Will cryptocurrency pose a threat to the U.S. dollar?

Due to the rapid development of cryptocurrencies represented by Bitcoin

Will cryptocurrency pose a threat to the U.S. dollar?

Due to the rapid development of cryptocurrencies represented by Bitcoin, the market recognizes them more and more, so that some companies have begun to accept Bitcoin as a payment method. Regarding this situation, some people believe that the current status of cryptocurrency weakens the status of the U.S. dollar. Furthermore, it is worth mentioning that hedge fund billionaire Ken Griffin and former U.S. President Donald Trump are particularly opposed to cryptocurrency. They both lashed out at the threat of digital currency to the U.S. dollar.

When talking about cryptocurrency-related issues, hedge fund manager Ken Griffin told the media that the current market should use all the enthusiasm and energy for the crypto industry to make the United States stronger. He further added that the creator of cryptocurrency is the jihadist call. They don't believe in the U.S. dollar and are trying to replace the U.S. dollar with cryptocurrency. In addition, Ken Griffin also pointed out that this is a crazy concept. A country has accepted so many intelligent, young, and talented people to develop a way to replace its reserve currency.

However, it is worth mentioning that despite the lack of supervision in the field of crypto investment, and other hedge funds and traditional financial institutions have not entered the field of cryptocurrency, and Griffin does not seem to be opposed to making money from cryptocurrencies in the future.

Due to the lack of regulation in the field of crypto investment, there are substantial risk factors. Bridgewater hedge fund manager Adam Shapiro said that the comments made by Gary Gensler, chairman of the US Securities and Exchange Commission, in August were just right. If crypto wants to continue to play Its growth potential, then the field of crypto investment needs to enter the public policy framework.

Bridgewater hedge fund manager Adam Shapiro further elaborated that if the crypto investment field is included in government supervision, the crypto investment market will become more transparent, which will make it a more intense market. In addition, Adam Shapiro also pointed out that if the crypto investment market is included in the regulation, the number of people who want to make money quickly will be significantly reduced. Therefore, eventually, its market may be reduced due to regulation.

At the same time, in an interview with Yahoo Finance, former US President Trump provided his views on the US economy and the crypto industry.

When discussing whether the U.S. government should ban cryptocurrencies, Trump said that cryptocurrencies are fake, which people don’t know much about can cause a disaster. Whether it is a cryptocurrency or other currencies, suppressing potential opponents that threaten the status of the U.S. dollar is part of the suppression of competition, and the U.S. government should and must do so. He is a big fan of the U.S. dollar and does not want other currencies to appear and harm or devalue the U.S. dollar in any way.

He also warned that if the U.S. dollar begins to lose its credibility, the U.S. will instantly lose that powerful monetary system, and the U.S. dollar will also be wiped out.

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