“The Dollar Is Over As The World’s Reserve Currency” And Bitcoin Will Rise, Says Analyst

Financial analyst Richard X. Bove, who recently retired after a 54-year career on Wall Street, says the dollar’s days as the world’s reserve currency are numbered.

In statements to The New York Times, the expert assured that the American currency is doomed to die for various reasons. One of them relates to the role that the people who manage the means of production are playing.

The analyst went on to explain his view of the economic future by saying, “People who make goods elsewhere are getting more and more control over the means of production and therefore more and more control over the world economy and So money is being controlled more and more.”

In this sense, it predicts the arrival of the post-dollar era. Bitcoin (BTC) And cryptocurrencies will take an important place in the economy,

Bowe, who worked at 17 brokerages during his career at New York investment bank Odeon Capital, thinks Satoshi Nakamoto’s currency has a great future. it, As long as enough people accept it, In his opinion, apart from Bitcoin, other alternatives to the dollar would be “paper, metal or digital impulses”.

Bowe, who became famous for predicting the 2008 housing crisis three years before it occurred, sees China as the country that will replace the US in the world.

A prediction that agrees with data from the World Economics Report, whose estimates show that Chinese G.D.P. Will more than double that of the United States in just 10 years, Studies show that economic activity in China is already 38% higher than that in the United States.

However, in the short term, the US economy has improved slightly in the last three months of last year; Whereas China has suffered a severe blow to its real estate sector due to the collapse of Evergrande.

Still, we must take care The financial turmoil that is affecting America. In recent years. The same things now seem to be resurfacing with the collapse of the New York City Bancorp (NYCB) Stock Exchange. According to Reuters agency, its decline is estimated at 37.67% and has dragged down other regional banks.

NYCB situation fuels Fears of another episode of financial instability, And this is seen as another sign of America’s economic decline. Silicon Valley Bank, Signature Bank and First Republic Bank fell last year when the value of their loan investments declined as interest rates rose.

All this takes place in a context where Bitcoin not only overcomes the long bearish period that has plagued the market throughout 2022, but Consolidates itself as a valuable asset around the world,

As CryptoNoticias reported, the recent approval of a spot ETF by the US Securities and Exchange Commission has given the digital currency a huge boost, providing recognition that has sparked the interest of thousands of institutional investors.

In that sense, Morgan Stanley analysts seem to agree with Bove. He estimates that with “Bitcoin adoption beyond speculative purposes”, a “paradigm shift” could be about to impact the global dominance of the US dollar.