When asked about today’s crypto market, former US president Donald Trump told Fox Business’ Stuart Varney, “I like the currency of the United States…I think the others are potentially a disaster waiting to happen.” He went on to say that, “They [cryptocurrencies] may be fake. Who knows what they are?..They certainly are something that people don’t know very much about. I have not been a big fan.” The price of Bitcoin has fallen 25% from its record high earlier this year, but is still up 64% for the year.
Even Bitcoin proponents acknowledge that cryptocurrencies could pose a threat to the US dollar as a reserve currency, as well as their use in a myriad of financial trades, transactions and remittances. As the highly volatile assets have grown in popularity among retail investors, US legislators have increased their attention to the matter. The central bank of the Bahamas became the first to provide a digital form of a country’s currency, Venezuela was second and a great majority of countries are busily considering the option. China appears to be one of the newest entrants and certainly the most ambitious.
Legislation already exists touting the creation and implementation of a US digital currency. The International Monetary Fund is still pushing for a global digital currency, which experts agree would probably devalue the dollar by more than 30% upon conversion. A fact of the matter is that there are very powerful interests that are absolutely determined to create a global currency, to be operated by a global bank, with control over the global economy. It’s not an appealing possibility, but it’s a very real consideration. Our own Federal Reserve has devalued the dollar by 95% since its inception, while the country has generated its largest debt in history. What kind of care and security would a “world bank” provide to our economic condition?
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