Daily Management Review

U.S. ‘Federal Reserve Economic Data’ Includes 4 Series of Crypto-Currencies In Its Database


06/28/2018


The inclusion of crypto index in the FRED database signals the maturity of them.



Recently crypto-currency was added into the “Federal Reserve Economic Data” or FRED’s database. The above mentioned step of “Federal Reserve Bank of St. Louis” may appear to be a “small gesture”, while it indicates that crypto-currencies are maturing, “at least in the eyes of arguably” for world’s “most important central banking institution”.
 
So far, four cryto-currencies have made their ways into FRED database, as decided by the “Federal Reserve Bank of St. Louis”. In a post the Federal Reserve Bank of St. Louis informed:
“FRED has added four series on the prices of different cryptocurrencies, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The price data are updated daily and span from as early as 2014 to the present. All data were obtained from Coinbase, a cryptocurrency exchange company, whose overall digital asset performance is depicted in the above graph (Coinbase Index).”
 
St. Louis Federal Reserve forms part of the system’s twelve regional banks, whereby collectively the group constitutes the “most powerful central bank” in the world. Including the “midwestern Fed banks”, under the 8th District, the group is seen as “an economic research powerhouse”.
 
The FRED database is maintained by the “famed research division”, which derives data from “81 sources”, while the bank uses over “half of a million data points”. The focus of the FRED is held by exchange rates, “GDP, interest rates, consumer indexes, banking, producer price indexes, among other sectors”. The statistics published by FRED is considered highly among the finance professionals.
 
Therefore, the treatment of “frequently set cryptocurrencies”, like bitcoin, in defiance of Central Banks, by the FRED and the latter’s take on “crypto bank Coinbase” shows that “decentralized currencies” have matured.
 
Maybe in the future, with Coinbase adding “more currencies”, FRED may have to “monitor them” as compulsion. Nevertheless, given the past trend, St. Louis Fed seems to be leading the way when came to crypto-currencies in comparison to “most central banks and economists”. FRED has always thought a little off the path, whereby stirring up a commotion in the ecosystem a “few months ago”, with its publication on BTC, wherein it pushed forward the idea of considering the same “alongside the dollar”.
 
With a cautious nature though, the bank’s governor, James Bullard acknowledged crypto to be the “future of money”, he stated:
“Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange.”
 
 
References:
news.bitcoin.com







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