Dollar Loses World Reserve Currency Status To Crypto – Good or Bad News?

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Last Updated on 13 May 2021 by CryptoTips.eu

Jeroen Kok

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According to billionaire investor Stanley Druckenmiller, former chairman and president of Duquesne Capital, the US dollar will lose its world’s currency reserve status within the next 15 years.

Possible contenders for that spot according to the known investor are none other than the cryptocoins.

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Changing World Order

With that statement, made on CNBC’s Squawk Box, Druckenmiller simply repeated an opinion first iterated by author Ray Dalio, who claimed the same thing in his popular 2021 book The Changing World Order.

Druckenmiller went further though, and claimed that Bitcoin could well become the preferred safe haven of choice for Wall Street investors who know that the dollar is simply going to be printed until infinity at this point.

He stated:

When they monetize the debt, it will have horrible implications for the dollar. I am worried for the first time that the U.S. dollar will lose its reserve status and all the benefits that have come with that. Five or six years ago, I said that crypto was a solution in search of a problem. Now the problem has been identified. It’s Jerome Powell and the other central bankers.

The only open question that now remains is: good news or bad news for the cryptosphere? Because even though this will ultimately lead to more investment into crypto, doesn’t it also heighten the chances of any US President in the future trying to slow down the process by simply ordering his Treasury Secretary to regulate crypto?

Knowing that the current US Treasury Secretary Janet Yellen is no fan of Bitcoin, it is possible that chance has now become bigger overnight.

Violka08 / Depositphotos.com