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- Some experts believe that the USD could collapse, and could be replaced with Bitcoin.
- Former US president Donald Trump’s NFT surges by 400 percent after pleading not guilty in court.
Many experts have predicted doom for the US Dollar (USD) as the world moves away from it as a reserve currency. Andy Schectman, President and Owner of Miles Franklin and an expert on monetary and economic history recently stated that the currency would return to American shores, and cause “tsunamis of inflation.”
The BRICS are, I think, coalescing against the dollar, the perceived hypocrisy and hegemony of the dollar. We’ve already been told that the BRICS currency would be pegged to gold or commodities, the assumption being that gold is one of the commodities.
Some experts believe that Bitcoin could be the new world currency once the USD is dumped. A couple of years ago, Thomson Reuters technologist and futurist Joseph Raczynski predicted that some countries would leverage Bitcoin as their primary currency of choice due to its fixed circulation and ease of transfer.
According to Bitcoin expert Kate Waltman, crypto is gaining traction more quickly than what people did when the internet emerged. This, coupled with the fact that people are now prepared to buy and experience the amazing world of cryptocurrencies could put it in a better position to replace the USD in the future.
Brian Brooks thinks otherwise
Brian Brooks, the former U.S. Acting Comptroller of the Currency during the Trump Administration, however, does not agree with the “Bitcoin replacing the USD” assertions. According to him, digital assets should be viewed as Internet stock rather than currency. Brooks who is now the CEO of Bitcoin mining and crypto tech company Bitfury Group further stated:
Most of the crypto is about replacing the centralized banking system with networks that allow user control versus bank control … the crypto assets that have prices are more like internet stocks. It’s more like you bet on Google if you think there’s going to be high internet traffic; if you short it, it’s that people are going to go back to the post office, right? But it’s not that ethereum or Ripple or anything else is trying to replace the U.S. dollar, it’s trying to replace the system of transmitting value.
Trump’s NFT surges by 400 percent
In separate news, the Non-Fungible Token (NFT) of former US President Donald Trump surged by more than 400 percent after he pleaded not guilty in court. Trump was arraigned in Manhattan court for allegedly organizing a plan to influence the 2016 presidential election.
NFT analytics firm CryptoSlam disclosed that owners of the Trump Digital Trading Cards sold a total of 30 tokens soon after appearing in court. About 450 percent gains were recorded in the first hour. In the 24-hour period, 79 sales were recorded.
Regardless, the total sales cannot be compared to its debut in December when 45,000-item NFT collections were completely sold out within hours. This amounted to $3.53 million. After his indictment, sales increased to reach a total of $50,000. The NFT Trading Cards campaign was launched following his formal announcement about his participation in the 2024 presidential election. Initially, the cards were sold for “only $99 each”. A sweepstake associated with the collection was also announced. This includes a 1-on-1 Zoom call or one hour of golf with Trump.
