful,’ ECB’s Panetta Says

Digital Euro Should Be Attractive But Not ‘Too Successful,’ ECB’s Panetta Says

The digital euro should be an attractive means of payment but its design should prevent it from becoming so successful as a store of value that it threatens banks and private money, according to Fabio Panetta, a high-ranking executive at the European Central Bank. Panetta stressed that both this paradox as well as the need to issue a successful CBDC need attention.

Europe’s Digital Currency to Complement Cash and Be Monterey Anchor

While cash currently provides people with access to central bank digital money, its importance in payments is declining as consumers increasingly prefer to pay digitally and shop online. Internet sales in the euro area have doubled since 2015 and only around 20% of the cash stock is now used for payments, compared to 35% a decade and half ago, Fabio Panetta, member of the Executive Board of the European Central Bank noted in a speech at the Elcano Royal Institute in Madrid.

“As people start to use cash more as a store of value rather than a means of payment, having a digital euro would enable them to continue using central bank money as a means of exchange in the digital era,” Panetta said during his address, focusing on the future role of central bank digital currencies (CBDCs). In his view, a digital euro and cash would complement each other to ensure that central bank money remains a monetary anchor for the payments ecosystem.

To achieve that, the digital form of the euro should be attractive for regular use in payments, the ECB official believes. At the same time, its design should prevent it from becoming “so successful as a store of value that it crowds out private money and increases the risk of bank runs.” In his comments, Fabio Panetta emphasized:

While we have discussed at length the possibility of a digital euro being paradoxically ‘too successful,’ we need to devote just as much attention to the risk of it not being successful enough.

The effort to issue the CBDC would need to meet certain conditions for success, Panetta elaborated. Besides its attractiveness as “the only riskless digital form of money,” the digital euro would need to facilitate digital payments wherever Europeans need it for that purpose. Furthermore, merchants would have to be assured that consumers want to use it while intermediaries should find that the benefits of its distribution outweigh the costs.

“Developing a convincing value proposition for all stakeholders is therefore critical to the digital euro’s success,” Fabio Panetta insisted in the speech published by the ECB. This, he added, is a key element of the investigation phase of the CBDC project which was launched by the bank earlier this year. The executive pointed out:

The ECB and the European Commission are together reviewing at the technical level a broad range of policy, legal and design questions emerging from a possible introduction of a digital euro, including the role that legal tender status might play in achieving the desired network effects.

Digital Euro to Be Convenient and Help Privacy, Panetta Claims

Fabio Panetta revealed that for consumers, the digital euro would offer a “cost-free and convenient way to pay digitally anywhere in the euro area.” He added that it would also increase privacy in digital payments as the ECB, he said, has no interest in monetizing users’ data. In his opinion, compliance with anti-money laundering regulations would not interfere with privacy enhancement.

The representative of the ECB’s management thinks that the digital euro should not compete with digital payment services offered by the private sector and intermediaries will be able to onboard users by providing new services with “digital euro inside” such as credit facilities and automated payments. Thus, small financial institutions and fintech firms would benefit from a “level playing field” and get a chance to compete with big tech companies, Panetta said.

The member of the ECB’s executive board also sees the digital euro as supporting the international role of the common European currency and Europe’s autonomy in global payments. “Making it accessible to non-residents and interoperable with other CBDCs could facilitate cross-border payments, which are currently fraught with high costs, low speeds and limited access,” Fabio Panetta remarked.

He is convinced that the increasing supply of private digital currencies such as stablecoins and the wide availability of private digital means of payment would not make the digital euro redundant. “With digitalisation at full speed, central banks must prepare for a digital future in which demand for cash as a medium of exchange may weaken, requiring the convertibility of private money into cash to be complemented by convertibility into central bank digital money,” he insisted.

Dozens of central banking institutions around the world have been exploring the possible issuance of CBDCs in response to the growing popularity of cryptocurrencies and the declining use of banknotes and coins. Besides the ECB, these include the U.S. Federal Reserve and Bank of Russia. The People’s Bank of China has arguably the most advanced project, with domestic trials already underway and plans to test the digital yuan in cross-border transactions.

Do you think the digital euro will be a successful CBDC project? Share your expectations in the comments section below.

China’s Digital Currency Used in Transactions Worth $10 Billion, 140 Million People Have Digital Yuan Wallets

China's Digital Currency Used in $10 Billion Transactions, 140 Million People Have Digital Yuan Wallets

China’s central bank digital currency (CBDC), the digital yuan, has been used in transactions worth nearly $10 billion, according to an official with the Chinese central bank, the People’s Bank of China (PBOC). In addition, the government digital wallet has been downloaded by about 140 million people.

Digital Yuan’s Adoption Rises, Nearly $10 Billion Transacted

Mu Changchun, the director-general of the digital currency institute of China’s central bank, the People’s Bank of China (PBOC), shared the adoption progress of the digital yuan at Hong Kong’s Fintech Week conference Wednesday.

He revealed that some 140 million people had downloaded the wallet for China’s central bank digital currency (CBDC), the eCNY, as of October. Furthermore, the digital yuan has been used in transactions totaling about 62 billion yuan ($9.7 billion), Reuters reported.

While China has been actively testing its digital yuan, the PBOC official said that there is no official launch date for the digital currency.

Mu added that so far 1.55 million merchants could accept payments using eCNY wallets, including utilities, catering services, transportation, retail, and government services.

A growing number of central banks worldwide are exploring launching their own CBDCs. According to the Atlantic Council’s CBDC tracker, 87 countries are now exploring a CBDC. Among them, seven have launched, 17 are being piloted, 15 are under development, and 39 are being researched.

In September, the head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, urged central banks to act on central bank digital currencies now to compete with initiatives in the private sector, including cryptocurrencies.

What do you think about the number of people already using the digital yuan? Let us know in the comments section below.

Decentralized Indexing Provider Aleph.im Launches Serum Markets Analytics

Decentralized Indexing Provider Aleph.im Launches Serum Markets Analytics

Crypto proponents and market observers can now gain insight into Solana’s and Serum’s liquidity infrastructure ecosystem via the analytics and decentralized indexing provider Aleph.im. The cross-blockchain computing project says the induction of Serum Markets will “help surface valuable trading data on Project Serum.”

Aleph.im Adds Project Serum Support

During the last quarter of the year, the Solana (SOL) protocol and its native asset saw significant growth. In the last three months, SOL has gained a massive 542% and the market cap has entered the top ten crypto markets by capitalization. Today, SOL holds the fourth largest market position with an overall market valuation of $72 billion. On November 4, the cross-blockchain computing and decentralized indexing provider, Aleph.im, announced it is now offering analytical insights into Project Serum.

Serum is a Solana protocol that bolsters liquidity infrastructure and provides decentralized applications (dapps) with the ability to access Solana’s blockchain. The Serum website says that the protocol “brings unprecedented speed and low transaction costs” to decentralized finance (defi). Adding Serum Markets to Aleph.im will benefit the ecosystem, the Aleph.im team says, as it will help provide insights to valuable data.

“The induction of Serum Markets will vastly benefit Project Serum’s ecosystem, allowing Serum to better analyze the enormous influx of data and funds from their various end-users and providing increased visibility for investors into one of the largest players of the Solana defi ecosystem,” Aleph.im’s announcement details. “Moving forward, projects will be able to connect to Project Serum’s data using Aleph.im’s technology to enrich the Solana defi analytics landscape.”

‘Increased Visibility Into the Solana Defi Ecosystem’

At press time, there’s more than $250 billion total value locked (TVL) in defi today across various blockchains. Solana has the third-largest defi TVL with $14.63 billion, which is up 15.9% over the last seven days. Today, Serum has $5.06 billion TVL and $6.82 billion in seven-day trade volume. The new insights from Aleph.im will provide features like TVL, trading history (OHLCV), the daily number of active users, alongside “searchable data on specific market addresses, open orders accounts, and owner addresses.”

“We’re thrilled to extend our indexing solutions and analytics dashboards to Serum, the liquidity infrastructure protocol for dozens of defi programs built on the Solana blockchain, to offer users, traders and institutional investors increased visibility into the Solana defi ecosystem,” Jonathan Schemoul, the founder of Aleph.im said in a statement sent to Bitcoin.com News.

Analytical data tied to cryptocurrencies has been a hot commodity in 2021 and many firms providing these statistics have raised millions of dollars. Firms like Skew.com, Coin Metrics, Messari, Dune Analytics, Defillama, Dappradar, Nonfungible.com, and more have seen significant demand. As far as insights into Serum are concerned, Aleph.im explains its open API and GraphQL can also be used to “populate the latest trades on Serum into their dapps or research projects.”

What do you think about Aleph.im adding Serum insights? Let us know what you think about this subject in the comments section below.

Bank of America Executive Sees Crypto as Asset Class: ‘I Don’t View It as Competition at All’

Bank of America Executive Sees Crypto as Asset Class: 'I Don't View It as Competition at All'

Bank of America’s chief operating officer does not see cryptocurrency as competition. Instead, he views it as an asset class, noting that “people like it for all sorts of different reasons.”

Bank of America’s COO on Crypto: ‘I Don’t View It as Competition at All’

Bank of America COO Tom Montag talked about cryptocurrency Thursday in an interview with Chainalysis CEO Michael Gronager at a conference hosted by the blockchain analytics firm in New York.

Montag is also president of Bank of America’s Global Banking and Markets and a member of the company’s executive management team. He is responsible for all of the businesses that serve companies and institutional investors.

He said cryptocurrency reminded him of derivatives in their early days. He also admitted that he does not understand stablecoins. “I don’t understand that as well as everyone in the room … Is there really a dollar behind stablecoin?”

The Bank of America COO was also asked whether banks are competing with crypto. He replied:

I don’t view it as competition at all. I view it as just another asset class … and people like it for all sorts of different reasons.

The Bank of America executive is not the only one seeing crypto as an asset class. Rival investment bank Goldman Sachs said in May that bitcoin is an investable asset. JPMorgan said in July that a lot of its clients see crypto as an asset class that they want to invest in.

Commenting on whether bitcoin is a store of value, Montag shared: “I came around to how this could have value as a global store of value. It’s hard to appreciate the importance of that as an American when you’re used to having a stable currency.”

As for the Federal Reserve launching its own central bank digital currency (CBDC), he opined, “It will be inevitable, but it will be fine.” Federal Reserve Chairman Jerome Powell said in September, “We are working proactively to evaluate whether to issue a CBDC and, if so, in what form.”

Last month, Bank of America debuted its crypto research, noting that digital assets are “too large to ignore.” The bank’s dedicated crypto research team was established in July.

What do you think about the comments by Bank of America’s COO? Let us know in the comments section below.