Futures Friday: Will USD tap out with the Global Reset?
Welcome to Futures Friday - a weekly blog article about upcoming events, recent breakthroughs and current innovations in Fintech, cryptocurrency, and blockchain. Our world is changing with crypto reshaping traditional finance, and becoming one of the key players in the global economic arena. Get a glimpse of the future together with BTCMEX.
A glimpse of the future with BTCMEX
Every couple of hundred years there's been a change in the world-dominating currency. Today not only financial analysts are buzzing about a possible 2020's global currency reset - a process, where the US dollar will eventually lose its place as the global currency. BTCMEX reported that China's ready to launch its national crypto backed by gold.
Many believe that gold or some other instrument will replace USD's leading role in the global economy. Maybe crypto?!
The global reset also means that all the national currencies will be revalued based on the value of their assets. This is expected to cause a rise in gold prices, as people always associated it with financial stability. It's a fact that the US Federal Reserve does not store the American gold reserve, but is mostly owned by the European banking system. It's been reported recently, that the US debt is currently 22 trillion dollars and grows daily!
The 2008–2009 financial crisis was the latest alarm for moving away from the dollar. Countries started to diversify their foreign exchange reserves and reduce their dependence on the dollar. People moved to Euro, Yen, and Yuan.
RT's financial analyst and famous bit coiner, Max Keiser, recently predicted that the US dollar will be crashed by China. Referring to a trusted source, he announced that the Chinese government has accumulated 20,000 tons of gold, are is ready to put the gold-pegged digital Yuan on the blockchain. It's predicted to happen in the following 3–6 months.
Can gold be a "trust anchor" for a renewed international monetary system, in the event of a global reset? Well, the Dutch Central Bank does think so! A gold bar always holds its value. But we need to consider that it's the 21st Century, even gold asset has to adapt to a brand new digitalized universe.
The CEO of Tradewind Markets, Michael Albanese, is looking forward to building a single global platform to digitize precious metals. Tradewind is a Fintech company, that aims to use innovations, including the blockchain to popularize precious metals. They don't issue digital tokens but register user's possession of gold on a ledger, which is recognized by the government of Canada, where the metal is physically located.
There are multiple debates on gold VS Bitcoin in media today, but it's absolutely clear, that changes are inevitable, and innovations will reshape the existing economic system.
Stay current and don't miss the upcoming Break'N Crypto - Sunday Fintech news digest by BTCMEX.
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Please note, that the article is a part of BTCMEX blog, the views and opinions expressed here are the contributing author's only, and do not necessarily represent the views of the company.
By Julia Bulakh for BTCMEX.