How would people react in this crypto market scenario?
How would people react in this crypto market scenario?
I was reading up on the major banks creating their own private shared ledger to be used as a settlement layer. This got me thinking about how they would do this, would they create their own private coin(s) and police each other? Would they adopt an existing coin they could trust (aka BTC) even if they couldn’t control what happened outside their settlement network (I’m thinking it would work like a private lighting layer)? The more I thought about it the more clear it was that they will do anything and everything to take full control of BTC. Heres the question. Let’s say the US government created their own coin, set it as the only official currency & eliminated cash & USD. They offer an exchange, send your BTC to that wallet and get back the new official currency. Same with USD but that’s irrelevant. Now here’s the kicker, they make it very clear that it will be illegal for citizens to use BTC or any of the alternatives. You have to swap it out or essentially be relegated to the dark & grey markets?
If this is their plan I’d expect them to green light crypto soon rather than Biden/SEC current hostile stance.
What you’ve described makes sense, I’ve kind of always assumed they’d attempt something like this honestly surprised it isn’t 100% obvious what their angle is just yet. Maybe they are trying to time it with cutting rates. Pump the markets, dump the markets (profit handsomely obviously), the use the fallout to 1. Paint crypto that isn’t “fed backed” as dangerous 2. Begin the call for funneling all crypto into their controlled “safe” block chain. If this is their plan I reckon we see a massive 180 on crypto soon. Pre election.