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Crypto Can Eventually Replace the Dollar As “The Reserve Currency of the World,” says US Senator Rand Paul

Senator Rand Paul (R-Ky.) sees cryptocurrency replacing the US dollar one day because more and more people are losing confidence in governments.

“I’ve started to question now whether or not cryptocurrency could actually become the reserve currency of the world as more and more people lose confidence in government.”

In an interview with “Axios on HBO” over the weekend, while talking about why he has started to believe in cryptocurrencies now, Paul said,

“the government currencies are so unreliable.”

They’re “fiat currencies. They’re not backed by anything. The dollar’s been more stable than most other countries, and so it is the reserve currency,” he said, which has his belief in crypto growing.

The Senator isn’t new to crypto; in 2015, he accepted donations in Bitcoin as part of his presidential campaign to appeal to the younger generation.

BTC 0.83%


Bitcoin / USD
BTCUSD


$ 62,447.51

$518.31
0.83%



Volume 31.67 b


Change $518.31


Open $62,447.51


Circulating 18.85 m


Market Cap 1.18 t

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“I’ve been fascinated by the concept of it, but I never would have purchased it myself. I’m just a little bit skeptical.”

The post Crypto Can Eventually Replace the Dollar As “The Reserve Currency of the World,” says US Senator Rand Paul first appeared on BitcoinExchangeGuide.

Invesco Launches Bitcoin Spot ETP With German Stock Market Operator

Deutsche Borse – a German stock market operator – recently announced the listing of a Bitcoin Spot ETN on its digital stock exchange “Xetra.” The product comes from Invesco, an American investment management company that filed for a Bitcoin futures ETF in the US in August but recently dropped. Invesco’s Spot ETN Deutsche Borse revealed::Listen

Deutsche Borse – a German stock market operator – recently announced the listing of a Bitcoin Spot ETN on its digital stock exchange “Xetra.” The product comes from Invesco, an American investment management company that filed for a Bitcoin futures ETF in the US in August but recently dropped.

Invesco’s Spot ETN

Deutsche Borse revealed the new product in a press release on Monday. Accordingly, the “Invesco Physical Bitcoin” ETN (ticker: BTIC) offers “physically secured access to Bitcoin performance.”

The ETN was admitted by the Regulated Market of the Frankfurt Stock Exchange and is centrally cleared through Eurex Clearing. This will provide “significantly reduced risks in the settlement of transactions,” as reads the announcement.

ETF Stream elaborated that the ETN’s total expense ratio is 0.99%. It tracks the CoinShares Bitcoin Hourly Reference Rate index to precisely deliver the price performance of its Bitcoin holdings. Those holdings will be secured by Zodia Custody in the UK – the crypto custody platform of Standard Chartered.

Gary Buxton – head of EMEA ETFs and indexed strategies at Invesco – said that the ETP would help provide institutional access to Bitcoin:

“Most of the discussions we have with clients are not really about bitcoin itself but more about the access to bitcoin and how you get comfortable with segregation, how you get comfortable with valuation. Really, one of the strengths of ETPs is as an access vehicle.”

Spot Over Futures ETP

Buxton further elaborates why he chose a spot-based Bitcoin product rather than a futures-based one. He expressed concerns over synthetic liquidity and how that may affect valuation over time. Alternatively, he found physically-backed Bitcoin to be a more “observable” product.

Alternatively, the Securities and Exchange Commission (SEC) has favored Bitcoin futures ETFs over Spot ETFs for months due to investor protection concerns. Invesco filed for such a futures product back in August but withdrew its application just hours before the product went live. A top executive at Invesco later explained that a futures product would harm investors by creating contango.

Crypto Can Eventually Replace the Dollar As “The Reserve Currency of the World,” says US Senator Rand Paul

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