PANews reported on May 25, citing Bloomberg, that Kenneth Rogoff, former chief economist of the International Monetary Fund (IMF) and a member of the Federal Reserve Board, stated in an interview that geopolitical tensions and the growing influence of cryptocurrencies are undermining the global position of the dollar.
Kenneth Rogoff believes that critics who think cryptocurrencies are just scams and worthless are completely wrong. "The view that there is no 'fundamental value proposition' in cryptocurrency trading is mistaken." One of the main markets for the dollar is the global underground economy, where the preferred payment method for such transactions was once the dollar, but now the preferred payment method is cryptocurrency. Cryptocurrencies provide a recognized medium of exchange, which is a value proposition. Even if governments impose strict regulations on cryptocurrencies, they will still face significant challenges in controlling the underground economy. Therefore, Kenneth Rogoff believes that "cryptocurrencies have value." Authorities will face immense difficulties in tracking cryptocurrency transactions in the gray market, which means that cryptocurrencies are "not worthless."