US Treasury Secretary Janet Yellen has warned that countries around the world are moving away from the US dollar – as the spiraling pile of US$34 trillion debt fuels fears of collapse – with bitcoin and crypto slowly moving away from the dollar’s dominance.
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The price of bitcoin has soared over the past year, rising despite a “critical” warning from the Federal Reserve and helped by punters who are increasingly confident that former US President Donald Trump will retake the White House in November .
Now, as Project 2025’s radical policy plan puts bitcoin on a collision course with gold, Yellen has said she fears US financial sanctions will reduce the dollar’s role around the world as Russia encourages the use of bitcoins and cryptos.
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US Treasury Secretary Janet Yellen has warned that the dominance of the US dollar will continue to decline … [+]
“We have very strong sanctions that are in place because of the important role of the dollar in international transactions,” Yellen told US lawmakers on the House financial services committee this week.
“The more we use sanctions, the more countries look for ways to engage in financial transactions that don’t involve the dollar.”
The United States has targeted Russia and Iran with tough financial sanctions in recent years, leading to accusations that it is weaponizing the dollar and pushing the so-called Brics group of new and emerging countries away from the Western financial system.
Brics, originally made up of Brazil, Russia, India and China before being joined by South Africa and then Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE
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Western financial sanctions led by the US “will have a certain impact on the international status of the US dollar,” Zhao Qingming, a Beijing-based financial expert told the Chinese newspaper. Global Times. “In the short term, the position of the US dollar should remain stable, but over time, its position may weaken.”
Earlier this month, Russia’s central bank encouraged the use of bitcoin and crypto to counter Western sanctions imposed over the conflict in Ukraine.
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The price of bitcoin has fluctuated wildly in recent years, recovering as fears swirl over the future of … [+]
“The new financial technology creates opportunities for schemes that did not exist before. That is why we have softened our position on the use of cryptocurrencies in international payments, allowing the use of digital assets in such payments,” Elvira Nabiullina, governor of the bank central Russia. he reportedly said at a financial conference in St. Petersburg.
The fresh fear of a US dollar collapse comes as some bitcoin and crypto traders are betting that the price of bitcoin will rise to an all-time high ahead of the US election in November.
In a note dated July 2 first from blocStandard Chartered’s head of forex and crypto research Geoffrey Kendrick predicted that “an all-time high for bitcoin in August is likely, then $100,000 by US election day,” adding: “The logic here is that regulation and mining will be viewed more favorably under Trump.”
Kendrick has said he expects the price of bitcoin to reach $150,000 by the end of 2024 and reach $200,000 before the end of 2025 — which would give bitcoin a market capitalization of about $4 trillion.
Trump has emerged as the favorite candidate for the bitcoin and crypto community — promising to protect people’s right to hold bitcoins and being announced as the keynote speaker at the Bitcoin 2024 conference later this month — and putting him at odds with complete with anti-Biden administration. crypto attitude.