Widely followed macro analyst Lyn Alden thinks international central banks would be crazy not to look at and study Bitcoin (BTC).
In a new interview, Alden says crypto is bound to become relevant on a global scale eventually, as evidenced by its adoption in several countries.
[19.45] “I think the long arc of time points to this becoming relevant on a global scale. It’s already relevant for people. It’s already relevant for individuals in Nigeria. To individual Argentinians. To individuals in Lebanon. It’s already kind of a global money for people. And the largest pools of capital it’s still kind of too small for them.
But I think central bankers and sovereign wealth funds would be insane not to be looking at it and studying it and smaller countries have an edge where they can know it could be relevant to them sooner than it’s relevant for the big countries. We’ve seen, perhaps, with El Salvador – we’ll see how that story unfolds…”
According to Alden, certain countries have a stronger catalyst for embracing crypto, but as its use becomes more widespread, other nations will recognize its value.
“These rebel countries can kind of get into it a little bit earlier. We’ve already seen that probably unfortunately North Korea is into it because for them it’s a tool, kind of like buying drugs on the internet. Kind of like how in the eighties, drug dealers were early adopters of pagers. It’s useful technology, unfortunately, that’s just kind of how it works…
There are some early adopters who have a stronger catalyst to get in there quick. But as it gets larger, more liquid, less volatile, more widely help, more understood – that’s when I think it starts to get relevant on the sovereign scale.”
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Featured Image: Shutterstock/Eky Rima Nurya Ganda