Cryptocurrencies Are Now Part Of The Ongoing Global Currency Competition.

As of now, US Dollar is still the leading world currency, the global race to financial supremacy though is making a serious challenge to this position. Not only the Chinese Yuan and Euros but currencies from developed countries are in contention to displace the US dollar to its long held position.

Now we have a new entrant, cryptocurrencies, the Fed Chairman Jerome Powell himself claims that Bitcoin is comparable to gold. Now, the President of the St. Louis Federal Reserve, James Bullard, is noting that cryptocurrencies are increasingly becoming a competitor to fiat currencies like the US Dollar.

That fact has led Bullard to believe that the increasingly popular crypto trend is ushering in a new era of global finance, which could result in the formation of a non-uniform global currency system.

“I am arguing that the current cryptocurrency wave may be driving the U.S. uniform currency system toward something more like the international non-uniform currency system,” he boldly stated.

How about you? How do you think can Bitcoin and cryptocurrencies eventually played out in the global cureency dominance?

For more info, please visit:
https://www.newsbtc.com/2019/07/20/cryptocurrency-is-part-of-the-global-currency-war-says-federal-reserve-branch-head/
https://www.stlouisfed.org/~/media/files/pdfs/bullard/remarks/2019/bullard_cebra_new_york_19_july_2019.pdf?la=en

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