Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Macro Strategist Says Crypto Will Replace US Dollar As World’s Reserve Currency – But Bitcoin (BTC) Isn’t Up to the Challenge

by Daily Hodl Staff
April 22, 2020
in Bitcoin

Jim Bianco, president and macro strategist of finance analysis firm Bianco Research, says he believes a cryptocurrency will replace the US dollar as the world’s reserve currency.

In an interview on the Pomp Podcast with host and Morgan Creek Digital partner Anthony Pompliano, Bianco explains why the dollar remains the primary fuel for global economies and financial markets.

[the_ad id="93550"]

“Remember that the dollar is the reserve currency. What that means is 90% of world trade is in dollars. We quote the price of crude oil in dollars, we quote the price of gold in dollars…

When you get into a crisis, everybody looks around and goes, ‘what currency do I want to be in?’ and the answer is, ‘I want to be in the reserve currency. I want to be in dollars’. There’s this giant need for dollars, the safe haven currency, and because it’s the thing that we do trade with.”

Bianco, however, says that people have been looking for a better reserve currency over the past 10 years since the dollar is far from perfect.

“To quote Winston Churchill, the dollar is the worst reserve currency we’ve ever devised, except for every other one, and so it benefits that there is no alternative. You’re not going to, you know, wave a wand and say the euro or the yen or the pound.”

Because no other fiat currency can fill the bill, Bianco thinks that the next reserve asset will be in crypto.

“I’ve argued that, in theory, the next reserve currency will be a crypto.

I thought maybe Libra would do it, but then I thought for sure I was onto something because the first thing they did when they announced Libra was they dragged Marcus in front of Congress and ripped him a new one because they were afraid of what Libra represented.”

But after backlash and unrelenting criticism from lawmakers, Libra is now no longer what it was originally conceived to be: a single global stablecoin backed by a basket of multiple currencies.

Bitcoin is currently the largest cryptocurrency by market cap, but Bianco says the king coin does not have what it takes to be the next reserve asset.

“It probably doesn’t exist yet. I don’t know when it will exist or which one it will be because it needs to be both a medium of exchange and a store of value. Bitcoin might be a store of value, but it’s not a real good medium of exchange… Maybe there’s some others like Ether or something that you could argue as better medium of exchange, but they’re not a good store of value…

I do think it’s coming, but it still could be many years down the road right now. Maybe it exists in some infancy form right now whichever crypto is going to be it ,or maybe it’s still to be invented.”

You can check out the full interview here.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • DAM Finance Receives Strategic Investment From Arrington Capital Moonbeam Growth Fund
    August 11, 2022
  • Metaverse, Web 3.0 Disruption and Blockchain Advancement To Be Discussed at MetaWeek in Dubai
    August 11, 2022
  • DeFiChain Community Brings Attractive Rewards for DFI ERC-20 Pairs on Uniswap
    August 8, 2022
  • Bware Labs Announces the Blast Incentivized Testnet, Code-Named Houston
    August 8, 2022
  • Aurigami Collects $12 Million War Chest To Grow Aurora-Based Lending Protocol
    August 2, 2022
  • Impel Adds Bitcoin to ISO 20022 Financial Messaging on XDC Network
    August 2, 2022
  • Serenity Shield and Digital Insights Announce Strategic Partnership
    August 2, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$24,513.57
$24,513.57
0.23%
Ethereum
$1,985.44
$1,985.44
0.17%
Cardano
$0.58323
$0.58323
4.35%
XRP
$0.385451
$0.385451
1.36%
Dogecoin
$0.078009
$0.078009
6.38%

Spotlight

  • The Bank of Thailand Will Launch Retail CBDC Pilot Test in a Small Group by the End of This Year
    August 8, 2022
  • Analyst Predicts Imminent Regulations Will Trigger Crypto ‘Cleansing’ – Here’s The Silver Lining
    August 11, 2022
  • Solana, Avalanche, and Polygon Breaking Out as One DeFi Altcoin Carves Bear Market Bottom: Top Crypto Analyst
    August 14, 2022
  • Banking Titan Citi Says Ethereum Merge Could Boost Crypto Exchange Coinbase Stock Price: Report
    August 7, 2022
Finance Magnates London Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2022 The Daily Hodl