Novogratz: America Will Be Left Behind Without Transition to Crypto

It is clear to see that momentum in the crypto industry is all coming from China at the moment. While the US is still fumbling with regulatory uncertainty, the red dragon is forging ahead with its own crypto and blockchain plans for a digital future.
Get Into Crypto or Lose Out
The US is in danger of falling behind as the race for crypto and digital supremacy heats up. A number of nations, mostly in Asia, have started research and development on their own central bank cryptocurrencies. The US meanwhile is in danger of getting left behind if it refuses to transition to the digital world.
Galaxy Digital founder and hedge fund manager Mike Novogratz stated that the US will lose the crypto and fintech race, and with it the reserve currency status;
“And if we don’t transition to a digital world that will change. We are way behind on a crypto USD.  China is coming. And coming fast. They are way ahead in fintech. Their President just publicly claimed his support to all things blockchain. We risk losing our reserve status”

Ethereum (ETH) Holding Uptrend Support But For How Long?
Wednesday December 11, 2019

Ethereum is holding the main $144 support, but also struggling to rise against the US Dollar. The price is now trading below the previous support (now resistance) near $148. There is a key bearish...

The post Ethereum (ETH) Holding Uptrend Support But For How Long? appeared first on 12bitplay - Bitcoin Play.

And if we don’t transition to a digital world that will change. We are way behind on a crypto USD. China is coming. And coming fast. They are way ahead in fintech. Thier President just publicly claimed his support to all things blockchain. We risk losing our reserve status https://t.co/SNbBjdtvDD
— Michael Novogratz (@novogratz) November 10, 2019

Bakkt Scorned as Cash-Settled Bitcoin Futures Launch in Singapore
Monday December 09, 2019

It appears that the digital currency community has very much fallen out of love with the Bakkt platform. Prior to its launch, the ICE-backed Bitcoin futures platform was heralded as one of the most...

The post Bakkt Scorned as Cash-Settled Bitcoin Futures Launch in Singapore appeared first on 12bitplay - Bitcoin Play.

Morgan Creek co-founder Anthony Pompliano added that future portfolios will be completely digital.
“In the future, portfolios will be 100% digital assets. Investors will have the same asset allocations, but they’ll hold digital stocks, digital bonds, digital currencies, and digital commodities.”

Bitcoin Weekly Forecast: BTC Trend Overwhelmingly Bearish
Sunday December 15, 2019

After struggling to recover above $7,300, bitcoin price started a fresh decline against the US Dollar. The price is currently trading in a bearish zone just above the $7,000 support area. There is a...

The post Bitcoin Weekly Forecast: BTC Trend Overwhelmingly Bearish appeared first on 12bitplay - Bitcoin Play.

In the future, portfolios will be 100% digital assets.
Investors will have the same asset allocations, but they’ll hold digital stocks, digital bonds, digital currencies, and digital commodities.
Just a matter of time.
— Pomp (@APompliano) November 9, 2019

Blockchain and crypto momentum is all coming from China at the moment. The bullish signals were catalyzed by President Xi’s public endorsement of the technology a couple of weeks ago which caused a massive surge in BTC and crypto markets.
Just today Chinese state media headlined an article explaining Bitcoin to the masses. This is a major move from a regime that has been trying to quash all crypto trading and activity within its borders for the past two years.
Last week crypto mining was removed from an official list of industries that China’s National Development and Reform Commission (NDRC) intended to crack down on. Recent research also indicates that Asian exchanges are dominating crypto asset flows as the region shapes up as the industry leader.
Dollar Destruction
China’s dominance is just one aspect of how the US is falling behind. With its own economic woes such as galloping national debt, currently over $23 trillion and rising, and devaluation of the dollar, things are going from bad to worse.
The current banking system is completely unsustainable with the FED printing more money to bail out banks and encourage more borrowing and spending rather than saving.
With a president that advocates negative interest rates and a deepening debt crisis the dollar is only going one way. A crypto USD may be a lifeline to keep the currency afloat and stay in the game before China and the rest of the world race ahead leaving America in the digital dust.
Image from Shutterstock
The post Novogratz: America Will Be Left Behind Without Transition to Crypto appeared first on NewsBTC.

You may also like...