Many, in common parlance, will answer that Bitcoin and cryptocurrency is digital and virtual money. While, on the other hand, Treasury Secretary Steven Munchin with others at the US Senate this week pointed at the future of the US Dollar.
In this regard, President Donald Trump’s nominee to the Federal Reserve Board, Judy Shelton, said that the US needs innovations to stand ahead of the other countries, which will result in maintaining the standard of the reserve currency. Earlier this year, Judy Shelton also pointed about Facebook’s own cryptocurrency Libra and the additional steps of the People’s Bank of China to have a smart substitute that can stand at par with the US Dollar.
However, the US needs to come up with a digital Dollar in order to ignore the flatline of the standard reserve currency. And this happens to be the important part on behalf of the Federal Reserve to maintain the primacy of the Dollar, Shelton believes.
"I like the idea of a gold backed currency, it could even be done in a Cryptocurrency sort of way"
"A unified money system, so when you talk about the international marketplace, everyone is playing on a level monetary playing field"
– Judy Shelton
pic.twitter.com/ykWQ5D9TPb
— Gold Telegraph ? (@GoldTelegraph_) May 20, 2020
And it was just a week ago when Shelton recapitulated her approval for the gold standard, where she stated that adding digital currency will be gainful against the rival countries who have already planned to get a currency that performs at par with the Dollar.
If countries are successful in coming up with the designed digital currency, it is going to lead to a diminishing spark of the US Dollar. Aligning the discussion of maintaining the standard reserve of the US Dollar intact, she intersected her thoughts with Bitcoin supporters. Wherein it means that Bitcoin can lead to a deflationary financial policy with a finite supply.
Just yesterday, the global investment banking, securities, and investment management firm, Goldman Sachs said, “Cryptocurrencies including Bitcoin are not an asset class.” An altogether new level of sarcasm has come up with Goldman Sachs’s new comment about Bitcoin and cryptocurrencies.
So according to Goldman Sachs a store of value loses 18% in 10 years, smartest guys in the room! https://t.co/KqpypE47Sv
— Parker Lewis (@parkeralewis) May 28, 2020
Does that mean Goldman Sachs is exhibiting double standards? In this context, it was just in 2019 when Goldman Sachs sent $2.8 billion in Bitcoin to currency exchanges from criminal entities, and now the crypto is not an asset class!
Goldman Sachs: In 2019, $2.8 billion in bitcoin was sent to currency exchanges from criminal entities.
$2.8 billion in illicit activity is a good DAY for the U.S. dollar.
Ridiculous double standards.
— Tyler Winklevoss (@tylerwinklevoss) May 27, 2020
Well, stats have been speaking the most, and we cannot deny the fact that the cryptocurrency and Bitcoin adoption has seen a sparking increase over the period and have been gaining ground eventually.
Bitcoin market cap > Goldman Sachs market cap
— Barry Silbert (@barrysilbert) May 27, 2020
However, Bitcoin and cryptos are much ahead of asset class and believed to be sovereign currency and a digital, and smart avenue to invest.
