Tuesday, July 1, 2025
No Result
View All Result
Coin Digest Daily
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations
Marketcap
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations
No Result
View All Result
Coin Digest Daily
No Result
View All Result

Former IMF chief economist believes crypto is a rising threat to the U.S. Dollar’s dominance

25 May 2025
in Crypto Exchanges
Reading Time: 3 mins read
0 0
A A
0
Home Crypto Exchanges
Share on FacebookShare on Twitter



American economist Kenneth Rogoff believes that the rise of crypto poses a risk to the hegemony of the U.S. greenback.

Rogoff beforehand served because the chief economist on the Worldwide Financial Fund (IMF) and on the Federal Reserve Board. He’s a printed creator and an economics professor at Harvard College.

In an interview with Bloomberg, Rogoff stated that whereas the U.S. greenback continues to be probably the most dominant world forex, its affect is lowering.

“I see it [dollar’s dominance] as in decline — it’s fraying on the edges the place, in fact, the renminbi is breaking freed from the greenback, the euro goes to have a bigger footprint — that’s been occurring for a decade.”

One of many contributing elements, in response to Rogoff, is the rising utilization of crypto for tax evasion and bypassing sanctions.

Crypto is already consuming away on the U.S. Greenback’s dominance

Rogoff stated that one of many major markets for the U.S. greenback is the underground financial system, generally known as the grey market or the shadow financial system. The most important chunk of the underground financial system, which the federal government can’t simply hint, is made up of tax evaders. Transactions performed by criminals are additionally a part of this financial system, albeit a small one, he stated.

As per Rogoff’s estimate and a World Financial institution survey, the underground financial system constitutes about 20% of the world financial system. That makes the underground financial system price round $20-to-$25 trillion, relying on the worth of the greenback.

Earlier, the popular mode of fee for such transactions was once U.S. greenback notes. However now, crypto is more and more rising as the brand new favourite. In his newest e-book, Our Greenback, Your Downside, Rogoff states that cryptocurrencies have already began chipping off on the greenback’s world standing. In his interview, he stated:

“…though crypto has not made vital inroads into the authorized financial system, it’s more and more used within the world underground financial system – consisting of prison exercise however primarily tax and regulatory evasion – the place money, particularly US {dollars}, had been king.”

The greenback dropping its footing to crypto impacts the bigger world market by making every thing costlier via rising rates of interest. From Treasury invoice charges and mortgages to automobile and scholar loans, all rates of interest are affected by the greenback’s declining affect. It’s because the U.S. enjoys “exorbitant privilege” from the greenback being crucial reserve forex, he defined.

Moreover, U.S. authorities monitor monetary flows to collect details about potential threats to nationwide safety, and a loss within the greenback’s market share makes that tougher.

Mockingly, final yr, Senator Cynthia Lumis stated that having Bitcoin (BTC) in reserve will help the greenback “stay robust.”

‘Crypto has worth,’ Rogoff says

In keeping with Rogoff, critics who consider cryptocurrencies are simply scams with no worth are “utterly fallacious.” He stated:

“The notion that there isn’t a ‘basic worth proposition’ in transactions use [of crypto] is simply fallacious.”

Rogoff defined that cryptocurrencies present an accepted medium of trade, which is a price proposition. Even when the federal government closely regulates crypto, it is going to nonetheless face vital challenges controlling the underground financial system, the place it has much less leverage, he stated.

Subsequently, Rogoff insists that “crypto has worth.” The problem that authorities will face in monitoring crypto transactions within the grey market is important, which implies crypto is “not nugatory,” as a result of “there’s so much at stake right here,” he added. Nonetheless, he clarified:

“Crypto can’t change the greenback. However that’s within the authorized financial system the place the federal government has a number of leverage. However within the underground financial system, by definition, it has a lot much less leverage.”

Newest Alpha Market Report



Source link

Tags: believeschiefCryptoDollarsDominanceEconomistIMFrisingthreatU.S
Previous Post

XRP Risks Fall To $1.55 If This Support Level Fails – Analyst

Next Post

Ethereum’s DeFi Reign Slips 37% Since 2021—A Blockchain Power Shift? – Defi Bitcoin News

Related Posts

Big Power, Bigger Opportunity: Why Industrial Energy Stocks Are Just Getting Started
Crypto Exchanges

Big Power, Bigger Opportunity: Why Industrial Energy Stocks Are Just Getting Started

30 June 2025
Saylor says BTC Treasury companies can grow as fast as they can issue credit and buy Bitcoin
Crypto Exchanges

Saylor says BTC Treasury companies can grow as fast as they can issue credit and buy Bitcoin

30 June 2025
Crypto needs to return to first principles
Crypto Exchanges

Crypto needs to return to first principles

28 June 2025
The Daily Breakdown: Can Tech Lead in the Second Half of 2025?
Crypto Exchanges

The Daily Breakdown: Can Tech Lead in the Second Half of 2025?

27 June 2025
USDT on TRON Surpasses $80 Billion, Strengthening TRON’s Position as the Leading Stablecoin Network
Crypto Exchanges

USDT on TRON Surpasses $80 Billion, Strengthening TRON’s Position as the Leading Stablecoin Network

27 June 2025
Introducing Target Model Smart Portfolios
Crypto Exchanges

Introducing Target Model Smart Portfolios

29 June 2025
Next Post
Ethereum’s DeFi Reign Slips 37% Since 2021—A Blockchain Power Shift? – Defi Bitcoin News

Ethereum’s DeFi Reign Slips 37% Since 2021—A Blockchain Power Shift? – Defi Bitcoin News

Think Big? Multiply It By A Billion — XRP Tied To ‘Greatest’ Global Meeting: CEO

Think Big? Multiply It By A Billion — XRP Tied To 'Greatest' Global Meeting: CEO

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Ethereum Reclaims $2,500 In Squeeze-Driven Rally – But Can It Hold?

Ethereum Reclaims $2,500 In Squeeze-Driven Rally – But Can It Hold?

28 June 2025
솔라나 레이어 2 코인 솔락시, 유니스왑 상장 출시… 지금 구매할 만한 유망 코인일까? | Bitcoinist.com

솔라나 레이어 2 코인 솔락시, 유니스왑 상장 출시… 지금 구매할 만한 유망 코인일까? | Bitcoinist.com

24 June 2025
$304M Raised, 20 Listings Locked – BlockDAG’s Plan Is Set, TAO and Pi Downtrend

$304M Raised, 20 Listings Locked – BlockDAG’s Plan Is Set, TAO and Pi Downtrend

16 June 2025
Why is Crypto Crashing? Dust Settles Over SOL and ETH After Musk Storm

Why is Crypto Crashing? Dust Settles Over SOL and ETH After Musk Storm

7 June 2025
Ethereum Price To Resume Downtrend? Market Expert Identifies Bearish Chart Setup | Bitcoinist.com

Ethereum Price To Resume Downtrend? Market Expert Identifies Bearish Chart Setup | Bitcoinist.com

23 June 2025
Altcoin Exchange Flows Dip Below $1.6B – History Points To Incoming Rally | Bitcoinist.com

Altcoin Exchange Flows Dip Below $1.6B – History Points To Incoming Rally | Bitcoinist.com

28 June 2025
How to Harness Prime Day Traffic Without Slashing Prices | Entrepreneur

How to Harness Prime Day Traffic Without Slashing Prices | Entrepreneur

1 July 2025
The Blockchain Group Confirms Acquisition of 60 BTC, Total Holdings Reach 1,788 BTC – News Bytes Bitcoin News

The Blockchain Group Confirms Acquisition of 60 BTC, Total Holdings Reach 1,788 BTC – News Bytes Bitcoin News

1 July 2025
Robinhood Kickstarts US Stocks in Europe with Crypto: Will On-Chain Adoption Skyrocket?

Robinhood Kickstarts US Stocks in Europe with Crypto: Will On-Chain Adoption Skyrocket?

1 July 2025
Penis envy? 35-foot appendage at UK heritage site was almost covered up

Penis envy? 35-foot appendage at UK heritage site was almost covered up

1 July 2025
Feds Charge Man With $1.7M Scheme to Convert Fake Checks Into Bitcoin – Decrypt

Feds Charge Man With $1.7M Scheme to Convert Fake Checks Into Bitcoin – Decrypt

1 July 2025
Circle Proposed to Launch Federally Regulated Trust Bank

Circle Proposed to Launch Federally Regulated Trust Bank

1 July 2025
Facebook Twitter Instagram Youtube RSS
Coin Digest Daily

Stay ahead in the world of cryptocurrencies with Coin Digest Daily. Your daily dose of insightful news, market trends, and expert analyses. Empowering you to make informed decisions in the ever-evolving blockchain space.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Web3

SITEMAP

  • About us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2024 Coin Digest Daily.
Coin Digest Daily is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations

Copyright © 2024 Coin Digest Daily.
Coin Digest Daily is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$106,581.00-0.70%
  • ethereumEthereum(ETH)$2,430.25-1.22%
  • tetherTether(USDT)$1.000.01%
  • rippleXRP(XRP)$2.200.47%
  • binancecoinBNB(BNB)$649.14-0.64%
  • solanaSolana(SOL)$147.97-2.45%
  • usd-coinUSDC(USDC)$1.000.01%
  • tronTRON(TRX)$0.2788960.64%
  • dogecoinDogecoin(DOGE)$0.159494-3.06%
  • staked-etherLido Staked Ether(STETH)$2,430.09-1.22%