Crypto Holders WATCH OUT!! THIS Is The Future THEY Want!!

First they ignore you then they laugh at You then they fight you and then you win This quote is quickly becoming the story Of crypto and it looks like the industry Has entered the fighting phase This is evident in the rhetoric of Anti-crypto institutions like the bis Which recently released a report which Details its dystopian vision of the Future of finance spoiler it doesn’t Include crypto Today i’m going to give you a bit of Background about the bis explain what Its report says in simple terms and tell You exactly what it means for the crypto Market [Music] Before i talk about the bis i need to Make sure neither of us gets wrecked i Am not a financial advisor and don’t you Ever forget Education and entertainment are my only Presets please contact a financial Advisor if your portfolio fills you with Regret If that’s truly the case then a Therapist might be a better bet Anyways if this is the first time you Meet my gays my name is guy and i know Crypto can be a bit of a maze that’s why I create high quality crypto content Where everything is simply explained Coins tokens news reviews and other info That’s as valuable as an additional wage

If you’re ready to engage subscribe to The channel and ping that notification Bell at the bottom of your display Okay that’s all you need to know about This crypto sage let’s see what the bis Is And what it’s got to say If you’re unfamiliar with the bis here’s What you need to know The bank for international settlements Or bis is the self-described bank for Central banks The bis is owned by the 63 central banks That make up its membership and it is Based in basel switzerland The bis job is basically to help central Banks coordinate their monetary policies And an informational video by the bis From february this year revealed that All 63 central bankers recently met in Basel to discuss monetary policy a very Rare occurrence that only happens during Times of crisis What’s crazy is that the informational Video even shows all 63 central bankers Taking their seats for the bis secretive Meeting shortly before it began at which Point the video crew was quickly Shuffled out because obviously these Meetings take place behind firmly closed Doors This didn’t seem to bother the video’s Narrator who casually remarks that quote Meetings can only be open and honest if

Confidentiality is maintained which is Insanely hypocritical given that the bis And other such international bodies are Against privacy for the average person Although nobody knows what exactly was Discussed at this monumental meeting the Bis narrator she’s never actually given A name by the way just the narrator Which is in no way really weird Noted that topics included central bank Digital currencies or cbdc’s negative Interest rates and presumably Cryptocurrencies given that she Mentioned digital currencies more Broadly Now if you’ve watched any of our Previous videos about the bis you’ll Know that it’s been working closely with Central banks to develop their cbdcs and That cbdcs will make it possible for Them to have total control over the Economies of their respective countries By determining how and when money can be Spent If you watched our video about cbdc’s Versus cryptocurrencies you’ll know that Most cbdcs are being built from the Ground up to maximize financial control Whereas most cryptocurrencies were built From the ground up to maximize financial Freedom and in some cases financial Privacy It should come as no surprise then that The bis is not a fan of cryptocurrency

Whatsoever and that the report i’ll be Summarizing today can be summarized in a Single sentence Everything that cryptocurrency can do Cbdc’s can do better Now the report is titled quote the Future monetary system and it’s the Third part of a much larger annual Report put together by the bis Specifically hyun seong shin the bis Economic advisor and head of research Hyun is as anti-crypto as they come and He actually did a media briefing about Cryptocurrency for the bis back in 2018 Where he talked about why Cryptocurrencies will never replace fiat Currencies because they can’t scale and Don’t guarantee transaction finality the Laugh at you part of the quote in the Intro As it so happens hyun did another media Briefing about cryptocurrency in early June specifically about the report i’ll Be summarizing today This time around he talked about why Cbdc’s are better than cryptocurrencies A huge shift in tone from four years ago The fight you part of the quote from the Intro Now the best part of this second media Briefing was the questions hyun got Because almost all of them were critical Of cbdc’s i’ll reiterate that this was At a press briefing exclusively for the

Bis meaning that all the media personnel Present had presumably been hand Selected by the institution itself So to give a few examples one reporter Asked why cbdc’s are necessary when we Have alternatives and a second asked About the privacy concerns people have About cbdc’s given that the bis had Specified that privacy will not be Possible with cbdc’s and that all user Data will be kept at the central bank A third reporter asked about whether Cbdcs would actually see any adoption Given their concerning characteristics A fourth reporter asked about these Characteristics namely whether someone Would be blocked from buying say alcohol And tobacco or blocked entirely if they Speak out against their government What’s concerning is that hyun didn’t Really have a clear answer to any of These questions and even applauded Cbdc’s for their problematic Programmability He also said that this programmability Could theoretically be applied to any Payment system so long as a government Manages to successfully roll out a Digital id Let’s not forget that last point shall We Anyways with all that context in mind we Can finally dig into the report itself So sit back and relax while i unpack

Note that i’ve left a link to the full Report in the description if you’re Interested So the bis report begins with a brief Introduction that describes the Financial system as it functions today The tldr there is that central banks Issue the money and create the trust in Said money whereas commercial banks make It possible for people to use that money To buy sell and borrow If the idea that it’s the central bank That creates the trust in money wasn’t Bad enough the authors go on to claim That quote Private sector innovation benefits Society precisely because it is built on The strong foundations of the central Bank This is literally the i made this meme To add insult to injury the very next Sentence reads quote the monetary system With the central bank at its center has Served society well which is extremely Debatable given that central bank money Printing is what has made life ever more Unaffordable for the average person all The while enriching the one percent After briefly describing Cryptocurrencies the authors turned to Terra’s recent collapse as evidence that Crypto can’t beat the central banks and Claim that the crypto industry is Constantly in need of a quote nominal

Anchor such as fiat denominated stable Coins More about terra’s collapse in the Description Naturally the only solution to this Crypto quagmire is to switch everything Over to permissioned blockchains run by Central banks with cbdc’s and so-called Fast payment systems that will be Leveraged by commercial banks in much The same way they leverage the central Banks today No thanks The second part of the bis report is Titled quote what do we want from a Monetary system and it’s important to Remember that this report is intended to Be read by powerful individuals and Institutions not the average person so The authors aren’t really asking what we Want they’re asking their rich and Influential cronies So the authors then provide a big table Which identifies eight wants from a Monetary system these are Safety and stability accountability Efficiency inclusion control over data Integrity adaptability and openness Now if you ask me all eight of these can Be rolled into one and that’s Total control So as you can see the authors provide a Bunch of boxes which explain how well These eight wants are satisfied by the

Current financial system cryptocurrency And the bis’s dystopian vision of the Future of finance lo and behold crypto Fails on almost all metrics whereas the Bis future system succeeds on all eight Kel surprise This ties into the third part of the bis Report and that relates to the problems With cryptocurrency not surprisingly the Authors have no shortage of crypto Criticisms and they start with all the Volatility in the crypto market and the Fact that most cryptos are down more Than 90 From their all-time highs of course the Authors don’t explain that the reason Why crypto is so volatile is Fundamentally because its implicit goal Is to replace the financial system which Is a massive undertaking The authors also don’t acknowledge that The volatility of most major Cryptocurrencies has been on the decline Over the years After throwing some shade at stable Coins the authors seem to imply that Crypto can’t replace central banks Because its blockchains are fragmented I.e can’t interoperate which just isn’t The case Most crypto holders will know the Industry will be multi-chain and Interoperability innovation has been Explosive

The authors also highlight the fact that New cryptocurrencies are quite Centralized and many existing Cryptocurrencies have started to Centralize to increase their speed and Competitiveness which is certainly the Case The authors then turn to decentralized Finance or defy and if you watched our Most recent video about the bis you’ll Know that central banks and commercial Banks alike see defy as the biggest Threat because it has the potential to Play both of their roles the authors Then suddenly return to the topic of Terror and provide their own Watered-down explanation of why it Collapsed They also mentioned that terra’s Collapse caused a 10 billion run on Tethers usdt stablecoin and confirm that Most of that capital fled to circles Usdc due to its increased transparency When it comes to the quote structural Limitations of crypto the authors argue That cryptocurrencies are incentivized To keep their fees high because it’s the Only way they can adequately compensate Miners and validators which is an Interesting albeit flawed argument This is actually an argument that hyun Made in his first media briefing about Cryptocurrency back in 2018 but what he And the authors of this report fail to

Realize is that economic incentives and Self-interest are ultimately why anyone Does anything at all while it’s true That there are risks associated with the Economics of securing a cryptocurrency Blockchain there are even larger risks Associated with the economics of giving Control of the financial system to a Small group of central bankers and Crypto’s value is increasing as people Start to realize this Now the authors go on to explain that Cross-chain bridges in cryptocurrency Aren’t very secure and it’s safe to say That they have a point however they Cross the line by saying that the Winner-takes-all approach in traditional Finance is superior to interoperability Which is again still in development The authors then randomly return to the Topic of defy and seem to make a subtle Reference to chain link specifically That quote There are no clear rules on how to vet Or incentivize oracle providers for Reference chain link is working on Setting oracle standards and is in the Process of introducing link staking Now because centralized exchanges Somehow fall under the umbrella of defy The authors take some time to list a few Critiques of them too including the lack Of transparency around crypto holdings a Lack of oversight compared to regular

Exchanges and the fact that they let you Withdraw your crypto This immediately reminded me of the Financial action task force or fat f Whose so-called recommendations aim to Make self-custody next to impossible by Labeling anyone who tries to hold their Own crypto as high risk because they Believe only the banks are allowed to Hold your assets In one of the info boxes in this section The authors discuss the results of a Crypto study conducted by the bis which Found that quote a rise in the price of Bitcoin is associated with a significant Increase in new users i.e the entry of New investors with a correlation Coefficient of more than 0.9 out of 1. Moreover quote a one standard deviation Increase in the daily bitcoin price is Associated with an increase of around 90 000 crypto exchange app users while Quote the exogenous drop in the bitcoin Price was associated with an average Reduction in the number of new app users Of five to ten percent Cool stats Now having convinced the reader that Crypto is as dangerous as running with Scissors the authors proclaim that quote Regulatory action is needed to address The immediate risks in the crypto Monetary system and to support public Policy goals and these are the

Regulations the authors want to see First and foremost they want regulators To crack down on stable coins especially Decentralized stable coins which is no Coincidence given that stable coins Compete directly with all kinds of fiat Currencies as per the bis’s own Admissions Second quote cryptocurrency exchanges That hide the identity of transacting Parties and fail to follow basic know Your customer kyc and other financial Action task force fat f requirements Should be fined or shut down And you’ll recall what the end game of The fat f is in this regard Third regulators should consider Restricting retail access to certain Altcoins consider banning defy and even Crackdown on crypto oracles like Chainlink for daring to provide data to Decentralized applications without Approval from the government Finally regulators should make sure that Cryptocurrency doesn’t become too big Else it could compromise the integrity Of the fiat financial system To that end the authors advise that Regulators focus their attention on the Centralized entities in cryptocurrency Be they exchanges custodians or Otherwise And because crypto is global the authors Even go as far as calling on governments

To create a new international regulatory Authority and present the bis as the Ideal institution to play this role The authors also reveal that the bis is Developing a quote cryptocurrency and Defy analysis platform that combines On-chain and off-chain data to produce Vetted information on market Capitalizations economic activity and International flows I suspect that the bis is getting some Help from blockchain analytics companies On that one and you can find out how They’re tracking all your crypto Transactions using the link in the Description Anyhow the authors conclude the crypto Section of the report with quote Overall the crypto sector provides a Glimpse of promising technological Possibilities but it cannot fulfill all The high level goals of a digital Monetary system Luckily for us quote central bankers can Provide such foundations and they are Working actively to shape the future of The monetary system This brings me to the fourth part of the Bis’s report and that’s its vision for The future of finance The authors start by explaining the four Roles of the central banks these are to Issue money to provide transaction Finality to ensure sufficient liquidity

Aka money printing and to assist in Supervising and regulating the financial System In the bis eyes the future of finance Takes the four roles of the central bank To the next level with the help of both Wholesale and retail cbdcs for context Wholesale cbdc’s will be used by select Individuals and institutions whereas Retail cbdc’s will be used by the Average person that’s right two systems As far as the bis is concerned this is Totally fine because quote central banks Are mandated to serve the public Interest and totally not influenced at All by politics or powerful individuals And institutions in the private sector The authors go on to outline the Different components of their vision of The future of finance and highlight Concepts like programmability Composability tokenization Interoperability instant payments open Platforms and inclusive designs Were it not for all the references to Cbdc’s and central banks among these Highlighted terms you’d think the bis Was describing the future of Cryptocurrency probably nothing The authors then give a metaphor to Explain exactly what their vision of the Future of finance looks like and as you Can see they paint a picture of a tree With a central bank as the trunk how

Cute The authors even provide a second Picture that shows how all the different Central bank trees will lock branches in What the authors call the forest of the Global financial system This is quite ironic as the authors Simultaneously claim that a fragmented Financial system of this kind would Never work One comment that caught my eye here was That putting central banks at the center Of the financial equation is a quote Prerequisite for private innovation that Serves the public interest which seems To imply that private innovation is Incapable of serving the public interest In the absence of central banks Regarding wholesale cbdc’s the authors Note that they can be used to govern the Inner workings of the financial system And they promise their audience which is Again mostly powerful individuals and Institutions that their privacy will be Protected thanks to zero knowledge Proofs also used in crypto as far as i Understand the bis envisions wholesale Cbdc’s backing other types of digital Currencies that are not retail cbdc’s This is consistent with something spooky That pro crypto politician cynthia Lummis said in a recent interview and That’s that stable coins will eventually Be backed by wholesale cbdc’s you can

Find out what assets are backing Stablecoins now using the link in the Description i digress Now another spooky thing i saw relates To an example the authors gave of how Exactly a wholesale cbdc would be used To settle a digital currency transaction That’s not done in a retail cbdc they Use the example of someone buying a House with privately issued e-money with The deed being automatically transferred Now this makes me wonder whether the bis And other central banks are thinking of Tokenizing all real-world assets on Their permission blockchains Comments later in the section certainly Suggest this such as quote the same System could also allow for digital Representations of stocks and bonds Now make no mistake if this happens then The central bank and by extension the Government would own your assets They would be able to revoke your Ownership of anything and everything and If you don’t have physical evidence that It was once yours you will have no way Of proving to anyone that it ever was And that boys and girls is why buy btc Is more than a meme When you buy btc and keep it in your own Wallet nobody can take it away from you Not financial advice more about the best Crypto wallets in the description Now don’t get too scared just yet

Because the next subsection of the bis Report talks about the real terror and That’s those retail cbdcs Regarding retail cbdc’s the authors Point to the mass adoption of brazil’s Fast payment system as proof that the Average person will voluntarily adopt a Retail cbdc even though the bis’s own Research shows that only 4 to 12 percent Of adults in developed countries would Voluntarily adopt a retail cbdc i wonder Why The authors also applaud the federal Reserve bank of boston’s milestone of Reaching 1.7 million transactions per Second in its cbdc trials noting that This is faster than payment networks Like visa and cryptocurrency blockchains It seems the authors conveniently forgot About bitcoin’s lightning network which Can process an estimated 40 million Transactions per second and if you’re Wondering how that’s possible you should Check out our video about it using the Link in the description Now one thing that bitcoin doesn’t have Is a quote universal access device which The authors note the central bank of Canada is currently developing for its Own cbdc If you think that’s wild consider that The bank of ghana is apparently working On wearable cbdc devices Implanted chips anyone

So if you’re wondering how the hell the Central banks will convince anyone to Adopt this the authors clearly states That quote by allowing non-bank entities To offer cbdc wallets they can also Overcome the lack of trust in financial Institutions that holds back many Individuals in today’s system In other words central banks will use Private companies that people trust to Roll out their retail cbdc’s which is Funny considering the author spent the Earlier part of the report trying to Convince the reader that the central Banks and their financial systems are The pinnacle of trust What’s even funnier is that the bis Actually did a report about how much People trust the financial system and The figure is only around 60 percent in Developed countries i repeat in Developed countries and i bet it’s even Lower now More about that report in the Description Anywho the authors then reiterate what’s Been said in other bis reports about the Privacy of retail cbdcs stating that Quote central banks have no commercial Interest in personal data and can thus Credibly design systems in the public Interest Put simply privacy for me but not for The hypocrites

And did i mention that quote Transactions would not be recorded on a Public blockchain visible to all Now if all of this wasn’t bad enough in The next subsection the authors discuss A global quote multi-cbdc platform that Will be governed by the world’s central Banks and the cherry on top is that the Privacy of these entities will be Insured so the public will have no idea Who’s in control of this powerful system Even though these comments are made in The context of a wholesale cbdc the Authors make sure that the reader knows That the same global platform could be Put in place for retail cbdc’s and Similar types of digital currencies The authors conclude by quickly Commenting on the progress being made on The bis explicitly stated goals and list The following statistics 90 of central banks are exploring cbdc’s There are three retail cbdc’s currently Live with 28 in development and 60 Countries are working on fast retail Payments This list includes the united states Whose federal reserve is planning on Rolling out the fed now fast payment System in 2023 which we now know will be Capable of having many of the same Qualities as a retail cbdc especially if The us government manages to roll out a Digital id system as per hyund’s remarks

Meanwhile france and switzerland are Working on a multi-cbdc platform as are Singapore malaysia australia south Africa and hong kong thailand china and The united arab emirates Quote in some central banks are working Together to advance domestic policy Goals and to support a seamlessly Integrated global monetary system with Concrete benefits for their economies And end users And because the authors still need to Bash crypto to get the conclusion in Quote instead of serving society crypto And defy are plagued by congestion Fragmentation and high rents in addition To the immediate concerns about the Risks of losses and financial Instability this statement might be the Most hypocritical of the entire report Because many central banks are actually Testing their cbdc’s using Cryptocurrency blockchains You can find out which countries and Which cryptos using the link in the Description This brings me to the big question and That’s what all this means for the Crypto market well if you ask me all of This is insanely bullish for crypto Because nobody is buying the bis bs Except the central bankers as i’ve Mentioned in other videos about the Bis’s shamelessly evil reports the

Average individual and institution would Not adopt this technology voluntarily The only way you could convince the Average individual and or institution to Adopt this technology would be through Force or through a crisis and it’s Convenient that there’s no shortage of Those these days It’s also quite amazing how the authors Hold up the central banks as the center Of the universe and how they are Willingly or unwillingly able to Acknowledge just how fast innovation in Crypto has been Four years ago the bis laughed at crypto Now it’s starting to fight it does this Mean that crypto will win in four years Time Well let’s just say that it’s Interesting that this is around the time That we would see the next crypto bull Market top Now this obviously doesn’t mean that Fiat currencies will be defeated in four Years time but it could mark the tipping Point where crypto adoption becomes so Widespread that it truly can’t be Stopped I wonder what the bis will say then And that’s all for today’s video about The bis’s most recent bs if you found it As scary as i did be sure to share so The word gets out because awareness is The first and most important step to

Stopping this dystopian stuff If you’re glad to know what the bis has Been up to smash that like button to Support what i do Remember to subscribe to the channel too Because you don’t want to miss the next Video i have for you While you wait for it you can check out Coin bureau clips for more content from Me or tune in to the coin bureau podcast For rabbit holes related to Cryptocurrency You can also find me on twitter tiktok And instagram and get your dose of daily Crypto updates by joining my telegram If you’re wondering what cryptos i hold And how i change my portfolio you can Subscribe to my weekly newsletter to Stay in the know If you’re looking to put your crypto Pride on display you can check out the Coin bureau merch store for cool crypto Designs and there are many more coming Your way The links to all these resources and More can be found in the description Down below Thank you all so much for watching and I’ll see you in the next one until then My friends stay cool stay safe and stay Crypto [Music] You