Ripple CEO On The US Dollar: Is It Weak In Today’s Atmosphere?
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Traditional currencies have often been the subject of laughter from many crypto enthusiasts over the past few years. Now with COVID-19 taking over the world at full force, this laughter has been enhanced as the global health crisis has rocked the world economies and Fiat currencies like never before.
The chief executive officer of ripple, Brad Garlinghouse recently published a Twitter thread this week where he engaged in an article from Bloomberg which looked into the many alternatives to the dollar as a reserve currency for the world. The article looks into many different alternatives such as gold and the euro but rounded off with crypto.
The CEO said that the momentum behind many cryptocurrencies at the start of this decade was a question of trust in the financial system. He argued that the global financial system has lost its confidence by the people.
Thread on this USD as the world’s reserve currency has been the backbone of global financial infra, and that position isn’t going to disappear in favor of gold/the yuan/crypto/any other asset any time soon. But is it weaker today? Yes. (1/3) https://t.co/Td04uJOEXs
— Brad Garlinghouse (@bgarlinghouse) August 3, 2020
COVID-19 and everything else that has happened this year has shown there is a weakness in the US dollar. It’s safe to say that many governments all over the world are looking for a reserve currency with bitcoin, or at least Cryptocurrency, being a potential answer.