Hot Crypto Money and Dollar Forecasting from Ripple CEO
In their new statement, Ripple CEO Brad Galirnghouse states that governments are now seriously examining Blockchain after declining technology as “scam” for years.
Ripple CEO points out the rise of cryptocurrencies as the dollar weakens
Ripple CEO Brad Garlinghouse claims that the US dollar will not be destroyed by gold, yuan, or cryptocurrencies any time soon. However, according to Brad Garlinghouse, the dollar is getting weaker. According to Brad Garlinghouse, the cryptocurrency market continued to grow as the US dollar weakened. The dollar fell 3% compared to a year ago, and the cryptocurrency market grew more than 70% over the same period, according to the Ripple CEO.
Brad Garlinghouse referred to a new Bloomberg article investigating its potential advantages and disadvantages for the dollar, whose applicability as a value store was questioned during the ongoing crisis. The Federal Reserve (FED) has pressed $ 3 trillion since February to support the wounded US economy, cutting interest rates to zero and promising to keep it at this level by 2022. Thus, the dollar could soon lose its status as a global currency, according to the Ripple CEO. Brad Garlinghouse adds:
REAL CONCERNS ABOUT THE LONGEVITY OF THE US DOLLAR AS A RESERVE CURRENCY BEGAN TO ARISE.
Brad Garlinghouse urges USA to focus on cryptocurrencies to compete with China
Ripple CEO draws attention to the potential of cryptocurrencies in an environment where the dollar collapsed. Goldman calls gold “the last resort currency”. As previously reported, Brad Garlinghouse urged US lawmakers and regulators to focus on digital currencies in May to compete with China.
While cryptocurrencies like Bitcoin are very volatile, China’s central bank digital currency named “DCEP” can upgrade yuan to a new reserve currency status if the dollar is not digitized. The concerns of Brad Garlinghouse are particularly understandable, as the resulting CBDCs make XRP completely unnecessary by separating it from the cross-border payments industry.