BIS Says CBDCs Will Be Cornerstone Of Future Monetary System – June 21

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $21,436

Bitcoin price has reclaimed the $21,000 level over the last day of trading, as a local bottom appears to continue to solidify in the crypto market.

Top-20 altcoins have continued to recover over the last 24 hours, as Ethereum and BNB each gain 5%, while Shiba Inu surges with a 28% gain.

Top Stories for June 21, 2022 πŸ”₯

πŸ‘‰ BIS Says CBDCs Will Be Cornerstone Of Future Monetary System

The Bank of International Settlements (BIS) believes the future of the monetary system will be built around central bank digital currencies (CBDCs), according to its annual economic report.

A 42-page chapter in the report outlines a BIS vision that dismisses current iterations of cryptocurrencies, however endorses features such as programmability and tokenization – stating that “anything that crypto can do, CBDCs can do better.”

πŸ‘‰ BlockFi Receives $250M Credit Facility From FTX

Crypto lending platform BlockFi has received a $250 million bailout from major crypto exchange, FTX. BlockFi says the funds will improve the strength of its balance sheet and platform.

According to The Block, the credit facility is expected to keep the company afloat amid solvency issues, which appear to be hitting several centralized crypto lending platforms during the current market downturn.

πŸ‘‰ Vitalik Buterin Expresses Concern Over Stock-To-Flow Price Model

Ethereum co-founder Vitalik Buterin has expressed his concern over the popular stock-to-flow pricing model for Bitcoin, saying it is a harmful idea for investors to subscribe to.

Buterin believes that stock-to-flow and other pricing models provide people with a false sense of certainty that prices will consistently increase, and deserve ridicule. The model predicted that Bitcoin would trade between $100,000 and $110,000 at some point in 2022.