The public discussion on cryptocurrency continues to rotate around Bitcoin. If May 12 has now passed, the post halving however, they forced many observers to keep their focus on the cryptocurrency icon.
The reason for this interest is to be found in the fact that according to many analysts the factors that seem to favor a new great rally of BTC are becoming more and more thick. Signals coming from an economy increasingly severely tested by the rage of coronavirus.
We continue to talk about the digital dollar
In the discussion of cryptocurrencies, there is a kind of stone guest, represented by governments. If until a few years ago most of them saw digital assets as a concrete danger, due to the decentralizing inspiration that characterizes them, for some time now there has been a notable change in atmosphere.
If once it was thought that Bitcoin and Altcoin represented a tool capable of helping tax evasion and the criminal economy, now the accusations have moved in an increasingly virulent way towards the cash. Pointed out by many as the true tool capable of taking precious resources away from the tax authorities and therefore to be drastically limited.
With this in mind, virtual currencies have become an ideal tool, provided they are controlled by the state.
They are called CDBC (Central Bank Digital Currency) and the China has already entered the experimentation phase of his. The digital yuan, however, seems to make the arrival of a virtual dollar ever closer.
Di digital dollar has returned to talk recently, when the democratic opposition to Donald Trump evoked the need to establish it as a response to the coronavirus pandemic. Since that moment many voices have joined the choir, pushed to do so also by need to respond to the digital yuan, now taking off.
In this choir he has also recently positioned himself Jerome Powell, the governor of the Federal Reserve System, during a hearing in front of the House of Representatives, during which he admitted that the institution is discussing whether to proceed along this path.
Forbes: the digital dollar would favor BTC
Powell's words prompted many experts to comment on future scenarios. Among them also the analysts of Forbes, according to which the launch of a digital dollar would have as a counterpart the opening of extremely favorable scenarios for Bitcoin. What is this belief due to?
In its analysis, Forbes states that a CBDC issued by the central bank of the United States ofAmerica, would be interpreted as an implicit endorsement of Bitcoin in a country where regulations still struggle to accept cryptocurrencies. In practice, the adoption of a completely dematerialized legal tender currency, accompanied by a simultaneous replacement of paper money, would entail a very specific side effect, namely the incentive to purchase cryptocurrencies.
A situation which could only push demand, with a consequent rise in prices. Above all, BTC would benefit from this scenario, now considered by many as a real one value reserve.
It is therefore a scenario to be absolutely taken into consideration by those who intend to invest in alternative financial instruments.