Sora launch pushes Worldcoin to ATH and could Bitcoin disrupt dollar’s dominance?

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Last Updated on 19 February 2024 by CryptoTips.eu

Sora, the newest AI technology of the company that previously developed ChatGPT, Open AI, pushes a cryptocoin which we’ve discussed in the past to an all-time-high.

Over in the United States the fear that Bitcoin could one day break the dollar’s dominance is increasing.

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Top 100

Worldcoin, the digital currency launched by Sam Altman, CEO of Open AI, climbed to a value of 6 dollars on Sunday, its highest price ever.

Combined with high trading volume the AI-coin thus enters the top 100 of CoinMarketCap for the first time.

Stablecoins

The US dollar is the global currency par excellence. In recent years, the dollar has gone lower every time Bitcoin has gone higher and vice versa. This year is a little different and the dollar remains at its level while Bitcoin rises.

More and more money that would normally be invested in US dollars is now being diversified into gold, Euro and crypto. Is Bitcoin thus starting to pose a threat to the dollar?

Whenever crypto traders want to take a break and take profits on their positions, their altcoins (or Bitcoin) are converted into stablecoins. 90% of the global stablecoin market is linked to the US dollar, still the fiat currency par excellence. In the global economy we see a similar story as everything is quoted in dollars. But this is about to change as the US’s powers wane.

Because the crypto market is growing again and traditional Wall Street companies are now also getting their share through Bitcoin ETFs (and soon perhaps also through Ether ETFs), members of the Federal Reserve in the United States are now openly wondering whether this evolution is not dangerous for the dollar dominance itself as billions of dollars have been pumped into the crypto world again in recent weeks.

Federal Reserve Governor Christopher J. Waller said earlier this week that: “people often conjecture that cryptocurrencies like bitcoin may replace the U.S. dollar as the world’s reserve currency.”

Ray Dalio

As well-known investor Ray Dalio already explained in ‘the changing world order’, his 2021 bestseller, the US dollar will lose influence during the transition to a multipolar world (where there is more than one superpower).

However, most analysts thought that the dominant position of the US dollar would be redistributed between the dollar, the Euro and the Chinese Yuan in the coming decades.

However, it now also appears that Bitcoin, if it were to return to its all-time high this year, could play a significant role on a global level in terms of finance.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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