Crypto-like global monetary system to be a boon for BTC
On Friday, the Governor of the Bank of England made a comment that was music to the ears of Bitcoin and crypto proponents.
BITCOIN IS THE FUTURE 1945 pic.twitter.com/ITdKsG9HJ5
– Pump ? (@APompliano) August 23, 2019
According to reports by Reuters and Bloomberg, La Carney et bombshell on a group of central bankers and press a meeting in Jackson Hole, Wyoming, saying that he believes a Libra-like crypto asset will likely replace the US dollar.
While not explaining the comment, he made it clear that the current system does not work in his eyes, saying that "in the longer term, we have to change the game." "role in the global economy.
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This was obviously not a recommendation to use Bitcoin, but it was a recognition traditional fiat money is coming out and digital assets are becoming more and more viable.
Bullish for Bitcoin and Gold
According to Raoul Pal, the former head of Goldman Sach's hedge fund sales division and CEO of Real Vision, the implementation of a new monetary system is likely to be a boon for Bitcoin.
In a tweet published in the wake of Carney's comment, the former Wall Streeter explained that while he does not believe Vague one will be the cryptocurrency to become the world's next reserve currency, something similar will take its place.
Something I've talked about. It won't be Libra, but it will be the same (and yes, it's good for bitcoin and gold). I talked at length on the @HiddenForcesPod podcast about my views on this, https://t.co/VxCM1[ads1]VCiUN.0219659005??— Raoul Pal (@RaoulGMI) August 23, 2019
The implementation of this system, he claims, will be "good for Bitcoin and gold". In a sub-tweet, Pal further explained his thoughts, responding "exactly" to a comment claiming that a fiat digital asset would be a disaster for the cryptocurrency market.
Pal is not the first to mention this theory. In a tweet, Circle CEO Jeremy Allaire wrote that the launch of Libra (whitepaper) will be a "massive inflection point in [the] global adoption of cryptocurrency."
It is important to note that this is not The only reason why the former Goldman Sachs leader is bullish on the leading cryptocurrency. As reported by NewsBTC earlier, Pal argued that today's most popular asset classes make no sense to millennials with ten to 20 years of prospects.
He argued that with stocks and real estate pressures extreme valuations, and bonds that posted "virtually zero interest rates", the best option is something like Bitcoin, which he believes will be the backbone of an alternative / parallel financial system.
Pal Buying Bitcoin now is like buying bonds and stocks in 1982, which is before the absurd asset bubble that has inflated ever since.
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