Yale University Professor - The Fall Of The Dollar Will Strengthen Bitcoin

By Antareum | Antareum | 18 Jun 2020

Steve roach, who is a Professor of Economics at Yale University, said that the draw-down of the dollar can have a positive impact on the cost of Bitcoin. Previously, the specialist held the position of head of the representative office of Morgan Stanley Bank in Asia, so he also assessed the prospects for increasing the correlation between the main cryptocurrency and the Yuan.

Roach on the connection between Bitcoin and the dollar

"The dollar is currently subject to strong pressure due to a variety of factors. The fall in the stock market, protests and popular unrest, a decline in Chinese imports against the backdrop of sanctions and many other important events negatively affected the us currency. It is possible that the collapse will reach 35 percent in the near future. If this happens, then alternative assets will come to the fore. Bitcoin has lost a lot of ground in the information field in recent years, but against the background of such silence, it has a chance to attract large investors and weed out small holders who will no longer have an impact on the cryptocurrency industry. The broad Yuan index is already up 53% from its December 2004 low in real terms. China has decided to start a full-scale reform of all industries. Thanks to this, the dollar will soon have no place in global circulation, " Roach said.

According to the expert, Bitcoin will attract new capital on a par with gold. Precious metals are no longer as popular as they were 30 years ago, so the future will be in cryptocurrency. Roach stressed that the policy of the US authorities in the sphere of economy negatively affects the overall indicators. Because of this, the growth of Bitcoin and other cryptocurrencies can be seen in the very near future.

The expert noted that the cryptocurrency market is still relatively small in scale for full competition with the dollar, but the situation can be changed by increasing the capitalization of coins. Now it is about 270 billion dollars, but with the growth and cost of Bitcoin will grow.

Many other experts express a similar opinion about the dollar. CEO of Build Direct, Jeff Booth, previously stated that the position of Bitcoin will strengthen as its use as a tool for making payments increases.

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