A recent survey by the Bank for International Settlements (BIS) found that **94% of central banks** are exploring the creation of a **central bank digital currency (CBDC)**. This represents a significant increase from the 90% reported in a 2021 survey. The survey also highlighted a preference for issuing a **wholesale CBDC** for institutions first, before considering a **retail CBDC** for public use.  The BIS states that more than half of central banks are considering **limits on retail CBDC holdings, interoperability, offline options, and zero remuneration**. While **stablecoins** are gaining traction, they are still **rarely used for payments outside the crypto ecosystem**. This shift towards CBDCs indicates a growing interest in **digital currencies** within the global financial system.

There's a greater chance of a wholesale CBDC being issued within six years than a retail one, according to the report.

PolicyThere's a greater chance of a wholesale CBDC being issued within six years than a retail one, according to the report.By Camomile ShumbaJun 14, 2024 at 11:08 a.m. UTCUpdated Jun 14, 2024 at 11:10 a.m. UTCShare on FacebookShare on LinkedInShare on XBIS building (BIS)Share on FacebookShare on LinkedInShare on XThe Bank for International Settlements found that 94% of the central banks in its most recent survey were exploring a central bank digital currency.The central banks said they would probably issue a wholesale CBDC for institutions before a retail one.More central banks than ever before are exploring a central bank digital currency (CBDC), according to a Bank for International Settlements (BIS) survey published Friday.Among the 86 banks that participated, 94% said they were looking at a digital version of their national currencies. That's up from 90% of 81 respondents in a 2021 survey conducted by the BIS, an umbrella organization for the world's central banks.Respondents also said they're more likely to issue a wholesale CBDC than a retail version within the next six years. A wholesale version would be accessible only to banks and financial institutions, while a retail version could be used by the public for day-to-day life.Countries worldwide have been exploring whether or not to produce a digital currency for years, with China among one of the earliest. Nigeria and the Bahamas were among the first countries to issue their own CBDCs."For retail CBDCs, more than half of central banks are considering holding limits, interoperability, offline options and zero remuneration," the BIS said.The survey, conducted between October 2023 and January 2024, also found that stablecoins, cryptocurrencies whose value is pegged to a specific asset such as the dollar or gold, are rarely used for payments outside the crypto ecosystem.Edited by Sheldon Reback.DisclosurePlease note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.Camomile ShumbaCamomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.Follow @camomileshumba on TwitterRead more aboutRegulationsCBDCsBIScentral banks

More Central Banks Are Exploring a CBDC, BIS Survey Finds

Central Banks Are Embracing Digital Currencies: BIS Survey Reveals 94% Exploring CBDCs

# Ripple's $10M Cryptocurrency Donation Empowers Veterans

Hire Heroes USA, a nonprofit based in Alpharetta, has received a **$10 million donation in cryptocurrency** from Ripple, a leading financial technology firm. This generous contribution is part of Ripple's larger $25 million commitment to support veterans and small businesses.

![Hire Heroes USA provides career coaching to veterans](https://www.ajc.com/resizer/v2/XGM2LR7EYNCUDKH76RKIOOUE6Q.jpeg?auth=08f3c12e99687e8e33bac6ef97bf43dabe5df270d38c1a8064fa7a41adb188e3&width=3840&height=2160&smart=true)
*Hire Heroes USA offers free one-on-one career coaching to veterans and military service members. (Courtesy of Hire Heroes USA)*

The funds, denominated in **Ripple USD (a stablecoin backed by the U.S. dollar)**, will be used to assist approximately 14,000 veterans and military spouses. This includes providing personalized career coaching and establishing a new **fintech career pathway** to help clients transition into high-demand industries.

Ross Dickman, CEO of Hire Heroes USA, expressed immense gratitude, stating that this donation will have a "real impact" on their ability to scale services. The organization, which has helped over 110,000 individuals since its inception, plans to launch this new initiative in the coming months, leveraging the growing interest in fintech and cryptocurrency sectors.

![Ross Dickman, CEO of Hire Heroes USA](https://www.ajc.com/resizer/v2/6TEMMTZBGNEFLKSQHS3E7W6QJU.jpg?auth=9b8481ba0d6c56df64b0e4b23ebab96634b9fa6140c1aa47a45abafca1b786f8&width=3840&height=2559&smart=true)
*Ross Dickman emphasizes the transformative potential of this crypto donation for veteran support. (Courtesy of Hire Heroes USA)*

This move highlights the increasing role of **cryptocurrency in philanthropy** and its potential to drive social good. Ripple's commitment underscores their focus on supporting underserved communities and fostering innovation in the financial technology space.

Hire Heroes USA will use the funding to help about 14,000 veterans and military spouses with one-on-one career coaching and to establish a new fintech pathway for its clients.

Massive $10M Crypto Donation Transforms Veteran Career Support: Ripple's Generous Gift to Hire Heroes USA

## Invesco's Strategic Fee Cut on Bitcoin ETP

Invesco has announced a **temporary fee reduction** on its physical bitcoin exchange-traded product (ETP), positioning it as the **lowest fee provider** in this competitive market. The Invesco Physical Bitcoin ETP (BTIC), which holds approximately $410 million in assets, will now offer a total expense ratio (TER) of just **0.10%** until December 31, 2026. After this period, the fee will revert to the standard 0.25%.

This move comes amid an **intense fee war** among providers of physical bitcoin ETPs over the past year, as companies engage in aggressive price competition to attract investor assets. Previously, the market had stabilized around a 0.25% fee, mirroring the rates of US-listed bitcoin ETFs. However, the landscape shifted in March when BlackRock entered the European market with its bitcoin ETP, initially offering a TER of 0.15% that is set to increase to 0.25% by the end of 2025.

WisdomTree quickly followed suit, implementing a similar fee waiver to reduce its costs to 0.15% for the remainder of 2025. Invesco's latest action undercuts these competitors, setting a new benchmark with its 0.10% fee. This could make Invesco's product particularly appealing in 2026, once the waivers from BlackRock and WisdomTree expire.

It remains to be seen whether other providers will respond to Invesco's aggressive pricing strategy, potentially igniting further competition in the bitcoin ETP space.

The product class has seen intense price competition 

Invesco Slashes Bitcoin ETP Fees to Record Low: A Game-Changer in the Crypto Investment Space?

## Bitcoin Whale Resumes Selling Spree

A long-term Bitcoin holder, who previously sold $4 billion worth of Bitcoin for Ether last month, has started selling again as Bitcoin crossed $116,000 for the first time in three weeks. This activity is raising eyebrows in the crypto community.

### Details of the Latest Dump

Two Bitcoin wallets linked to an address that held onto the cryptocurrency for over eight years deposited **1,176 BTC** (worth over $136 million) into the trading platform Hyperliquid on Sunday and began dumping, according to on-chain analytics firm Lookonchain on X. This follows a two-week break after the whale exchanged nearly **36,000 BTC** for Ether in late August, a move valued at over $4 billion at the time.

![Whale Movement Chart](https://s3.tradingview.com/news/image/cointelegraph:81b24a796094b-87024fdeae2cb16577fd5177f40150df-resized.jpeg)

### Implications of Whale Movements

Whale activities often signal where **smart money** is flowing. Sudden moves after years of inactivity can have a negative impact, as large sell-offs on the open market can push prices down. In this case, the whale's shift to Ether suggests a potential loss if reversed; currently, swapping back to Bitcoin would result in a loss of nearly **460 BTC** (about $53 million) due to the ETH/BTC ratio dynamics.

### Bitcoin Price Struggles at Key Level

Bitcoin has been facing resistance at **$116,000**, a price it reached on Friday for the first time since August 23. Over the past 24 hours, it has traded flat around $115,500, with highs of $116,182 and lows under $115,000, struggling to break above this level. This represents a **7% decline** from its peak of over $124,000 on August 14.

### Broader Whale Activity

This isn't an isolated incident. Other high-value wallets have been active recently:
- A wallet with nearly **445 Bitcoin**, inactive for almost 13 years, transferred funds to Kraken on Thursday.
- Another wallet with **480 Bitcoin** moved funds for the first time since 2012, possibly just reorganizing holdings.

These movements highlight increased activity among long-term holders, which could indicate shifting market sentiments or profit-taking behaviors.

A long-term Bitcoin holder who sold $4 billion of his holdings for Ether last month has started selling again as Bitcoin crossed $116,000 for the first time in three weeks.Two Bitcoin (BTC) wallets tied to an address that had held onto the cryptocurrency for over eight years deposited 1,176 BTC wor…

Bitcoin Whale Dumps Billions Again: Is a Major Price Drop Imminent?

## Arthur Hayes on Bitcoin's Long-Term Outlook

**Arthur Hayes**, co-founder of BitMEX and CIO of Maelstrom, believes the current crypto bull market has significant room to grow, driven by ongoing global monetary trends. In a recent [interview](https://www.youtube.com/watch?v=7GpQPiF-RBg) with Kyle Chassé, Hayes argued that governments worldwide are far from done with aggressive monetary expansion.

He specifically pointed to U.S. politics under President Donald Trump's second term, suggesting that spending programs expected from mid-2026 could unleash massive liquidity. Hayes noted that if money printing becomes extreme, he might consider taking partial profits, but for now, investors are underestimating the potential influx into equities and crypto.

Hayes tied his outlook to broader geopolitical shifts, including the erosion of a unipolar world order. He believes such instability often leads policymakers to use fiscal stimulus and central bank easing to calm markets and citizens. He also raised concerns about potential strains in Europe, such as a French default destabilizing the euro, which could accelerate global money printing.

Addressing concerns about Bitcoin's performance after it hit a record $124,000 in mid-August, Hayes emphasized that Bitcoin vastly outperforms other assets like stocks, real estate, and gold when adjusted for currency debasement. He argued that traditional benchmarks appear weak compared to Bitcoin, and its dominance is clearer through the lens of long-term value preservation.

Hayes urged patience from investors, stating that Bitcoin's real edge comes from years of compounding outperformance rather than short-term gains. He concluded that with inevitable money creation through the rest of the decade, the crypto cycle could extend well into 2026.

![Bitcoin](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F47b7f712ab1de4180258cf8cac4023a4dae4cb87-1920x1080.png&w=3840&q=75)

Arthur Hayes said relentless global money printing could extend crypto’s bull run into 2026, while urging patience from bitcoin investors.

Arthur Hayes Predicts Bitcoin Bull Run to Extend into 2026 Due to Global Money Printing

# Bitcoin Climbs Amid Economic Uncertainty

Bitcoin (BTC) is up about 4% over the past week, trading around $115,400, as mixed economic signals create a complex backdrop. While this is positive for the digital asset, it highlights growing concerns in the broader economy.

## Key Economic Drivers

Recent data has fueled expectations that the Federal Reserve might cut interest rates, making riskier assets like Bitcoin more attractive. Here's a breakdown:

- **CPI Data**: The headline Consumer Price Index rose 0.4% month-over-month in August, exceeding the expected 0.3%. This suggests inflation may be stickier than anticipated.
- **Labor Market Stress**: Jobless claims surged to 263,000, the highest since October 2021, and the U.S. added only 22,000 jobs in August, with unemployment climbing to 4.3%. Additionally, a massive downward revision of nearly 1 million jobs for the year ended March marks the largest in history.

![US Initial Jobless Claims](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F423d776dec1dfe03c44ba0a9ce730e08f2013d7b-1760x1008.png%3Fauto%3Dformat&w=3840&q=75)
*Source: TradingEconomics*

The combination of higher inflation and weaker job growth has led some to mention "stagflation" in economic discussions, raising alarms about the health of the U.S. economy.

## Bitcoin's Price Action and Technicals

Despite economic headwinds, Bitcoin has shown resilience, approaching $116,000 and nearly closing the CME futures gap at $117,300 from August. The price action is constructive, with higher lows forming from a September bottom of $107,500.

Key technical indicators:
- The **200-day moving average** has risen to $102,083.
- The **Short-Term Holder Realized Price**, a crucial support level in bull markets, hit a record high of $109,668.

![Short Term Realized Price](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F510c8a976d214d9d5e13ba5bec455f8f33274495-3200x1800.png%3Fauto%3Dformat&w=3840&q=75)
*Source: Glassnode*

Traders are also bullish on equities, with the S&P 500 hitting record highs, driven by hopes of rate cuts.

## Bitcoin-Linked Stocks: A Mixed Performance

While Bitcoin gained, related stocks showed varied results:
- **MicroStrategy (MSTR)**: Flat for the week, underperforming Bitcoin year-to-date and testing key support levels. Its mNAV premium has compressed below 1.5x.
- **Marathon Digital (MARA)**: Up 7%.
- **CleanSpark (CEP)**: Up 4%.

Preferred stock issuance remains low, with only $17 million tapped this week, indicating most activity is through common shares.

![MSTR Chart](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Ffda304b5a7582612611c0ecb323c05517354296d-2650x1611.png%3Fauto%3Dformat&w=3840&q=75)
*Source: TradingView*

## Bullish Catalysts and Market Sentiment

The CME FedWatch Tool indicates traders expect a 25 basis-point rate cut in September and three cuts by year-end. This has improved risk sentiment, with the 10-year U.S. Treasury yield briefly falling below 4%.

However, the dollar index (DXY) is holding multiyear support, which could be a key inflection point to monitor.

![US 10-year Yield](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Fbbf694ec283499c03b259c5c974198c3899a5660-2650x1611.png%3Fauto%3Dformat&w=3840&q=75)
*Source: TradingView*

![DXY Index](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F8ef9d12986ebbd681224ba8e2bfac474356fa93a-2651x1611.png%3Fauto%3Dformat&w=3840&q=75)
*Source: TradingView*

CPI surprises to the upside while cracks widen in U.S. labor market; bitcoin climbs as the dollar weakens and bond yields fall.

Is Bitcoin the Ultimate Hedge as Economic Cracks Widen? CPI Surge and Job Woes Fuel BTC Rally

# Gemini's Nasdaq Debut: A Strong Start

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, made a splash on its first day of trading on the Nasdaq. The stock opened at **$37.01**, significantly above its IPO price of **$28**, and closed **14% higher** at $32. This successful debut came after the company raised **$425 million** in its initial public offering, valuing Gemini at approximately **$3.3 billion** before trading began.

## Key Details of the IPO

The IPO was priced above the revised range of $24 to $26 per share, which itself was an increase from the initial $17 to $19 range. A total of **15.2 million shares** were offered. During intraday trading, shares climbed as high as **$45.89**, showcasing strong investor interest.

## About Gemini and Its Services

Headquartered in New York, Gemini offers a comprehensive suite of crypto services, including a **spot exchange**, **custody solutions for institutions**, a **U.S. dollar-backed stablecoin**, a **crypto rewards credit card**, and **staking products**. As of the end of July, the platform held over **$21 billion in assets**. However, financial filings reveal that Gemini reported losses of **$159 million in 2024** and **$283 million in the first half of 2025**.

## Winklevoss Brothers' Bullish Bitcoin Outlook

On the morning of the IPO, the Winklevoss twins appeared on CNBC's "Squawk Box" to discuss their vision. Tyler Winklevoss described **bitcoin as 'gold 2.0'** and emphasized that adoption is still in its early stages, likening it to the "first inning" of a game. Both brothers projected that **bitcoin could reach $1 million within the next decade**, reinforcing their long-standing bullish stance on the cryptocurrency.

## Context and Comparisons

Gemini's listing follows other major crypto exchanges going public, such as **Coinbase (COIN)** in April 2021 and **Bullish (BLSH)**, which owns CoinDesk, last month. This trend highlights the growing mainstream acceptance and institutional interest in cryptocurrency platforms.

![The Nasdaq Marketsite in New York City](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F7345e4ed74aded72f0dd37207a788eb92dc3adb7-1920x1080.png&w=3840&q=75)

Gemini gained 14% on its Nasdaq debut after raising $425M in an IPO. The Winklevoss twins forecast bitcoin reaching $1M in the next decade.

Central Banks Are Embracing Digital Currencies: BIS Survey Reveals 94% Exploring CBDCs

Summary:

94% of central banks are exploring a central bank digital currency (CBDC), according to a recent BIS survey.

The survey found a higher likelihood of issuing a wholesale CBDC for institutions before a retail CBDC for the public.

Central banks are considering factors like holding limits, interoperability, offline options, and zero remuneration for retail CBDCs.

Stablecoins are not widely used for payments outside the crypto ecosystem.

The increasing interest in CBDCs suggests a growing importance of digital currencies within the global financial system.

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