Hey there! Before reading the article which is about US Will Likely Lose Reserve Currency Status in 15 Years, Hard to Unseat Bitcoin as Store of Value – Markets and Prices Bitcoin News, you should read about why is cryptocurrency valuable. It shares basic information about this article and also adds more value to it. Do let us know how you feel about it in the comment section below. Happy Reading! Really glad that you are here.
The dollar is beginning to show its age when it comes to holding its dominant position as the world’s reserve currency. That’s according to Harvard University’s Ken Rogoff, who said he sees a “50-50 chance” the US will lose its status in 15 years time.
The United States is likely to lose its status as the world’s dominant reserve currency within the next 15 years, according to a new report released by the Bank for International Settlements. This is a very different picture than what we have seen in the past. The U.S. dollar is commonly referred to as the world’s reserve currency. It has been the dominant global reserve currency for almost a century. It remains the most widely-held currency in foreign exchange reserves, accounting for 62.7% or $6.8 trillion of the $11.2 trillion total. The U.S. dollar is the world’s most liquid currency, which means that it is the most traded currency on the foreign exchange market. The fact
Legendary fund manager Stanley Druckenmiller fears the US dollar will lose its status as the world’s reserve currency within 15 years. According to him, cryptocurrencies are a solution to the lack of confidence in Fed Chairman Jerome Powell and the rest of the world’s central bankers. The billionaire also said that bitcoin will be very difficult to drive from the market as a store of value.
Druckenmiller on the loss of the US dollar’s reserve currency status and the difficulties of fighting bitcoin as a store of value
Billionaire investor Stanley Druckenmiller spoke about the US economy, bitcoin and crypto-currencies in an interview with CNBC on Tuesday. He said he had no doubt that we are in a state of madness with all these assets.
Druckenmiller founded Duquesne Capital in 1981. In 2000, he managed George Soros’ money as the lead portfolio manager of the Quantum Fund. He and Soros made huge profits betting against the British pound in 1992.
He said the Fed’s policies and high debt and deficit levels threaten the dollar’s status as the world’s reserve currency. I can’t find a single period in history where monetary and fiscal policy has been so misaligned with economic conditions, not one, he said, adding:
If we monetize our debt and allow more and more of this spending, the first thing that worries me is that within 15 years we will lose our status as a reserve currency and certainly all the incredible benefits that come with it.
He also said that five or six years ago he said cryptocurrencies were the solution to finding a problem. He stressed: The problem is clearly defined. It’s Jerome Powell and the rest of the central bankers of the world. It lacks credibility.
Druckenmiller explained that the ultimate solution could be some kind of ledger system invented by the folks at MIT or Stanford. But, he gave in: I don’t know what it will be.
When asked specifically about bitcoin, Druckenmiller first remarked that I was a 68-year-old dinosaur. He noted that Ethereum is at the forefront of smart contracts and exchanges, and then gave his opinion:
It will be very difficult to drive bitcoin out of the number of assets with stable value.
He concluded by saying that it is too early to say which currency will replace the dollar, but reiterated that bitcoin will have a hard time replacing the dollar.
What do you think of Stan Druckenmiller’s comments on the US dollar and bitcoin? Let us know your comments in the section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.
This source has been very much helpful in doing our research. Read more about what did bitcoin start at and let us know what you think.
why is cryptocurrency valuablewhy does bitcoin have valuewhen was bitcoin at its lowestwhat did bitcoin start at,People also search for,why is cryptocurrency valuable,why does bitcoin have value,when was bitcoin at its lowest,what did bitcoin start at