First Mover Asia: A labor market that shows no signs of slowing down means inflation remains an issue. What does this mean for bitcoin? Also, Japan's SBI wants more NFTs sold in Yen. thesamreynolds reports
Japan’s SBI, a digital assets financial services firm, recently announced it's launching a MetaMask-like wallet platform for non fungible tokens that’s only using the Japanese yen for trades on the SBINFT Market,Japan, with its world-renowned IP, and universally recognized styles of art, is an emerging hub for NFTs. But the majority of transactions are done in USD, not yen, which is something that SBI is looking to change.
In international trade dominated by fiat, the U.S. dollar, the world’s most liquid currency and the measure for most commodities’ pricing ,with nearly 88% of global trade denominated in Greenbacks. This is predictable as the U.S. is the world’s largest economy and most of the globe’s trade has some sort of nexus to the country.
Crypto, however, is tied to no nation. There’s no centralized economy behind it. Yet at the same time, the majority of the world’s digital asset transactions are denominated in USD. “Despite the shrinking US portion of the world’s GDP, the dollar increasingly dominates, notably in the digital ecosystem,” Bloomberg analyst Mike McGlone
. “There appears to be little to stop the most consistent trends in crypto assets: rising trading volume and the proliferation of stablecoins tracking the dollar.”
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