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New Bitcoin Rival to Be Launched by Fed Reserve After Pompliano Says US Dollar Must Be Tokenized

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    US Fed Reserve might be emitting its own cryptocurrency (CBDC) after Anthony Pompliano voices a suggestion that USD must be digitized to compete with the ‘China Coin’

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As reported by Reuters, the president of Philadelphia Fed Reserve, Patrick Harker, stated that Fed Reserve, as well as central banks of other countries, are going to launch their digital currencies in the near future.

It’s ‘inevitable’ as he put it.

‘US dollar must be tokenized’

Harker believes that considering the global status of the USD as the world’s reserve currency, the US should not be the first to launch its central bank crypto (CBDC) since trials are necessary first.

Earlier, U.Today reported that a crypto expert and angel investor Anthony Pompliano in his recent CNBC interview stated that the US dollar must be turned digital as soon as possible. 

He said that in the future, all national currencies will be digitized and reminded the audience that China is already about to launch its own CBDC, the so-called ‘China Coin’. He also remains a Bitcoin believer.

Five days later, CoinDesk reported that US lawmakers addressed the Fed Reserve in a letter, giving their arguments why the national US currency should be tokenized soon.

Mati Greenspan from eToro said in his newsletter:

At this point, it's quite clear that the future of finance is digital. Well, it's already digital. I mean, nobody really holds certificates in their safe anymore.

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Libra is at the head of this chain

Curiously, the Chinese central bank accelerated work on the China Coin this year after they saw that the ambitious cryptocurrency project Libra was developing fast and became concerned that should Libra finally launch, it would harm the Chinese economy.

Now, Anthony Pompliano says that the US Fed must tokenize the dollar since China is already working on the digital yuan. If there is a digital yuan but no digital dollar, the Chinese national crypto would get better exposure to investors.

Now, the Fed rep is saying that the US central bank will launch its own crypto inevitably.

However, the possible driver of this chain of events, Libra, may not even launch after all due to its issues with regulators around the world. Besides, some of Libra Association partners are already backing off from it, such as PayPal.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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