Whilst the future of money and #crypto is very exciting, the history of money is equally interesting.

For example, cattle played a very important role as a form of #money throughout history.

Time for a thread.
A good example of its impact is its use today in modern European languages.

The word pecuniary, which means "related to money," is derived from the Latin pecuniarias, meaning "wealth in cattle."
Chattel—any item of movable personal property—comes from the same source.

Cattle as a form of exchange ultimately remained in use in many parts of the world for many years so did other forms of livestock.
Until the 20th century, horses were the main monetary unit of the Kirghiz of the Central Asian steppes.

Sheep were used as subsidiaries, with lambskins being used as small change.
Animal skins and furs, meanwhile, proved extremely useful in Russia, Siberia, and North America, but they had little practical use in the warmer markets of the Caribbean, Africa, South America, and southern Asia.
The Canadians used beaver pelts.

The settlers used the skin of the North American deer.

Each skin was known as a buck, a word that has survived as a slang term for the dollar.
If you like such topics, make sure to follow me on Twitter (@HenriArslanian) and to subscribe to my weekly newsletter on the Future of Money: bit.ly/3AQTuRs

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More from @HenriArslanian

19 Oct
Today is another historic milestone for #Bitcoin and the #crypto ecosystem with the listing of the first Bitcoin #ETF in the US.

What is the importance of this new Bitcoin ETF and what may be it’s impact?

Time for a thread 🧵
Today the Pro Shares Bitcoin Strategy ETF was listed on the NYSE under ticket #BITO

This is a moment the crypto ecosystem has been waiting for many years.
Is it the first Bitcoin ETF?

In the US, yes.

Globally no.

There are already many Bitcoin ETFs in #Canada for example and many other ETNs/ETPs in Europe and elsewhere.
Read 15 tweets
6 Jun
El Salvador recognising #Bitcoin as legal tender is an important milestone.

Here are my personal thoughts on some the potential (including unintended) consequences of this news. Time for a thread!

#BitcoinMiami #BitcoinMiami2021 #cryptocurrencies

Lets not forget that El Salvador has 6.4m ppl with 70% unbanked, 20% living in extreme poverty and 16% of GDP consisting of remittances, mainly the US.

Also, the country uses the U.S. Dollar as its legal currency since 2001 and ⅔ of exports go the US.
Some positives:

1- Bitcoin as a legal tender - this is a world first. Japan came close in 2017 when it recognized it as a means of payment but still treats it as an asset and not as legal tender which has a specific legal definition.
Read 7 tweets
13 Mar 20
The Bank of England @bankofengland just issued an excellent paper on retail Central Bank Digital Currencies and proposes a new form of money which would enable to make electronic payments using central bank money.

If you just have 1 minute, this is what you need to know:
1. BofE proposes to issue a UK CBDC, a digital pound sterling and allow anyone to hold an electronic form of central bank money - similar to a digital banknote. This would be a risk-free asset as does not involve any counterparty risk to traditional banks.
2. The CBDC would be recorded as a liability on the BofE’s balance sheet (just like bank notes and reserves) and matched with assets held by the BofE.
Read 12 tweets

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