Another $300 million USDT has been printed, but not issued, “meaning that this amount will be used as inventory for next period issuance requests,” Paolo Ardoino, Bitfinex’s COO, says.
That brings its total market cap above $10 billion, but a jump of 8% for xrp has returned it to the third position after months of tether dominating.
There appears to be no clear reason for xrp’s rise except that others are rising too, so it has joined the party with bitcoin racing past $11,200 at the time of writing while eth seems to have finally gotten over easy peasy.
That’s while Goldman Sachs analysts say: “Combined with a record level of debt accumulation by the US government, real concerns around the longevity of the US dollar as a reserve currency have started to emerge.”
The problem is that except for bitcoin and gold there’s no where to run as other countries are debasing their currencies too.
Trillions have been added by the euros, yuanis are no better, rubbles are too small an economy, and the Turkish Lira can be played like a yoyo.
GBP is rektati because spend spend spend with the Swiss and their stock market tradable central bank maybe being the only kind of ok managed currency.
“Turkey, Iran, Qatar and Malaysia are creating an economic alliance that seeks to use gold as a way to trade and free themselves from what they claim are sanctions that target ‘Muslim’ countries. Iran’s Press TV says the new ‘gold dinar’ could help it beat sanctions.”
That’s some old news, December 2019, that may indicate what a potential solution could be if hyper-inflation, but the vast majority of gold by far is owned by banks. So a return to the gold standard would be an unsophisticated repeat of the debasement cycle.
Cryptos on the other hand provide free market money. Competition between ‘tribes’ of bitcoiners, ethereans, the xrp shill army, even tronies and linkies and now we have defiers flashloaning on synthetics.
So the march of the new continues in contrast to the dustiness of the old and though XRP, like these debased fiat money, still chugs along, there is now at least a variety of monetary economics at the fashionable pleasure of people’s own preferences for what to use as a value measurer.