The U.S. dollar has been the international reserve currency since the end of World War II. Could this change? BlackRock CEO Larry Fink, along with several crypto experts, believes it is possible.
«In the short term, this is very unlikely,» said Si Kay Zheng, co-founder and CTO of ZX Squared Capital. «But in the long term, the probability increases.»
The relative stability of the dollar has made it the currency of choice for international exchange and a widely recognized 'safe' place to store wealth for nearly a century.
In his annual letter to investors, Fink wrote: «If the U.S. does not get its debt under control, if the deficit continues to grow, America risks losing this position in favor of digital assets like Bitcoin.»
«The natural evolution of money could be decentralized finance,» said Jonathan Rose, CEO of BlockTrust IRA and Genesis Gold Group.
Pointing out some advantages, he noted that cryptocurrencies like Bitcoin offer 'faster, cheaper, more transparent' transactions.
However, there are concerns regarding the security, reliability, and availability of Bitcoin as a primary means of payment.
«It will take some time for full integration,» said Rose.
