25 May

Concerns about a looming global debt crisis have taken the world’s top hedge fund manager from doubting bitcoin (BTC) to dabbling in it.

Bridgewater Associates founder Ray Dalio said the U.S. dollar is on the verge of devaluation on a level last seen in 1971 and that China is threatening the greenback’s role as the world’s reserve currency. In such an environment bitcoin, with its gold-like properties, looks increasingly attractive as a savings vehicle, said Dalio, whose firm started 2021 with $101.9 billion in assets under management, making it the world’s largest hedge fund.

With one currency (the dollar) possibly on the wane while another (the renminbi) possibly ascendant, there is the chance a neutral cryptocurrency such as bitcoin could act as gold did in previous centuries.

Personally, I’d rather have bitcoin than a bond.

I have some bitcoin.”

Jay Clayton, the SEC’s ex-Chairman, is now a crypto advisor at One River. Ironically, it looks like Clayton, who previously rejected Bitcoin ETF applications during his time at the SEC, could help One River get approved.

One River today filed an application to the SEC for a carbon-neutral Bitcoin ETF. It is the latest high-profile company to do so (the SEC is currently reviewing eight applications) and the market is, according to analysts, hungry for such a product.

The Trust intends to offset the carbon footprint associated with Bitcoin by purchasing and retiring carbon credits necessary to account for the estimated carbon emissions associated with the bitcoins held by the Trust.”

See Also: A16z Tells Congress SEC Disadvantages ‘Ordinary Folks’ From Token Investing

Monday’s quick recovery came as demand from wealthy investors appears to have brought relief to the battered cryptocurrencies. Also adding support to bitcoin’s price Monday, Bridgewater Associates founder Ray Dalio said that he owns some bitcoin during an interview.

The oldest cryptocurrency extended its gains Monday afternoon, after Musk tweeted about bitcoin mining’s “promising” renewable usage.

Spoke with North American Bitcoin miner. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.

The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide.”

See Also: Chinese Bitcoin miners abandon ship ahead of incoming crypto crackdown

“Announced Monday, the six-year-old project is announcing the launch of Augur Turbo. Notably, the new sportsbook will live on Ethereum layer 2 Polygon, drastically cutting down on fees on the platform.

With the Chainlink integration, users can create betting markets for the National BasketBall Association, Major League Baseball, Mixed Martial Arts and the Olympics. Support for the National Football League, college football, soccer, tennis, golf and esports will soon follow. Chainlink will deliver data such as schedules, post-game scores, team and player stats.

The partnership will see Opium plug into UMA’s Optimistic Oracle product to provide financial derivatives for hedging risks related to SpaceX flights. The derivatives work as binary options contracts, allowing users to purchase insurance against a failed launch on SpaceX.

SpaceX’s SmallSat Rideshare flights allow multiple payloads to share launches into space. Owners of these payloads and their stakeholders may wish to hedge the risk of a failed launch. Insurance is already offered by SpaceX at about 5% of the value of the payload. Opium and UMA are attempting to compete with that.

If the market price is less than 5%, we can show how strong DeFi is in making insurance cheaper. If the market sets the price at more than 5% we can invite Elon to stake money and earn free interest.”

“According to McLaughlin, the fact that tokens are an immutable ledger of digital signatures makes tokenization a superior base-layer for asset representation. Thus, the Citibank transaction banking chief urged financial services stakeholders to consider pivoting toward a token-based system for their digital money efforts to enjoy benefits like programmability and “always-on” operations.

Indeed, regulated decentralized finance, or reg-DeFi, is becoming a popular refrain among bankers. John Whelan, blockchain chief at Banco Santander, predicted that reg-DeFi — permissioned layer-two protocols on public networks — could be the future of finance.

See Also: IMF Official: ‘A World With More Than One Reserve Currency Is a More Stable World’
See Also: Fed’s Brainard Breaks Down CBDC Policy Considerations, Sees Price Pressures Waning in the Future

Pairing policy measures with market-based mechanisms provides the recipe to supercharge climate alignment. To enable this transformation, climate-related information must be compiled into actionable metrics to drive demand signals for greenhouse gas (GHG) emissions reduction at all stages of production and distribution along supply chains.

Supply chain emissions, referred to as “scope 3” emissions, are often the largest contributor to corporate carbon footprints, yet they are regularly left unmapped or roughly estimated. This is primarily because they are not defined in a way that establishes unequivocal accountability, nor are they trackable.

We envision a digitally native system for supply chain accountability. This solution’s open-source attribution protocol would enable anyone to define, track and trace emissions, and to report disclosures. It would also allow anyone to trade physical goods and digital attributes and their associated credit certificates (e.g., carbon offsets and insets).

“The article comes in response to Elon Musk’s May 15 tweet asserting that Dogecoin will emerge as the leading chain if it moves to increase its block size by 900%.

Buterin challenged Musk’s proposition, emphasizing the challenge of seeking to achieve a sharp increase in scalability and throughput ‘without leading to extreme centralization and compromising the fundamental properties that make a blockchain what it is.’

Buterin stressed the need for decentralization to eliminate the risk of a network having a single point of failure and the protections that a widely distributed network enjoys against coordinated attacks. He added that decentralization cannot be achieved without regular users being freely able to run nodes.