According to PANews, Kenneth Rogoff, former chief economist at the International Monetary Fund (IMF) and member of the Federal Reserve Board, has expressed concerns about the diminishing global status of the U.S. dollar due to geopolitical tensions and the rising influence of cryptocurrencies.
In an interview, Rogoff challenged the critics who dismiss cryptocurrencies as scams or worthless. He argued that the notion of cryptocurrency transactions lacking a 'fundamental value proposition' is incorrect. Traditionally, the U.S. dollar has been the preferred payment method in the global underground economy, but cryptocurrencies are now taking precedence. Cryptocurrencies offer a recognized medium of exchange, which constitutes a value proposition.
Even with stringent government regulations on cryptocurrencies, significant challenges remain in controlling the underground economy. Rogoff emphasized that cryptocurrencies hold value, as authorities face substantial difficulties in tracking cryptocurrency transactions within the gray market. This indicates that cryptocurrencies are far from worthless.