Welcome back to another narrative watch.

All right, so this one is hot off the presses.

We're filming on Monday morning.

This should go out later today.

Woke up to some big news from Binance about their new project Venus, which you may realize has another astrological name in the tradition of Libra and that's exactly what it's about.

So the narrative watch today is about CBDCs, aka Central Bank Digital Currencies

and the non-sovereign Fiat Wars.

So let's dive right into this.

So a couple months ago, this was July 1st, the Bank of International Settlements Chief,

central banks may issue digital currencies sooner than we think.

So let's talk about what central bank digital currencies are, right?

On the one hand, we know what open public blockchains are and coins on public blockchains like Bitcoin and Ethereum, right?

So these are permission lists, anyone can use them, anyone can build on them.

That's kind of in their nature.

Then you have a permission kind of corporate chains, right?

So things like JP Morgan Coin or even Libra that are kind of run by either a company or a consortium of companies.

Then you have what's called central bank digital currencies and these are basically digital fiat currencies.

So these are currencies that are backed by a central bank, potentially pegged in kind of a stable coin version to the

the offline fiat currency, but effectively are just really

powerful, you know, hugely convenient, but also hugely traceable, trackable, controllable,

relative to something like Bitcoin, which is obviously much less so. So there's a lot of reason

to think that central banks are going to be

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