{"id":424616,"date":"2020-05-20T21:00:59","date_gmt":"2020-05-20T21:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=424616"},"modified":"2024-06-11T13:49:01","modified_gmt":"2024-06-11T13:49:01","slug":"bitcoin-the-big-winner-of-shifting-dollar-dominance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-the-big-winner-of-shifting-dollar-dominance\/","title":{"rendered":"The Pandemic May Impede the US Dollar\u2019s Dominance; Will Bitcoin be the Big Winner?"},"content":{"rendered":"

The global Coronavirus pandemic has had far reaching political and economic effects, leading to widespread money printing that will eventually catalyze immense inflation. So far, Bitcoin has been a beneficiary from this ongoing economic turbulence.<\/p>\n

There now appears to be a strong case for the idea that the US Dollar will cede its global dominance in the years and decades following this economic crisis.<\/p>\n

This shift could come about due to the U.S. seeing a declining share of global GDP, while some countries also watch their access to USD wane due to an inwards turn of domestic manufacturing and a drop-in tourism stemming from the U.S.<\/p>\n

Although Bitcoin<\/a> is unlikely to capture any significant a fraction of the Dollar\u2019s global dominance, it could see heightened rates of global adoption due to this potentially imminent shift.<\/p>\n

USD\u2019s Global Dominance to Wane in Wake of COVID-19 Pandemic<\/strong>\u00a0<\/strong><\/h2>\n

In a recent piece<\/a> for Bloomberg, the site\u2019s Americas news director Joe Wiesenthal mused the possibility that global dependency on the US Dollar could soon wane.<\/p>\n

He explained that the Dollar has seen a divergence between its global usage rates and the United States\u2019 share of worldwide GDP. This divergence, he explains, is dangerous as it puts the entire world at risk of seeing the impacts of decisions made by the Federal Reserve.<\/p>\n

\u201cThis mismatch proves dangerous when, in the process of fulfilling its domestic mandate, the Federal Reserve makes moves that have huge ripple effects around the world.\u201d<\/p><\/blockquote>\n

Wiesenthal further explains that the country\u2019s struggle to source basic equipment \u2013 like ventilators \u2013 in the wake of the ongoing pandemic is likely to lead to an inwards manufacturing shift, with a focus on building better domestic supply chains.<\/p>\n

This could deprive foreign countries of US Dollars, forcing them to break their reliance of the fiat currency and possibly even increase their usage of digital assets like Bitcoin<\/a>.<\/p>\n

\u201cAn inward turn by the U.S. in manufacturing goods would deprive export-oriented economies around the world of a supply of dollars. Those economies\u2026 will come out of this crisis with a new understanding that the U.S. won\u2019t always be the consumer of last resort.\u201d<\/p><\/blockquote>\n

Will Reduced Dependence on USD Boost Bitcoin?<\/strong><\/h2>\n

Because the Dollar is currently viewed as this unifying global currency to bridge international transactions, a decline in its global dominance could lead the world to turn to decentralized digital assets like Bitcoin to mediate cross-border transactions.<\/p>\n

Furthermore, the potential decline in the Dollar\u2019s strength as a result of the economic impacts of the pandemic could further solidify Bitcoin\u2019s status as a safe haven asset, as investors will place an increased value on assets whose price action isn\u2019t directly linked to economic strength.<\/p>\n

Paul Tudor Jones is one prominent traditional investor<\/a> who seems to think that this could be the case.<\/p>\n

He recently noted that Bitcoin is likely to be the big winner of the imminent mass inflation resulting from widespread money printing.<\/p>\n

Featured image from Unplash.<\/pre>\n","protected":false},"excerpt":{"rendered":"
The global Coronavirus pandemic has had far reaching political and economic effects, leading to widespread money printing that will eventually catalyze immense inflation. So far, Bitcoin has been a beneficiary from this ongoing economic turbulence. There now appears to be a strong case for the idea that the US Dollar will cede its global dominance in the years and decades following this economic crisis. This shift could come about due to the U.S. seeing a declining share of global GDP, while some countries also watch their access to USD wane due to an inwards turn of domestic manufacturing and a drop-in tourism stemming from the U.S. Although Bitcoin is unlikely to capture any significant a fraction of the Dollar\u2019s global dominance, it could see heightened rates of global adoption due to this potentially imminent shift. USD\u2019s Global Dominance to Wane in Wake of COVID-19 Pandemic\u00a0 In a recent piece for Bloomberg, the site\u2019s Americas news director Joe Wiesenthal mused the possibility that global dependency on the US Dollar could soon wane. He explained that the Dollar has seen a divergence between its global usage rates and the United States\u2019 share of worldwide GDP. This divergence, he explains, is dangerous as it puts the entire world at risk of seeing the impacts of decisions made by the Federal Reserve. \u201cThis mismatch proves dangerous when, in the process of fulfilling its domestic mandate, the Federal Reserve makes moves that have huge ripple effects around the world.\u201d Wiesenthal further explains that the country\u2019s struggle to source basic equipment \u2013 like ventilators \u2013 in the wake of the ongoing pandemic is likely to lead to an inwards manufacturing shift, with a focus on building better domestic supply chains. This could deprive foreign countries of US Dollars, forcing them to break their reliance of the fiat currency and possibly even increase their usage of digital assets like Bitcoin. \u201cAn inward turn by the U.S. in manufacturing goods would deprive export-oriented economies around the world of a supply of dollars. Those economies\u2026 will come out of this crisis with a new understanding that the U.S. won\u2019t always be the consumer of last resort.\u201d Will Reduced Dependence on USD Boost Bitcoin? Because the Dollar is currently viewed as this unifying global currency to bridge international transactions, a decline in its global dominance could lead the world to turn to decentralized digital assets like Bitcoin to mediate cross-border transactions. Furthermore, the potential decline in the Dollar\u2019s strength as a result of the economic impacts of the pandemic could further solidify Bitcoin\u2019s status as a safe haven asset, as investors will place an increased value on assets whose price action isn\u2019t directly linked to economic strength. Paul Tudor Jones is one prominent traditional investor who seems to think that this could be the case. He recently noted that Bitcoin is likely to be the big winner of the imminent mass inflation resulting from widespread money printing. Featured image from Unplash.<\/p>\n","protected":false},"author":499,"featured_media":424617,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-424616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nThe Pandemic May Impede the US Dollar\u2019s Dominance; Will Bitcoin be the Big Winner?<\/title>\n<meta name=\"description\" content=\"The global Coronavirus pandemic has had far reaching political and economic effects, leading to widespread money printing that will eventually catalyze\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-the-big-winner-of-shifting-dollar-dominance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Pandemic May Impede the US Dollar\u2019s Dominance; 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