A tiny Himalayan nation is having a crypto revolution

[Bloomberg]( Follow Us [Get the newsletter]( This is Bloomberg Opinion Today, a flying grenade of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - Crypto is the [key to happiness](. Or [maybe not](. - The [infighting is intensifying]( at the Federal Reserve. - Germany is [just as divided]( as America, but not nearly as salty. - Petrol panic is quickly turning into [pasta panic]( in the U.K. From Butter to ... Blockchain? Let’s play a little game. Say you were hungry for some tacos. You walk into Taco Bell and order way too much food, as one does. The cashier gives you the total. Would you rather attempt to pay for your cheesy gorditas with [Dogecoins]( or a literal [stick of butter](? If you lived in the quaint Himalayan kingdom of Bhutan, then paying for stuff with dairy products wouldn’t sound so absurd. People in Bhutan were bartering with all sorts of things — butter, cheese, meat and wool — up until the 1950s. As the concept of cash is pretty new in the landlocked nation, it’s easy to see why the Bhutanese people want to fast-forward through their boring paper-money phase and hit “play” on the exciting part, their crypto revolution. Unlike [El Salvador’s nightmarish foray into crypto](, Bhutan’s doing the whole blockchain thing right. The hydroelectric-powered nation teamed up with San Francisco-based Ripple to create a paperless version of its national currency, ngultrum. The pilot includes an open-source ledger that claims to be carbon-neutral and [120,000 times more efficient]( than proof-of-work blockchains. Will going digital make the 800,000-strong, mostly Buddhist society [even happier]( than in its butter-bartering days? Andy Mukherjee’s answer: [It might.]( And it’s not just tiny, idyllic nations jumping on the blockchain bandwagon. “The crypto market has metastasized into a [$2 trillion monster](, driven by a Fear of Missing Out (FOMO) that continues to draw in smart wealthy people, especially in North America,” writes Lionel Laurent. In a somewhat dramatic twist, Bitcoin bulls consider China’s digital currency bans and the “FUD” (fear, uncertainty and doubt) that ensued as a good thing because they see it as a golden opportunity for America to claim the crypto crown. But would a U.S.-China rivalry actually favor a cryptocurrency such as Bitcoin? If you answered with a resounding yes, then [Lionel would like to have a word with you](. Feuds at the Fed Fiery showdowns, shady comebacks and an intensifying struggle for influence. No, this is not an advertisement for the next season of the Bachelorette. It’s a description of what’s happening at the U.S. central bank. And boy are things getting juicy over there. Let’s lay down the hot goss: [On Sept. 22](, Federal Reserve Chair Jerome Powell said “inflation expectations are terribly important." Seems like a fine enough thing to say at a press conference, right? Well ... Not a day went by before longtime Fed economist Jeremy Rudd released a paper with this title: “Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?).” The shade!!! Not only is Rudd suggesting Fed economists can have a sense of humor, of a sort, he’s also signaling [there’s not exactly a love-fest happening at the Federal Reserve](. “It’s hard not to read it as expressing doubt about the Fed’s new policy framework and advocating for vigilance and humility about understanding what might be in store for the U.S. economy,” writes Brian Chappatta. Powell’s term as Fed chair is up early next year, making this “no time for drama,” as Dan Moss puts it. Not only does Powell need to keep critics quiet, [he also has a golden opportunity](, with the [departures]( of Eric Rosengren and Robert Kaplan, to get a tighter grip over the Fed’s often quarrelsome regional banks. Whether that makes him a “[dangerous man](” is a whole other drama. Bonus Banking Reading: If inflation is transitory, then the Fed can keep up the generosity. If inflation takes off like a spaceship, well, then it may end up [provoking the next financial accident](. No biggie. — John Authers Telltale Charts Take one look at these election maps and you’ll see [Germany is as politically divided as America](. Unlike the U.S. of A., nobody tried to rally their supporters to “stop the steal,” writes Andreas Kluth. Germany: 1, America: 0. Sources: Federal Returning Officer; Mapbox Sources: Federal Returning Officer; Mapbox The U.K.’s petrol panic is exacerbating other supply-chain issues and provoking [nervous buying]( by consumers. “This is already leading to [higher food prices](, a trend that is likely to continue in the run-up to Christmas,” writes Therese Raphael. Further Reading The CDC basically said nothing about guns for two whole decades. [Until now](. — Editorial Board [Intentionally switching digits]( didn’t work out for Wells Fargo, but it sure is fun to read about.  — Matt Levine Joe Biden needs to get his act together to help [save Tunisian democracy](. — Bobby Ghosh We can [deliver boosters and speed up the next phase of vaccination]( at the same time. — Scott Duke Kominers Congress should be ashamed after this display of [bad behavior on the debt limit](. — Jonathan Bernstein Gasp! [Boston is clearly superior to New York](. — Frank Barry ICYMI The era of [bankers doing banking](might be over. It's not just Fed governors who have conflicts of interest. [More than 130 federal judges broke the law](. Bloomberg LP founder Michael R. Bloomberg  [wrote an op-ed with Prince William](. The stock market had a [no good, very bad day](. Kickers China has a [“flying grenade”]( that can stay in the air for almost 24 hours. After spitting in [this tube](, you might want to try microdosing magic mushrooms. [Revenge bedtime procrastination]( is a thing. You could live in a town where mail is delivered only by people [jumping from boats](. Notes:  Please deliver feedback by boat to Jessica Karl (or email her at jkarl9@bloomberg.net). [Sign up here]( and follow us on [Twitter]( and [Facebook](. Like Bloomberg Opinion Today? [Subscribe to Bloomberg All Access and get much, much more](. You’ll receive our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close. 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