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IMF issues serious warning of US dollar collapse as Fed prepares Bitcoin, Ethereum and XRP for crypto price boom

IMF issues serious warning of US dollar collapse as Fed prepares Bitcoin, Ethereum and XRP for crypto price boom
IMF issues serious warning of US dollar collapse as Fed prepares Bitcoin, Ethereum and XRP for crypto price boom

 


Updated 06/17 below. This article was originally published on June 15

Bitcoin Bitcoin, along with other major cryptocurrencies Ethereum and XRP, have soared this year (with an earthquake in China potentially poised to cause Bitcoin price chaos).

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and “discover the blockchain blockbusters poised for 1,000%+ gains” in the wake of bitcoin's halving earthquake!

The price of Bitcoin just experienced a $4 trillion “watershed moment,” while Ethereum, XRP and other major coins prepare for a Wall Street bombshell.

Today, after the Federal Reserve quietly admitted that gold was replacing the US dollar, the International Monetary Fund (IMF) warned of a “striking” decline in the US dollar's share of allocated foreign exchange reserves to central banks and governments.

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ForbesJanet Yellen Issues Serious $34 Trillion Warning As Bitcoin Price Set To Hit $1MBy Billy Bambrough

The US dollar is undergoing “stealth erosion”, according to the International Monetary Fund (IMF)… [+] as the Federal Reserve prepares for a new global liquidity cycle that could increase the price of bitcoin, ethereum, XRP and other cryptocurrencies.

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“It is striking that the reduced role of the US dollar over the past two decades has not been offset by an increase in the shares of the other 'big four' currencies, the euro, the yen and the pound sterling,” said IMF economists Serkan Arslanalp, Barry Eichengreen and Chima Simpson. -Bell wrote in a report.

“On the contrary, this has been accompanied by an increase in the share of what we call non-traditional reserve currencies, including the Australian dollar, the Canadian dollar, the Chinese renminbi, the South Korean won, the Singapore dollar and Nordic currencies,” they wrote, pointing to “new digital financial technologies such as automated market making and automated liquidity management systems” as driving this change.

“This recent trend is all the more striking given the strength of the dollar, which indicates that private investors have turned to dollar-denominated assets,” the economists add.

Updated 6/17: Former House Speaker Paul Ryan, who now serves on the policy board of crypto-focused venture capital firm Paradigm, urged U.S. lawmakers to create a “robust regulatory framework and predictable for stablecoins” in a Wall Street Journal. opinion article.

Ryan believes that dollar-backed stablecoins could “avoid a US debt crisis and help the US keep pace with China.”

Dollar-pegged stablecoins, such as Tether's USDT Tether and Circle's USDC USDC, have exploded in recent years, reaching a market of around $150 billion, as China increases the use of its digital yuan, a central bank digital currency (CBDC).

“The United States cannot afford to stand idly by as its largest international competitor exploits latent demand for safe and convenient digital money,” Ryan wrote, pointing the finger at China and Saudi Arabia, who are “increasingly looking for options to settle payments outside of the dollar system.”

A number of stable bills have been introduced in Congress in recent years, but progress on legislation has stalled. The recent shift toward bitcoin and crypto by former president and 2024 White House hopeful Donald Trump, however, has pushed crypto policy back to the top of the political agenda.

Earlier this month, the Federal Reserve Bank of New York wrote a report outlining the narratives around “the declining share of the dollar in official reserves and the growing role of central banks in gold holdings,” which she said were “inappropriately” generalized beyond “actions.” of a small group of countries.

However, some commentators disagree with the New York Fed's assessment of the situation.

“The Fed is now admitting that some countries are moving into gold,” tech investor and former Coinbase CTO Balaji Srinivasan posted on X, highlighting what the Fed considers a “small group” that “represents 3 billion people. the world is moving away from the dollar and towards gold. »

Former billionaire and All In podcast “bestie” Chamath Palihapitiya predicted that bitcoin could “completely replace gold” as countries adopt it, potentially pushing its market cap towards $15.7 trillion gold.

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ForbesLeak Reveals Joe Biden May Be Planning Crypto Coup Amid Bitcoin, Ethereum, and XRP Price Swings By Billy Bambrough

The price of bitcoin has increased this year as the Federal Reserve launched bitcoin, ethereum, XRP and… [+] crypto for a potential boom.

Forbes Digital Assets

Meanwhile, Joe Biden and Donald Trump's independent rival for the 2024 US presidential election, Robert F. Kennedy Jr. (RFK Jr), warned that the only way to save the dollar was through Bitcoin.

The US dollar's decline comes as the Federal Reserve prepares to cut interest rates after a two-year war against inflation following historic Covid-era stimulus and money printing.

“Central banks around the world have already started cutting rates, suggesting a broader trend toward monetary easing,” analysts at bitcoin and cryptocurrency exchange Bitfinex wrote in comments sent by email.

Fed Chairman Jerome Powell indicated this week that the Fed would cut rates at least once this year after the European Central Bank (ECB) decided to cut interest rates in the Eurozone at the start of the month.

“It seems clear that the Bank of England and the Federal Reserve will follow suit in the coming months,” Bitfinex analysts added. “The global liquidity cycle indicates that the money supply is likely to increase, which can support asset prices, including cryptocurrencies.”

Sources

1/ https://Google.com/

2/ https://www.forbes.com/sites/digital-assets/2024/06/17/stealth-erosion-imf-issues-striking-us-dollar-collapse-warning-as-the-fed-primes-bitcoin-ethereum-and-xrp-for-a-crypto-price-boom/

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