The Breakdown

On Wednesday, Zuckerberg responded to the largely hostile US Congress by reminding them that, if the US didn't proactively assert leadership around digital currencies, then China would be more than willing to fill the gap. As if they coordinated it, China's President Xi then made his first formal comments ever about blockchain, asserting that China needed to take a leadership role. Bitcoin soared 15% (although whether related or not isn't clear) and crypto Twitter debated: was this an indication of how far behind the US is getting; an affirmation that blockchain can be a tool of surveillance and control; or both? 

Watch: https://www.youtube.com/channel/UCMKxYhVC2lJat7iB9Gec5kw/videos 

On Wednesday, Zuckerberg responded to the largely hostile US Congress by reminding them that, if the US didn't proactively assert leadership around digital currencies, then China would be more than willing to fill the gap. As if they coordinated it, China's President Xi then made his first formal comments ever about blockchain, asserting that China needed to take a leadership role. Bitcoin soared 15% (although whether related or not isn't clear) and crypto Twitter debated.

Most of the world outside crypto twitter that saw a clip of Mark Zuckerberg's testimony would have no idea that it was, theoretically about Libra. On CT, basically everyone bemoaned the clear lack of giving-a-crap that pretty much any Congressperson had for the actual issue at hand. Elsewhere on CT, however, I announced Bitcoin Macro, a new pop-up podcast I produced for CoinDesk and two of the three first guests - Caitlin Long and Travis Kling - discuss the repo markets. Finally, a quick news rundown including a new BTC futures options product from Bakkt and a new standing blockchain office from the CFTC. 

Watch: https://www.youtube.com/nathanielwhittemorecrypto

Most of the world outside crypto twitter that saw a clip of Mark Zuckerberg's testimony would have no idea that it was, theoretically about Libra. On CT, basically everyone bemoaned the clear lack of giving-a-crap that pretty much any Congressperson had for the actual issue at hand. Elsewhere on CT, however, I announced Bitcoin Macro, a new pop-up podcast I produced for CoinDesk and two of the three first guests - Caitlin Long and Travis Kling - discuss the repo markets.

Facebook CEO Mark Zuckerberg testified before Congress today, nominally about Libra but actually about a lot of things. In this (opinionated) recap of the testimony, we look at:

1. What was different vs. the same in FB's narrative
2. What was different vs. the same in Congress' questions
3. The negotiation factors moving forward
4. Highlights
5. Predictions 

Watch: https://www.youtube.com/nathanielwhittemorecrypto

Facebook CEO Mark Zuckerberg testified before Congress today, nominally about Libra but actually about a lot of things. In this (opinionated) recap of the testimony, we look at:

What was different vs. the same in FB's narrative

What was different vs. the same in Congress' questions

The negotiation factors moving forward

Highlights

Predictions 

Watch: https://www.youtube.com/nathanielwhittemorecrypto

The digital currency wars are getting hotter and hotter, but they're not one dimensional. This narrative watch looks at three key battlelines:

1. Nations vs. Private companies - who gets to make digital currencies? 
2. Nations vs. Nations (specifically China) - competition to get their faster and better
3. Pegged vs. Basket vs. Fractional Reserve - the actual composition of the asset matters - as we see from pressure on Facebook to make Libra a 1:1 peg USD instead of a basket

Watch: https://www.youtube.com/nathanielwhittemorecrypto

The digital currency wars are getting hotter and hotter, but they're not one dimensional. This narrative watch looks at three key battlelines:

Nations vs. Private companies - who gets to make digital currencies? 

Nations vs. Nations (specifically China) - competition to get their faster and better

Pegged vs. Basket vs. Fractional Reserve - the actual composition of the asset matters - as we see from pressure on Facebook to make Libra a 1:1 peg USD instead of a basket

Circle is spinning out Poloniex and the exchange's new honors want to build away from the US. Is this more evidence of the "companies leaving US" narrative or just competitive pressure? Speaking of exchanges, Binance hit $1B in cumulative profit this week and announced 125x leverage because reasons. Finally, the big boss of the financial system Bank of International Settlements released a paper effectively calling bitcoin a failure but identifying private stablecoins like Libra as a threat. 

Watch: https://www.youtube.com/nathanielwhittemorecrypto

Subscribe via email: https://nlw.substack.com/

Circle is spinning out Poloniex and the exchange's new honors want to build away from the US. Is this more evidence of the "companies leaving US" narrative or just competitive pressure? Speaking of exchanges, Binance hit $1B in cumulative profit this week and announced 125x leverage because reasons. Finally, the big boss of the financial system Bank of International Settlements released a paper effectively calling bitcoin a failure but identifying private stablecoins like Libra as a threat.