Series: The True Nature of Cryptocurrencies – Episode 75 If central bank digital currencies (CBDCs) are fully implemented, one of the most fundamental societal risks is “disintermediation of banks.” That is, if citizens transition to holding accounts directly with the central bank rather than through commercial banks, deposits could massively flow out of commercial banks and into central bank accounts. This is not merely a shift of funds—it could undermine credit creation by banks and, consequently, disrupt the entire economy’s financial circulation and lending capacity. This week, Bitcoin, the flagship cryptocurrency, rose 5.7% to surpass $85,000, while Ethereum gained 6%. Short position liquidations totaled approximately $795 million, and net inflows into U.S. Bitcoin ETFs reached $999 million—the largest amount since 2026. These movements suggest a significant realignment of capital flows between the traditional banking system and digital assets. The emergence of CBDCs implies a fundamental restructuring of payment infrastructure, carrying the risk that the central bank’s digital accounts will absorb the traditional roles of commercial banks in deposit gathering and credit creation through lending. Moving forward, the key focus will be on how this reduction in banking functions may impact financial intermediation and economic dynamism, and how the relationship between traditional banks and central banks will be redefined. #markets #investing ※Investing involves risk. Please make final decisions at your own responsibility.