Washington is struggling to figure out how to regulate the digital asset market. Some in Congress say that banning crypto could help preserve the US dollar’s status as the world’s reserve currency. RT’s Max Keiser disagrees.
“The US dollar has been losing world reserve status for decades. With or without bitcoin, the dollar is toast,” the host of RT’s Keiser Report and prominent crypto advocate says.
Many members of the US Congress are concerned about the US dollar’s fate, and whether it will be able to keep its status as the world’s reserve currency amid the rise of digital tokens. Earlier this week, Congressman Blaine Leutkemeyer asked, “As digital assets become more common in the global marketplace… how do we ensure the dollar remains the [world’s] reserve currency?” With the crypto market fast approaching $3 trillion, Max Keiser believes this ship has already sailed.
“Bitcoin is a USD and Federal Reserve Bank killer. It accomplishes this by starving the dollar of the energy it needs to survive. Not even America’s military can stop countries, corporations and individuals from converting all the energy available to them to mine and hoard bitcoin… this pattern will repeat endlessly until the US dollar is truly dead,” Keiser states.
He predicts that the US government will soon have no other choice but to side with crypto.
“Congress will do whatever donors want. Since bitcoiners are becoming hugely wealthy, expect more friendly bitcoin laws in Congress. I expect a bitcoin-friendly president in 2024,” Keiser muses.
Some in the US Congress already are turning towards the crypto, with Congressman Ritchie Torres saying the US should encourage the development of USD stablecoins – digital assets linked to traditional assets such as the US dollar and used to facilitate trading in other cryptocurrencies. The official suggests the move “reinforces, rather than challenges, the status of the dollar as the world’s reserve currency.” Keiser, however, believes this would not be enough to save the US greenback.
“Stablecoins are securities, and securities are regulated differently in different countries. Stablecoins have no impact on bitcoin,” he says, adding that even tax collection will not do much for the US dollar at this point.
“The taxes America collects are non-material to the current mess of fiat money-printing in the hundreds of trillions in America and globally. The best course of action is to buy as much bitcoin as you can, and this applies to individuals, corporations and countries, and grab some popcorn and a good seat to watch the world reserve currency collapse,” Keiser says.