I've never been a fan of the euro. Deutschmark futures were my preferred currency to trade "back in the day" and when they stopped trading at CME Group, I felt my days as a professional trader were numbered. I don't know why, I was just good at trading DM to cover my monthly nut. Everything else was gravy.
I'm still trading and hack away at various markets. More crypto now than futures or stocks. I've worked on the sellside of trading for a long stretch now and keep my trading game alive for the "skin-in-the-game" value. I do well enough to allow for some extravagance on occasion, but not well enough to fully step away from paying gigs. But I'm not really thinking about that today. I'm thinking more about how the trading space has changed and EUR vs. BTC.
Losing DM futures to the rollup of the euro is just one thing. We lost pork bellies too. I ran paper to that pit eons ago. It was a hoot. The good-old-boys network in every way you could imagine. Lots of contracts have faded. The floors...the pits...they're gone. I'm fine with that...efficiency tends to win and the electronic markets are just more efficient.
This brings me back to the euro. Now that EURUSD has fallen back to par, I’m wondering where the floor is. Not just on the cross-rate but for the currency as a whole. Is the euro more efficient than independently managed currencies or each nation? Perhaps. Well, if that’s true, doesn’t that add credence to a global currency like bitcoin? Doesn’t have to be bitcoin…could be some other cryptocurrency or a global CBDC of some sort…but if you believe in EUR, how can you not believe in a global cryptocurrency? Lotta cooks in that kitchen but it seems inconsistent to support one and not the other.
Tell me I'm wrong.
#FX #euro #eur #Bitcoin #BTC #crypto