Part 4/12:
Once these instruments become operational in Europe, they will establish a functioning Bitcoin-backed FX market—the first of its kind. This market will enable real-time, BTC-collateralized cross-currency trades, creating a new "yield curve" that reflects market conditions driven by Bitcoin, not government fiat.
The Birth of a Bitcoin Yield Curve and Its Implications
Livingston describes how the emergence of a Bitcoin-yield curve—an institutional funding and trading framework backed by Bitcoin—represents a fundamental evolution in finance. Unlike traditional sovereign bonds, which depend on government credibility, this new curve is based on the superior qualities of Bitcoin: scarcity, censorship-resistance, and resilience against inflation.
Why is this a game-changer?