Stanley Druckenmiller, billionaire hedge fund manager, has predicted the possibility that a crypto-derived ledger system will overtake the US dollar as a global reserve currency. If there were to be a replacement for the US dollar, the hedge fund boss noted, it would be some ledger system invented by some youngsters from MIT or Stanford that could replace the dollar worldwide.

Or by another technical institution that does not even exist yet. In an interview with CNBC’s Squawk Box, he made the comments. Crypto is often promoted as a hedge against inflation, Druckenmiller noted, which has become more relevant in recent times. Druckenmiller indicated that people probably no longer remember his joke, but that he indicated five or six years ago that the crypto was a solution in search of a problem. Prognose Crypto Germany is popular.

https://youtu.be/fifdM2RlDJw

And for that reason, he did not bring crypto with him on the first wave, because according to him they already have the dollar. What should they be looking for, Druckenmiller wondered. However, he added that ongoing financial support was an issue and the issue has been clearly identified. He says it’s Jerome Powell and the rest of the world, Central Bankers.

Druckenmiller said there is a lack of confidence, so an answer is being sought for a central case. Druckenmiller reportedly invested in Bitcoin earlier this year. In addition, he told Squawk Box that he is unlikely to believe that Bitcoin will be eclipsed by other cryptocurrencies as the top store of value asset.

Druckenmiller indicated that it will be very difficult to dethrone Bitcoin as a stable asset. This is because it is a 14 year old brand, it has been around long enough and there is clearly a finite supply. Ethereum is of course leading the way, Druckenmiller noted, but when it comes to building smart contracts, he doesn’t see Ethereum dominating everyday transactions.

Druckenmiller is convinced that the next generation of developers will likely improve current blockchain technology, leaving the current solutions behind. According to him, the quality of the competition that the incumbents in this space will have to face will be brutal. Portugal crypto price prediction is popular.

He therefore believes that it is just too early to say who will be the winner when it comes to the payment system, trading and things like that. However, Druckenmiller does not see alternative fiat currencies replacing the USD. Because, according to him, Europe is a complete mess and no one will trust the Chinese.

Last night, rumors circulated in the crypto world that the Chicago Mercantile Exchange (CME) is going to launch Dogecoin (DOGE) futures. The following tweet seems to be the instigator of this:

Several sources would have confirmed to The Block that none of this is true. However, the CME exchange itself has not yet responded. The Twitter account was partly responsible for the spread of another rumor last weekend.

Bitcoin (BTC) and the overall crypto market corrected hard over the weekend. It has been speculated that a tweet claiming that the US Treasury Department is going to sue financial institutions for money laundering with crypto was the cause. Moveco.io has enough information. “I think at this point it’s pretty safe to assume that the account was taken over by a third party acting in bad faith. The last three tweets are clearly fake and if it was a hack they would have been deleted by now.”

Fake news

According to researcher Larry Cermak. Despite the fact that it is probably fake news, Dogecoin (DOGE) is again one of the strongest risers today. The DOGE price has risen again by almost 25% last night. https://folm.io/ has enough information. Dogecoin rose by as much as 500% last week, billionaire investor Mike Novogratz doesn’t get it and Cardano (ADA) founder Charles Hoskinson warns of a bubble.

CME is the largest derivatives exchange in the world, first launching ethereum (ETH) futures in February. The Chicago exchange plans to launch micro bitcoin futures in May.

The ETH/USD closed at $1,949.00, after a high of $2,031.41 and a low of $1,757.14. The ETH/USD suddenly surged above the USD 2,031 level on Wednesday after falling continuously and remaining in consolidation for more than 2 weeks.

SpaceX CEO Elon Musk Supports Ethereum (ETH/USD) at 1,735

The ETH/USD surge came on Wednesday after Tesla and SpaceX CEO Elon Musk said he owns the second-largest cryptocurrency at the B-Word conference. Following this revelation, Ethereum hit its highest level in a week, rising more than 12% on Wednesday.

Elon Musk also reiterated his support for cryptocurrencies in general, despite possible environmental risks. Musk said that as Bitcoin mining became increasingly powered by renewable energy, Tesla will once again accept bitcoin for transactions. Shiba inu SHIB price has risen.

Any stock exchange

Musk said the only publicly traded shares he owns are in Tesla and cryptocurrencies. He said he owns some Bitcoin, Dogecoin and Ethereum. He also revealed that he is holding Bitcoin for the long term. He went on to say that if the price falls, he will lose money, but he has no intention of selling at higher prices or anything like that as he would like to see Bitcoin succeed.

The news that Tesla may start accepting Bitcoin again as the mining process has shifted to using renewable energy added strength to the leading cryptocurrency, driving the entire crypto market higher as well. ETH/USD also rose on Wednesday, following the market trend and reaching its highest level in a week.

Ethereum was bolstered by the news that Musk personally holds the cryptocurrency in his portfolio and has no plans to sell it any time soon. All of this, coupled with the recent weakness in the US dollar, has given the ETH/USD further upward momentum.

Weaker Dollar Pushes Ethereum (ETH/USD) Above USD 2,000

The US Dollar Index has fallen, reaching the level of 92.76 and further contributing to the rise in Ethereum prices as there is a negative correlation between the two. The weakness of the US dollar can be attributed to fading market sentiment on risk and easing fears about the spread of the coronavirus. Ripple (XRP price has risen.

Ethereum (ETH/USD) – Daily Outlook

The ETH/USD is trading with a bullish bias at the 2.023 level. The coin has bounced back above the support level of 1,734 double bottom. As you can see from the chart above, the ETH/USD has completed a 38.2% Fibonacci retracement at the 1,988 level. On the higher side, a crossover at this level could lead Ethereum price to the next resistance level of 2,150 and 2,390.

Both levels are expanded with 61.8% and 88% Fibonacci retracement levels. The leading indicators, such as the RSI and the MACD, support a buying trend; therefore, a breach at the 2.048 resistance is likely. Let’s keep an eye on the 2.048 level as buying can be seen above this level today. Good luck!