The loss of the hegemony of the dollar in international transactions is currently at the heart of the debates. Some have already said that the situation would be inevitable and that bitcoin (BTC) should be the big winner. Arthur Hayes, the CEO of BitMEX is among those who defend this idea.
A bitcoin rush in the face of the depreciation of the dollar?
Recently, a political scientist and an economist had rejected the idea of the loss of hegemony of the American dollar in international trade. Arthur Hayes, CEO of BitMEX disagrees with them.
The boss thinks that the circumstances are organized, under the impetus of China, so that the deal changes. To the detriment of the dollar, of course, but above all, in favor of bitcoin which, according to him, should do well.
In a blog post published on Saturday, April 22, the official explained that bitcoin will be popular with governments. This, as the latter distance themselves from the dollar and from American capital in general.
What Arthur Hayes is saying is that by distancing themselves from the dollar and Western investments, states will prioritize their interests. In fact, they will seek ways and means to preserve the income they derive from international transactions.
In this context, gold would play a leading role for its ability to store certain value. This trend should be similar, he argues, for the flagship crypto, because it also demonstrates its effectiveness in this direction.
“And as bitcoin continues to prove itself to be the hardest currency ever created, I expect more and more countries to at least start to ask themselves if this is a way to ‘savings appropriated in the same way as gold’, said the BitMEX official.
And to add: “In the years to come, the world will trade in a multitude of currencies, then save when needed in gold and perhaps, in the near future, bitcoin.”
It is true that we are not there yet. But the opinion of Arthur Hayes suggests that the explosion of BTC prices cannot be ruled out. Many bitcoiners predict such a future for the flagship crypto despite its current trends.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
