BitMEX co-founder and crypto veteran Arthur Hayes says one likely winner of the fight over the US dollar’s dominance is Bitcoin (BTC).
In a new blog post, Hayes tells his 73,000 followers that China’s effort to get other countries to move away from the dollar in trading certain commodities like oil will likely cause them to look to diversify their assets.
He says countries will likely eventually discover that Bitcoin is one of the best assets to store value.
“As countries start looking out for their own best interests rather than serving as slaves to the Western financial system, central banks of the global South will diversify how they save their international trade income. The first choice will be to increase gold allocations, which are already underway. And as Bitcoin continues to prove it is the hardest money ever created, I expect that more and more countries will at least start to consider whether it is a suitable savings vehicle alongside gold.”
Hayes predicts that a time will come when there are “various currency blocs, but no global reserve currency hegemony” and “there will be less demand for US financial assets,” which would set up Bitcoin for a key role.
“Do not let the financial media present this as an either/or decision between the dollar and the yuan. Do not let the lap dogs of the empire convince you that due to certain ‘deficiencies’ in the Chinese economy, there is no currency ready to dethrone the mighty dollar. They are playing at misdirection – in the coming years, the world will conduct trade in a multitude of currencies, and then save when needed in gold, and maybe sometime in the near future, Bitcoin.”
Bitcoin is trading for $27,305 at time of writing, down 3.4% in the past 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney