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What you need to know today in crypto and beyond June 16, 2021 Sponsored By: Welcome to The Node.
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–Daniel Kuhn
Today's must-reads Top Shelf VACUUM CLEANER? The adoption of bitcoin as legal tender in El Salvador could collapse the country’s economy, said Steven Hanke, a professor of applied economics at Johns Hopkins University. This is because bitcoin holders everywhere in the world could suck up the dollars in El Salvador “like a vacuum cleaner,” he told Kitco News Tuesday. He also referred to the parliament’s decision as “stupid.”
CRYPTO TASK FORCE: Democratic House members are forming a group to tackle concerns about cryptocurrency, U.S. Rep. Maxine Waters (D-Calif.) said in a hearing with the FinTech Task Force on Tuesday. The group will work with regulators and experts to get a better understanding of the industry.
BEAR CASE: A digital euro could reduce bank deposits by 8%, or 873 billion euros ($1.06 billion), analysts at Morgan Stanley have found. The report was based on a scenario where citizens older than 15 transferred 3,000 euros ($3,600) into a European Central Bank (ECB) wallet. Smaller European countries like Greece, Latvia, Lithuania and Estonia would be hit the hardest because converting 3,000 euros is equivalent to 22%-51% of household deposits and 17%-30% of total deposits in those countries.
–Helene Braun
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“We’ve seen many investors in this space that take some time to get around it, to look at Bitcoin pretty seriously, and once they do, they end up going a bit deeper than that as well.”
–Bitwise CEO Hunter Horsley, on CoinDesk’s “First Mover.”
A message from CoinDesk CoinDesk's new reward token soft-launched at Consensus 2021, but $DESK lives on. Attendees can still cash in at the $DESK store, or hodl and accumulate. Join the Telegram group for announcements and airdrops.
What others are writing... Off-Chain Signals MicroStrategy CEO Michael Saylor sees potential for a range of cryptocurrencies, not just bitcoin (CNBC) Ethereum gas fees are at six-month lows attributable to lower transaction volume and growing use of layer 2s (The Block) China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas (CNBC) Bitcoin skeptic David Gerard gives a detailed look at El Salvador’s bitcoin plan, says it looks like de-dollarization by stealth (Foreign Policy) While NYU’s Max Raskin looks at how Salvadorans could benefit from “sound money” (WSJ Opinion)
A message from Concordium Concordium leads the Blockchain and Crypto industry to a new era! Concordium is a layer 1, public and permissionless Proof-of-Stake-based blockchain with a unique Identity layer at the protocol level. Concordium's core features solve the shortcomings of classic blockchains by introducing built-in identity management at the protocol level and zero-knowledge proofs, which are used to replace anonymity with perfect privacy.
Putting the news in perspective The Takeaway A Web 3.0 Ally? Yesterday, the Biden administration named Lina Kahn, a 32-year-old Columbia Law professor, as the new head of the Federal Trade Commission. Khan, who will be the youngest FTC head ever, is known as a fierce critic of big tech monopolies like Amazon. While there’s often a knee-jerk resistance to regulation and regulators among blockchain advocates, Khan’s concerns make her a potential ally on big issues like privacy. Her antimonopoly work could also create substantial market opportunities for new kinds of tech businesses – including those building decentralized systems and “Web 3.0.”
Enforcing U.S. antitrust law is a major part of the FTC’s mandate, and Khan is probably best known for helping redefine just what a “monopoly” is. She has been crucial, in part during seven years at the Open Markets Institute, in developing and promoting the idea that a company can be a monopoly even if its practices drive prices down – even, in fact, if its product is free to consumers. This largely hinges on how the firms gather and use data: Khan has been among the loudest critics of the way Amazon uses data gathered through its storefront, such as leveraging sales data to compete with third-party sellers who are, no less than shoppers, its customers.
–David Z. Morris
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