In its new forecast for 2020, the big Danish bank Saxo Bank predicted that Asia would launch its own blockchain-based digital asset.
The latest edition of the scandalous Saxo Bank forecasts also predicts that President Donald Trump risks losing the 2020 elections when Hungary leaves the EU. The report was released on December 3 following a tweet from the bank.
Saxo Bank says Asia is launching new reserve assets to “fight growing trade rivalry and vulnerabilities due to growing US threats against US dollar weapons and its control of global finances”.
Chinese renminbi will be “very important”
In particular, the bank anticipates that the new asset, called the Asian Drawing Right (ADR), will be issued by the Asian Infrastructure Investment Bank. The new digital asset is “powered by blockchain technology” and is based on the reserves of regional central banks, while its support will be a basket of global currencies and gold.
While the Chinese renminbi is expected to be “very important” in the ADR currency combination, the US dollar is weighted below 20% according to Saxo Bank forecasts. The total amount of the coin is $ 2. This makes ADR the “largest monetary unit in the world” according to the bank.
The target is said to be “clearly” aimed at reducing the impact of the US dollar on regional trade and the local economy. According to Saxo Bank, blockchain technology is used to stabilize the money supply and track transactions in ADR.
Saxo Bank is known for its cryptographic predictions
Saxo Bank’s forecast for digital currency in Asia for 2020 is not the bank’s first forecast for blockchain technology. In fact, the bank has so far made several predictions about the largest Bitcoin cryptocurrencies (BTC) and other crypto markets.
In mid-April 2018, Saxo Bank predicted that cryptos would experience a significant bull market in the second quarter of 2018. However, after a brief uptrend in April, the crypto markets experienced a strong downtrend in the second quarter.
In 2016, when Bitcoin was trading between $ 450 and $ 950, Saxo Bank predicted that Bitcoin would reach $ 2,100 in 2017. Finally, Bitcoin reached its high level of $ 20,000 by the end of this year.