Bitcoin
‘Erosion by Stealth’ – IMF Issues ‘Stunning’ Warning of US Dollar Collapse as Fed Prepares Bitcoin, Ethereum and XRP for Crypto Price Boom
Bitcoin, along with other major cryptocurrencies, ethereum and XRP
XRP
soared even more this year (with an earthquake in China potentially poised to wreak havoc on the price of bitcoin).
The price of bitcoin has just had a $4 trillion “watershed moment” while Ethereum, XRP and Other Top Coins Are Preparing for a Wall Street Bomb.
Now, after the Federal Reserve quietly admitted that gold is replacing the US dollarThe International Monetary Fund (IMF) has warned of a “surprising” decline in the US dollar’s share of foreign reserves allocated by central banks and governments.
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The US dollar is suffering “stealth erosion”, according to the International Monetary Fund (IMF)… [+] as the Federal Reserve prepares for a new global liquidity cycle that could boost the price of bitcoin, ethereum, XRP and other cryptocurrencies.
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“Surprisingly, the reduced role of the US dollar over the past two decades has not been accompanied by increases in the holdings of the other ‘big four’ currencies – the euro, yen and pound,” said IMF economists Serkan Arslanalp, Barry Eichengreen and Chima Simpson-Bell wrote in a report.
“Instead, it was accompanied by an increase in the share of what we call non-traditional reserve currencies, including the Australian dollar, Canadian dollar, Chinese renminbi, South Korean won, Singapore dollar and Nordic currencies.” , they wrote, pointing to “new digital financial technologies such as automatic market creation and automated liquidity management systems” as drivers of this change.
“This recent trend is even more surprising given the strength of the dollar, which indicates that private investors have switched to dollar-denominated assets,” the economists added.
Earlier this month, the Federal Reserve Bank of New York wrote a report outlining the narratives around the “declining share of the dollar in official reserves and the increasing role of gold holdings by central banks”, which it says has been “inappropriately” generalized beyond “the actions of a small group of countries”.
However, some commentators disagreed with the New York Fed’s assessment of the situation.
“The Fed now admits that some countries are moving towards gold,” said technology investor and former Coinbase chief technology officer Balaji Srinivasan posted to X, pointing to what the Fed says is a “small group” that “represents 3 billion people. Therefore, 37.5% of the world is moving away from dollars towards gold.”
Former billionaire and All In podcast “best friend” Chamath Palihapitiya predicted that bitcoin could “completely replace gold” as countries adopt it –potentially pushing its market capitalization towards gold’s $15.7 trillion.
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The price of bitcoin has surged this year, as the Federal Reserve prepares bitcoin, ethereum, XRP and… [+] crypto for a potential boom.
Forbes Digital Assets
Meanwhile, independent 2024 US presidential rival Joe Biden and Donald Trump Robert F. Kennedy Jr. warned that the only way to save the dollar is with bitcoin.
The US dollar’s fall comes as the Federal Reserve prepares to cut interest rates after a two-year war on inflation, following historic Covid-era stimulus and money printing.
“Central banks around the world have already started cutting rates, which suggests a broader trend of monetary easing,” analysts at bitcoin and crypto exchange Bitfinex wrote in emailed comments.
Fed Chairman Jerome Powell indicated this week that the Fed will cut rates at least once this year, after the European Central Bank (ECB) moved to cut interest rates in the euro zone earlier this month.
“It seems clear that the Bank of England and Federal Reserve will follow suit in the coming months,” the Bitfinex analysts added. “The global liquidity cycle indicates that the money supply is likely to increase, which could support asset prices, including cryptocurrencies.”
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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