Financial, Economic and Social Mood Update (March 1, 2022)
The total global cryptocurrency market hit a record high market capitalization on November 10, 2021. Bitcoin BTC and over 18,368 other privately launched electronic digital cryptocurrencies have been surging in value over the past decade. They have already matured to a large degree, having replaced 87 percent of commercial and investment banks all over the world. Traditional commercial and investment banks as we have come to know them over hundreds of years will likely cease to exist by the end of the first trimester (i.e., one-third) of 2022 – this is how rapidly things are changing over into the new digital financial system. The cryptocurrency market reached a record high value on November 10, 2021, but it has lost 35 percent of its value since then. Recent stock market activity points to an emerging stock market collapse – in particular an emerging high technology equity market collapse to rival or exceed that of the historical dot.com bust.
The digital currency market is already much more mature than people realize. Here is where we stand right now: 114 million people own cryptocurrency. 300 million people use cryptocurrency for transactions, and 261 million people in China already use the digital Yuan CBDC for retail purposes = 561 million minimum retail digital currency users worldwide. 9 countries including China already have a live CBDC available for retail use. The combined human population of these 9 countries (which include the likes of Mainland China, India and Nigeria) is 3,085,500,000 people.
Interest rates have already begun to rise, especially for loans. This trend is not yet visible in retail interest rates for traditional commercial bank savings accounts, but staking rewards for cryptocurrencies (including those for stablecoins which do not fluctuate much in value unlike most very volatile cryptocurrency coins) have been far higher than commercial bank savings accounts for well over one year. Here is an interesting article from Elliott Wave International of Atlanta, Georgia which explains what makes the central bank lending rates go up or down (they merely follow the pattern for US Treasury Bills): https://www.elliottwave.com/Interest-Rates/Does-the-Fed-Really-Determine-the-Trend-of-Interest-Rates?rcn=220206socez&utm_source=com&utm_medium=eml&utm_campaign=ar-frup&utm_content=220206socez.
