More trouble for our U.S. Dollar?
It’s no secret that the Federal Reserve Bank has been rampantly printing currency left and right, and other countries have caught onto this if they haven’t already.
It was recently reported that Russia will consider replacing its U.S. Dollar reserves with cryptocurrencies sometime in the near future…
This could spell trouble for the Dollar as it now has some palpable competition for the title of global reserve currency….
Today we have Rand Paul hinting at the same thing, and it should give everyone reason for pause and reflection.
How long can our currency sustain itself when giving into printing temptations, and the effects of runaway inflation?
Here’s what Rand Paul had to say recently in an Axios interview:
"The government currencies are so unreliable," said Paul. "I've started to question now whether or not cryptocurrency could actually become the reserve currency of the world as more and more people lose confidence in government."https://t.co/aZyDicR1dh
— Michael (@val5linx) October 26, 2021
Axios sat down with Senator Rand Paul:
Sen. Rand Paul (R-Ky.) tells me in an interview for Sunday’s “Axios on HBO” that cryptocurrency could eventually replace the dollar as “the reserve currency of the world.”
The senator says he’s begun to ask that question as more and more people lose confidence in governments, which used to have a monopoly on money.
— Ｔｈｅ Ｔｉｍｅ | Crypto Analyst | ＴＴ (@_thetimeisnow1) October 27, 2021
Bitcoin Rebounds To $63k As Rand Paul Sees Crypto As Future "Reserve Currency Of The World"
— StClair NordicAsset (@newmind99) October 25, 2021
Bitcoin Magazine went more in-depth:
“The government currencies are so unreliable — they’re also fiat currencies. They’re not backed by anything,” Sen. Paul said.
A Gallup poll published on September 30 highlighted how Americans’ trust in government remains low. The survey found that overall trust in the federal government to handle international problems sits at a record-low 39%, whereas confidence in the judicial branch is at 54%, down 13 points since 2020. U.S. citizens’ trust in their state (57%) and local (66%) governments continues to be higher than trust in the federal government.
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