Washington is trying to figure out how to regulate the cryptocurrency market. While some in Congress have argued that banning cryptocurrencies could help preserve the US dollar's status as the world's reserve currency, Bitcoin advocate Max Keizer takes a much more ambitious but different view.
According to famous Bitcoin advocate Keizer, the US dollar has been losing its world reserve status in recent years, and with or without Bitcoin, the dollar has already been damaged beyond recovery.
Many members of the US Congress are concerned about whether the dollar can maintain its status as the world's reserve currency, as the US dollar bleeds and cryptocurrencies are on the rise.
Earlier this week, Congressman Blaine Leutkemeyer posed the question;
“As digital assets become more prevalent in the global marketplace, how do we ensure the dollar remains the world's reserve currency?”
With the crypto market rapidly approaching $3 trillion, Max Keizer argues that it can no longer be avoided.
According to Keizer, Bitcoin is perceived as a killer of the dollar and the Federal Reserve Bank. It achieves this by getting the energy it needs to survive from dollars. Even the US military cannot prevent countries, companies and individuals from turning all the energy available to them into mining and accumulating Bitcoin. This process will repeat endlessly until the US dollar actually disappears. The expert predicts that the US government will soon have no choice but to adopt cryptocurrencies.
Keizer believes Congress will eventually give up. As Bitcoin users become extremely wealthy, Congress will pass friendlier Bitcoin laws. The famous investor expects a Bitcoin-friendly president in 2024. Congressman Ritchie Torres said the United States should encourage the development of stablecoins, which are digital assets linked to traditional assets like the US dollar and are used to facilitate trading in other cryptocurrencies. He argues that the move "Consolidates rather than challenges the dollar's status as the world's reserve currency." However, Keiser believes this will not be enough to save the US dollar.
According to Keizer, stablecoins are securities and securities are regulated differently in different countries. Stablecoins have no effect on Bitcoin. even tax collection won't do much for the US dollar at this point. The taxes that America collects are insignificant to the current mashup of hundreds of trillions of dollars in the United States and around the world. The best course of action is to buy as many Bitcoins as possible and this applies to individuals, companies and countries. Keizer is asking investors to get their seats and popcorn ready to watch the world reserve currency collapse.