Bitcoin:
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The price of Bitcoin has increased by almost 170% since the beginning of the year, which has helped the prices of other major cryptocurrencies, including Ethereum and Ripple.
Now, amid fears that the US dollar's dominance is facing a "hostile takeover of cryptocurrencies and the yuan" by China, the CEO of cryptocurrency exchange Coinbase said…
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“The natural tendency of any country with a reserve currency is to increase its money supply and use spending until it loses that advantage,” Coinbase CEO Brian Armstrong wrote in a note X. “The US is going somewhere along that path. Armstrong emphasized that "the United States is somewhere along the way." Billionaire hedge fund founder Ray Dalio predicts that the US dollar's dominance is waning.
The U.S. national debt, the amount the federal government borrows to pay for operating expenses, topped $33 trillion for the first time in September, according to the U.S. Treasury Department, as spending surged due to the COVID-19 pandemic and the crisis. . . Blockades that have paralyzed the economy in recent years.
Meanwhile, the Federal Reserve has gone on a rate hike rampage, raising interest rates at the fastest pace since the 2008 global financial crisis as it struggles to keep inflation under control. Some say
the dollar's main rivals, the Chinese yuan and the euro, are also at risk of falling. Armstrong believes that "people now have an alternative with cryptocurrencies."
“They can start converting fiat currencies into cryptocurrencies as an antidote to inflation,” Armstrong said. He added: “I don't think this is a threat to the dollar and the US, contrary to what some people think. I believe it will act as a natural counterweight to complement the dollar and be the best defender of American interests. "in the long run" (and Western civilization in general). It is better to switch from dollars to cryptocurrencies than to switch to fiat currencies of another country or region. I also believe that fiat currencies and cryptocurrencies will coexist for a long time to come.
Dalio, the founder of Bridgewater Associates, the world's largest hedge fund, predicted
last
month that the $33.7 trillion U.S. debt was on the verge of reaching a "tipping point," which the researcher called a "Bitcoin boom.
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.Some, including Tesla billionaire Elon Musk, have warned that rising US debt could push the Fed into "debt doom", creating a vicious cycle from which it will not be able to escape.
Analysts at Wall Street investment bank Jefferies warned last month that the Federal Reserve could soon restart the money printer, which could lead to a collapse in the US dollar and a boom in bitcoin prices to compete with gold.