Bitcoin
Janet Yellen Quietly Admits Serious Fears of US Dollar Collapse as Trump Poises Bitcoin for $4 Trillion Price Surge
US Treasury Secretary Janet Yellen has warned that countries around the world are moving away from the US dollar:as US debt spiral of $34 trillion fuels fears of collapse—with bitcoin and cryptocurrencies slowly chipping away at the dollar’s dominance.
The price of bitcoin has skyrocketed over the past year, rising despite a “critical” warning from the Federal Reserveand assisted by bettors who are increasingly confident that former US President Donald Trump will retake the White House in November.
Now, as Project 2025’s radical policy plan puts bitcoin on a collision course with goldYellen said she fears that U.S. financial sanctions will reduce the dollar’s role around the world as Russia encourages the use of bitcoin and cryptocurrencies.
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US Treasury Secretary Janet Yellen has warned that the US dollar’s dominance will continue to wane as… [+] Russia moves towards bitcoin and cryptocurrencies despite price swings.
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“We have very powerful sanctions that are available because of the important role of the dollar in international transactions,” Yellen said. counted US lawmakers on the House financial services committee this week.
“The more we use sanctions, the more countries look for ways to engage in financial transactions that do not involve the dollar.”
The United States has imposed severe financial sanctions on Russia and Iran in recent years, leading to accusations that it is weaponizing the dollar and cutting the so-called BRICS group of emerging economies off from the Western financial system.
The BRICS, initially made up of Brazil, Russia, India and China, before being joined by South Africa and then Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE).
iShares MSCI UAE ETF Capped
), are large developing countries that have formed an alliance to increase their power and influence on the world stage.
The US-led Western financial sanctions “will have a certain impact on the international status of the US dollar,” said Zhao Qingming, a Beijing-based financial expert. counted China’s Global Times newspaper said: “In the short term, the US dollar’s position is expected to remain stable, but over time, its position may weaken.”
Earlier this month, Russia’s central bank encouraged the use of bitcoin and cryptocurrencies to counter Western sanctions imposed over the conflict in Ukraine.
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ForbesProject 2025 Sets Bitcoin Up for a $16 Trillion Price Showdown With GoldBy
The price of bitcoin has fluctuated wildly in recent years, recovering as fears grew about the future of the … [+] American dollar.
Forbes Digital Assets
“New financial technology creates opportunities for schemes that did not exist before. That is why we have softened our position on the use of cryptocurrencies in international payments, allowing the use of digital assets in such payments,” Elvira Nabiullina, Governor of the Central Bank of Russia, said. supposedly said at a financial conference in St. Petersburg.
Fresh fears of a US dollar collapse emerge as some bitcoin and cryptocurrency traders bet that the price of bitcoin will hit an all-time high ahead of the US election in November.
In a note dated July 2 visa Per The Block, Standard Chartered’s head of forex and crypto research Geoffrey Kendrick predicted that “a new record high for bitcoin in August is likely, and then $100,000 by US election day,” adding: “The logic here is that both regulation and mining would be viewed more favorably under Trump.”
Kendrick said he expects to see the price of bitcoin reach $150,000 by the end of 2024 and $200,000 before the end of 2025, which would give bitcoin a market cap of around $4 trillion.
Trump has emerged as the preferred candidate of the bitcoin and cryptocurrency community — promising to protect people’s right to own bitcoin and being announced as a keynote speaker at the Bitcoin 2024 conference later this month — and putting him at sharp odds with the Biden administration’s anti-crypto stance.