The U.S. Dollar Is ‘Finished’—Wall Street Legend Warns Trump’s And Biden’s China Nightmare Is Suddenly Coming True
China’s yuan could be about to wrestle control of the world’s reserve currency from the U.S. and the dollar, a legendary Wall Street analyst has warned (despite BlackRock quietly plotting a “revolution”).
The U.S. dollar is “finished as the world’s reserve currency,” analyst Richard X Bove told the New York Times just days after his retirement from a storied 54-year career as a Wall Street analyst.
The stark warning, coming as Treasury Secretary Janet Yellen and U.S. Federal Reserve chair Jerome Powell are “deathly afraid,” piles pressure on U.S. president Joe Biden and Republican front-runner in the 2024 race for the White House Donald Trump as they grapple with China’s yuan emerging as a potential challenger to the dollar and U.S. financial supremacy.
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Bove, who sees bitcoin and cryptocurrencies as winning in a post-dollar dominant world, predicted that China will overtake the U.S. economy.
The dollar is doomed, according to Bove, because “the people making the goods elsewhere are getting greater and greater control of the means of production and therefore greater and greater control of the world economy and therefore greater and greater control of money.”
China has been developing a bitcoin-inspired digital version of its yuan, designed to better facilitate cross-border trading and manage its economy, as it ramps up its challenge to the dollar’s global dominance.
Former U.S. president Donald Trump has said he’d block the creation of a U.S. central bank digital currency (CBDC)—sometimes called a digital dollar—if he retakes the White House this year, something that could seal the dollar’s fate if digital currencies are widely adopted by countries.
Bove, who worked at 17 brokerages during his career that culminated at New York investment bank Odeon Capital, has previously said a U.S. dollar replacement could be “paper, metal or digital impulses,” and “[bitcoin] can be used as a currency as long as enough people will accept it.”
Last week, Morgan Stanley’s head of digital assets predicted a “paradigm shift” could be about to hit U.S. dollar’s global dominance, with “the adoption of bitcoin beyond speculative purposes” evolving thanks to the long-awaited U.S. approval of a fleet of spot bitcoin exchange-traded funds (ETFs).
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