Bitcoin
Janet Yellen Quietly Admits Serious Fears of US Dollar Collapse as Trump Poises Bitcoin for $4 Trillion Price Surge
US Treasury Secretary Janet Yellen has warned that countries around the world are moving away from the US dollar:as US debt spiral of $34 trillion fuels fears of collapse—with bitcoin and cryptocurrencies slowly chipping away at the dollar’s dominance.
The price of bitcoin has skyrocketed over the past year, rising despite a “critical” warning from the Federal Reserveand assisted by bettors 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 goldYellen said she fears that U.S. financial sanctions will reduce the dollar’s role around the world as Russia encourages the use of bitcoin and cryptocurrencies.
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US Treasury Secretary Janet Yellen has warned that the US dollar’s dominance will continue to wane as… [+] Russia moves towards bitcoin and cryptocurrencies despite price swings.
AFP via Getty Images
“We have very powerful sanctions that are available because of the important role of the dollar in international transactions,” Yellen said. counted 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 do not involve the dollar.”
The United States has imposed severe financial sanctions on Russia and Iran in recent years, leading to accusations that it is weaponizing the dollar and cutting the so-called BRICS group of emerging economies off from the Western financial system.
The BRICS, initially 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).
iShares MSCI UAE ETF Capped
), are large developing countries that have formed an alliance to increase their power and influence on the world stage.
The US-led Western financial sanctions “will have a certain impact on the international status of the US dollar,” said Zhao Qingming, a Beijing-based financial expert. counted China’s Global Times newspaper said: “In the short term, the US dollar’s position is expected to remain stable, but over time, its position may weaken.”
Earlier this month, Russia’s central bank encouraged the use of bitcoin and cryptocurrencies to counter Western sanctions imposed over the conflict in Ukraine.
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ForbesProject 2025 Sets Bitcoin Up for a $16 Trillion Price Showdown With GoldBy
The price of bitcoin has fluctuated wildly in recent years, recovering as fears grew about the future of the … [+] American dollar.
Forbes Digital Assets
“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 Central Bank of Russia, said. supposedly said at a financial conference in St. Petersburg.
Fresh fears of a US dollar collapse emerge as some bitcoin and cryptocurrency traders bet that the price of bitcoin will hit an all-time high ahead of the US election in November.
In a note dated July 2 visa Per The Block, Standard Chartered’s head of forex and crypto research Geoffrey Kendrick predicted that “a new record high for bitcoin in August is likely, and then $100,000 by US election day,” adding: “The logic here is that both regulation and mining would be viewed more favorably under Trump.”
Kendrick said he expects to see the price of bitcoin reach $150,000 by the end of 2024 and $200,000 before the end of 2025, which would give bitcoin a market cap of around $4 trillion.
Trump has emerged as the preferred candidate of the bitcoin and cryptocurrency community — promising to protect people’s right to own bitcoin and being announced as a keynote speaker at the Bitcoin 2024 conference later this month — and putting him at sharp odds with the Biden administration’s anti-crypto stance.
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.
Getty Images
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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