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Learn about Blockchain technology part 3

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Bitcoin and cryptocurrencies may undermine the international status of the US dollar



 According to ChainCatcher news, Beincrypto reports that Larry Fink, the CEO of BlackRock, stated in a recent letter that cryptocurrencies (especially Bitcoin) have many benefits, especially through tokenization, but that they could threaten the dollar's standing internationally if investors see them as a hedge against inflation.

"The dollar's position as the world's reserve currency has benefited the U.S. for decades, but that does not guarantee it will always be so. By 2030, mandatory government spending and debt servicing will consume all federal revenue, leading to a permanent deficit. If the U.S. cannot control its debt… it could potentially relinquish this status to digital assets like Bitcoin," said Larry Fink, who said that the interests of cryptocurrencies do not always coincide with those of traditional finance (TradFi) or the dollar.

It is crucial to make clear that Fink maintains his support for cryptocurrencies and enumerated a number of actual issues that he thinks they can resolve. He stated that digital-native infrastructure will enhance and democratize the conventional financial ecosystem, and he was especially interested in asset tokenization. Notwithstanding these benefits, Fink also recognized that cryptocurrencies may endanger the American economy if they are not handled properly. He talked about the long-standing strategy of utilizing cryptocurrencies as an inflation hedge, which is wise for a lot of assets.

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