Cryptocurrencies like Bitcoin, Ethereum, and XRP have made a strong comeback this year, gaining attention as the US dollar faces fears of a “crisis” due to the Federal Reserve’s constant printing of $1 trillion every 100 days.
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The bitcoin price has reached its all-time high of $70,000 per bitcoin, boosting the values of other cryptocurrencies like ethereum and XRP. As Wall Street eyes a potential $90 trillion profit, Tesla billionaire Elon Musk and legendary investor Warren Buffett have both recognized the value of true currency.
Meanwhile, China and Russia have joined forces to create a payment system based on the blockchain technology behind bitcoin. This has raised concerns from economists who warn that this could be a bigger threat to American dominance than nuclear weapons.
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The Brics (Brazil, Russia, India, China, and South Africa) have been searching for ways to reduce their reliance on the US dollar, with Russia being kicked off the international payment network Swift in 2022. In response, they are exploring the use of blockchain technology for an independent payment system.
China has also been working on a digital version of their currency, inspired by bitcoin and other cryptocurrencies. This is seen as a way to control the flow of money within their country and compete with the US dollar in global trade. The use of a central bank digital currency (CBDC) has already seen a significant increase in transactions and value.
Economist Yanis Varoufakis believes that if capital flows shift towards this Chinese payment system, it could pose a greater threat to American power than nuclear weapons. This could explain the intensification of the “cold war” between the US and China.
Follow me on Twitter @billybambrough for more updates on technology, finance, and business. As a journalist with years of experience covering these topics, I have seen the rise of bitcoin and cryptocurrency since 2012 and have witnessed its potential to disrupt the financial system. I hold a small amount of bitcoin and other cryptocurrencies.
