WORST CRYPTO 🚩 Potential Pitfalls: Examining Traditional vs. Digital Currency 🚨

The image cleverly challenges our perceptions by listing attributes that might be seen as red flags in a digital asset and revealing that they actually describe the US dollar:

1. Infinite Supply: Unlike cryptocurrencies like Bitcoin, which have a capped supply, the US dollar can be printed without limit, potentially leading to inflation.

2. Allocation of Transaction Fees: The notion of 'founders getting 25% of all transactions' is paralleled with taxation, where a portion of economic transactions is allocated to the government.

3. Inflation Benefits: In the crypto world, inflationary tokens might disproportionately benefit early holders or 'founders'. In the traditional economy, those who can borrow money or receive it first (like banks or financial institutions) may benefit from inflation before it impacts the economy.

4. Policy Changes: Cryptocurrencies are often lauded for their immutable protocols. In contrast, monetary policy governing fiat currency, such as the US dollar, can change based on decisions by the Federal Reserve or legislation, impacting interest rates and money supply.

5. Increase in Supply: A criticism of cryptocurrencies is rapid token issuance, which can devalue the currency. The US dollar has seen a significant increase in supply, especially with stimulus measures and quantitative easing.

By framing the US dollar with these considerations, it invites a reflective comparison with the principles of cryptocurrency. It's a thought-provoking take on what we value in a currency and how different models approach these concerns. $BTC

#USDTMarketcap #taxation #inflations #CentralBanking #Write2Earn

Financial platforms in #Russia grew significantly in terms of the number of clients last year, but not in monetary terms. The number of users increased eightfold, while the volume of transactions increased only 1.5 times (according to data from the #CentralBanking ).

The idea behind these platforms is to simplify financial companies' access to their audience and replace remote service channels.
In practice, only 6.6% of the adult population opened deposits through marketplaces, 5.5% took out loans, and 3.7% purchased insurance.

Currently, there are 10 operators of financial platforms in the Central Bank's registry. Besides the familiar Finuslugi, Sravni, and Banki.ru, they include VTB Registrar, #ONLY_BANK , Open Financial Marketplace, Finfort, Vanta, Unified Financial Solutions, Financial Platform, and Universal Financial Technologies. The latter was included in the registry at the end of June 2024.
4o

Week in #reviews

The government intends to raise import duties on alcohol and flowers from unfriendly countries. The duty on strong alcohol will be 20%, but not less than €3 per liter; on wine – 25%, but not less than $2 per liter; on cut flowers – 20%. The new rates will be in effect until the end of this year.

The ban on the export of #Russian gasoline, which was suspended at the end of May, resumed on August 1. The Ministry of #energy announced a decision to extend the ban into September-October "as a precaution."

The State Duma passed a law allowing the use of cryptocurrency for cross-border settlements in foreign trade contracts. This opportunity can be realized only within the framework of an experimental legal regime.

Starting September 1, the #CentralBanking of the Russian Federation will begin creating a special platform for cross-border settlements in cryptocurrencies, with the first payments expected by the end of this year. The work will be conducted jointly with BRICS partners, and the creation of an independent financial settlement platform, "BRICS Bridge," will be discussed at the #BRICSSUMMIT in Kazan in October.

Russian-Turkish trade turnover decreased by 14% over six months, to $26.3 billion. Supplies from Turkey to Russia fell by 26.5%, to $4.3 billion, while Russian exports decreased by 10.4%, to $22 billion.

BITCOIN THRIVES AS GLOBAL LIQUIDITY SHRINKS: A SAFE HAVEN FOR INVESTORS

As global central banks slash liquidity, Bitcoin is emerging as a safe haven for investors. The Kobeissi Letter reports that global liquidity has dropped by $5 trillion since 2022, hitting levels last seen in 2020, with central banks set to withdraw another $1 trillion over the next year. Despite this, Bitcoin has soared 340% since November 2023, rising from $18,383 to $63,104, solidifying its role as a hedge against economic uncertainty.

Financial expert Robert Kiyosaki predicts Bitcoin could hit $500,000 by 2025 and $1 million by 2030, reflecting growing confidence in its future. Bitcoin’s next target? Breaking resistance at $64,000 to reach new all-time highs.

#Bitcoin #CentralBanking #Kobeissi $BTC
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