People in our current generation as technology continue to evolve trust government less everyday, so is the US dollar as well as institution and companies every day. People in their everyday lives prefer more technological advance cash than carrying a lot cash on them. People prefer carrying credit cards around and prefer online banking. In a millennial generation we are , we believe fiat currency addict you to spending once you have cash In hand and more advanced cash like Bitcoin helps you save value. People are smartening enough to understand that, fiat value is decided by the government and of course by few people whereas store of value like Bitcoin, its value decided by the people. In this 21st century it is easy for people to perceive that accountability is government worst nightmare as the Dollar gives government privacy and takes the people own away while digital currency gives the people privacy and takes the government privacy away.
The US dollar as a matter of fact lost its value way back 82yrs ago when it was taken off the gold standard and finally in 1971 when it became a currency. Currency as a word comes from a word like current in electricity, it needs to keep moving to maintain it relevance, if it stops moving it rapidly loses value and if the lost in value is affecting people extremely they stop accepting. Throughout history government have printed currency, and historically all currencies with time lose its value and goes back to zero. Since they knew, the currency will lose its value and go back to zero one day, in 1933 the 32nd US president created social security and Medicare to solve the US dollar value that will lose it value rapidly over time to sustain it for a bit longer but that was not the case, social security and medicare are massive financial disasters for the people of America unless you are not enlighten enough to understand the new rules of money. The US dollar continued to lose its purchasing power since then and as at the time George Bush took power in 2001 bloomberg reported that the US dollar has lost 13.2% and now is worse up to 92% of its purchasing power lost.
As time passes by and new heads of state sets in the dollar continues to lose it value on its way to zero as the US government make every other country that are implausible to US financial system or the dollar their enemy. Posing sanctions, threats to anyone who disfavors their way of going around things. These and other factors like the trade way, digital currencies are bringing the dollar to an end. And the new Trump administration seems to be outfoxing every country that disfavors them with threats and sanctions for all they know. The US major linchpin is their currency which is the US dollar which they consider the largest currency reserve worldwide and as US continues to sanction and threaten other countries and any other thing that disfavors them it looks like this time, the other countries as way of bringing the US dollar down hits different in extreme. Both the Europeans and Asians are playing astute games here attacking the US on low key economically and you will see president Trump tweeting bitterly about it.
As in 2018 the US was in debt for about $21 trillion while the global recession set in to hit economies and individuals, in cases like Venezuela crisis etcetera , the only possible solution is turning to digital currencies like Bitcoin. Recently President Donald Trump tweeted on digital currencies and Bitcoin and as a way to go he only did because he thought it was a threat to the US dollar and indeed it is.
For Trump to say he is not a fun of Bitcoin and Cryptocurrency because it is not money to him was a big hit for himself, for every millennial person knows that, the government always manipulate us and so do Trump. Always manipulating stuffs with his own tweets, this time he clearly busted himself out in a way of saying, Bitcoin and other cryptocurrencies are threat to the US dollar so far as he knows and it got his attention. He tried tagging crypto assets with unlawful behavior, drug trade and other illegal activity which is absolutely sounds like just a campaign to favour the US dollar and it is not going to work. His tweet will rather draw people attention on Bitcoin and other cryptocurrencies.
He continued to talk about facebok Libra coin which in my opinion will lack absolute decentralization, but a way to go , I believe this could replace central banks in years to come as a believe central banks behaves more analog and day by day we are moving to more digitally advanced world.
At a point of trying to battle for the US dollar you should know by now it is dead as good because if it is what he says it is, then it must be speaking for itself. People don’t advertise Bitcoin and cryptocurrencies but its negative publicity sells it on the media every day.
Over the past years, the US has sanctioned whoever disfavors their way of going about their financial system and trade rules, initiated trade dispute, affronted both their enemies and allied countries just for the sake of the Dollar , imposing unilateral rules , forcing nations to abide by their demands or face economic imprimatur. They refuse and withdraw from multinational treaties and agreements, starting trade wars and creating enemies for themselves all over the world. Countries like Russia are not in good terms at all with the US and Vladmir Puttin is finding every possible means to run his country without a single US dollar influence or interference and looking into a different hypothetic reserve currency which could replace the US dollar which people believe could be bitcoin.
This year G20 summit that happen in Tokyo Japan, Britain, France and Germany in the meeting proclaimed a new special trade mechanism called the Instrument in Support of Trade Exchanges (INSTEX) that operates independently avoiding the US sanction, allowing trading outside the SWIFT system which is dollar dominated. This new system will allow the Europeans to do business with countries like Iran and any other country that are currently being imposed by the US sanction. That move against the US from the Europeans cannot be underestimated , with the China trade war, the damage it will cause for the US dollar will be worse than we could think.
There has been plans over the past couple of years , over how to set up a trade mechanism that will be free from the influence of the dollar operating independently but the progress and it dominance did not gain momentum. Until the US withdrew from the JCPOA (Joint Comprehensive Plan Of Action) with Iran. Now that the Europeans and Asians coming together with a new trade mechanisms that do not operate with the dollar alongside with digital currencies dominance , Bitcoin and Libra I believe is time to say good bye to the US dollar.
As countries like Iran can sell their oil, chromium and other natural resources to Europeans and Asians and import from them as well through this new initiative INSTEX apparently in my understanding there is going to be a shift in the world most powerful reserve currency from the US and desertion of the US dollar as the most powerful reserve currency will be up next after rest of the world turns against it. Europeans and Asians are smartly up against the US and as at now there is less to say about the US wining because in my opinion they are out of possibility.
I am CryptoRas.