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Economist Says CBDCs Bullish for Bitcoin and Crypto As Japan Predicts Possible Surge in Digital Currencies

by Daily Hodl Staff
October 10, 2020
in Bitcoin

Closely-followed economist and trader Alex Krüger says that the emergence of central bank digital currencies (CBDCs) is bullish for Bitcoin (BTC) and the broader crypto market.

In a new tweet, Krüger highlights a forecast from a research paper written by the Bank on Japan regarding CBDCs.

“There is a possibility of a surge in public demand for central bank digital currency (CBDC) going forward”

According to the economist, the development of CBDCs is bullish for the crypto industry as it signifies there will be “wallets awash with cash and improved fiat onramps.”

The growth of CBDCs is not the only possible bullish catalyst in sight, according to Krüger. The crypto influencer is keeping a close eye on the recent BTC purchases of financial services firm Square and business intelligence company MicroStrategy.

“A few corporations adding bitcoin to their balance sheets is both bullish and overrated. The function of a corporate treasury is not to *invest.* Corporate demand for gold as inflation hedge is minimal. Thus, the likelihood of a bitcoin domino effect among corporates is very low.

That said, if this were to become a trend, something interesting would happen: major banks would be forced to have a crypto team on payroll to service corporate clients’ hedging needs.”

Krüger also points out that the opportunity to print gains in BTC is borne out of its complexity.

“Nocoiners find bitcoin/crypto too complicated. They fail to understand that the more complicated, the better. If it were easy, everybody would already be invested in crypto, prices would be much higher, and there would be no opportunity.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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