On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Billionaire Stanley Druckenmiller thinks some kind of crypto-derived ledger system may replace the U.S. dollar as the world’s reserve currency in the future.
Billionaire hedge fund manager Stanley Druckenmiller has forecast the possibility of a crypto-derived ledger system overtaking the U.S. dollar as a global reserve currency.
The hedge fund boss noted that if there were to be a U.S. dollar replacement it “would be some kind of ledger system invented by some kids from MIT or Stanford or some other engineering school that hasn't even happened yet, that can replace the dollar worldwide.”
He made the comments in an interview with CNBC’s Squawk Box. Druckenmiller noted that crypto is often promoted as a hedge against inflation, which has become more relevant of late:
“Well, you probably don't remember this joke, but five or six years ago, I said that that crypto was a solution in search of a problem. And that's why I didn't play crypto the first wave because we already have the dollar. What do we need to look for?”
But he went on to add that ongoing financial stimulus was an issue: “Well, the problem has been clearly identified. It's Jerome Powell and the rest of the world, central bankers. There's a lack of trust. So sort of groping for an answer for a central case.”
Druckenmiller reportedly invested in Bitcoin earlier this year and told Squawk Box that it’s unlikely that he believes it's Bitcoin will be usurped by other cryptocurrencies as the top store of value asset:
"It's going to be very hard to unseat Bitcoin, as a store of value asset, because it has a 14 year old brand, it's been around long enough, and obviously, there's a finite supply."
Druckenmiller noted that while Ethereum is leading the way when it comes to building smart contracts, he does not see it dominating everyday transactions. He believes that the next generation of developers is likely to improve on current blockchain technology leaving current solutions behind.
"The quality of the competition that's going to come against the incumbents in this space is going to be brutal," he said. "That's why I think it's just too early to call who is going to be the winner when it comes to the payment system, commerce, that kind of stuff."
Druckenmiller doesn’t see alternative fiat currencies taking over from USD however because “Europe is a complete mess,” and “Who's going to trust the Chinese?”
https://ift.tt/3y6WnOb"5-6 years ago I said #crypto was a solution in search of a problem," says Stan Druckenmiller. "The problem has been clearly identified. It is Jerome Powell and the rest of the world's central bankers. There is a lack of trust." pic.twitter.com/goCVQ1jp67
— Squawk Box (@SquawkCNBC) May 11, 2021
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