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Can a crypto-derived ledger system overtake the U.S. dollar as a global reserve currency?

Can a crypto-derived ledger system overtake the U.S. dollar as a global reserve currency?

According to Billionaire Stanley, some Crypto-derived ledger systems can replace the U.S. dollar as the world’s reserve currency in the future. As a result, he forecast the possibility of a overtake.


This hedge fund boss noted that if there were to be a U.S. dollar replacement, it would undoubtedly be some ledger system.

Ledger Systems Invention


In addition, he said that some kids from engineering schools like MIT, Stanford, or others had invented the ledger systems, which are capable of replacing the dollar worldwide.


CNBC’s Squawk Box


He commented on an interview with CNBC’s Squawk box. He also noted that Crypto is often promoted as a hedge against inflation. Moreover, this has become more relevant of late. He also said that Crypto was a solution in search of a problem.

Financial Stimulus


He went on to add that the ongoing fiscal stimulus was an issue. But, according to him, the problem has been identified.

Investment


The Druckenmiller reportedly invested in Bitcoin earlier this year. However, he also told Squawk box that it is unlikely for him to believe that other cryptocurrencies will usurp his Bitcoin as the top-of-value asset.


Unseating

He also added that unseating Bitcoin as a store of value is very hard as it is a 14-year-old-brand. However, it’s been around long enough it’s evident that there is a finite supply.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.