“If you can’t measure it, you can’t manage it” is probably the most cited quote attributed to Peter Drucker, who is known as the father of management thinking. While the quote is apocryphal, nevertheless it gained its place in the pantheon of business books because it highlights the importance of reliable metrics in making sound business decisions. In the crypto space, we are still missing one of the most important metrics: an official daily reference exchange rate.
A reference rate is vital in allowing accountants to assign a particular exchange value between two or more currencies on any given date, even though those currencies may have fluctuated outside the specific time. The reference rate is a shared benchmark for companies, investors, auditors and regulators.
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