The Dollar’s Dominance Under Threat: Trump Warns of Impending Collapse

In a recent podcast appearance, former US President Donald Trump sounded the alarm on the potential collapse of the US dollar as the world’s reserve currency. Trump’s warning comes as countries like Russia, China, Iran, and Saudi Arabia are increasingly turning away from the dollar in favor of alternative currencies.

“I read Saudi Arabia is willing to now go in various different currencies instead of the dollar,” Trump said. “This is a tragedy, this is a big thing that’s happening against our country, and we cannot let that happen.”

The implications of a dollar collapse are far-reaching and could have devastating effects on the global economy. As the International Monetary Fund (IMF) recently warned, a decline in the dollar’s share of allocated foreign reserves could lead to a significant shift in the global economic landscape.

Bitcoin’s Rise to Prominence

Meanwhile, the price of bitcoin has been surging, driven in part by the growing uncertainty surrounding the dollar’s future. The cryptocurrency’s recent gains have been fueled by increased adoption and investment from institutional players, as well as the growing popularity of new token standards like BRC-20 and Ordinals.

According to data from Dune Analytics, bitcoin’s blockchain bandwidth usage has surpassed 90% in recent weeks, driven by the adoption of these new token standards. This increased activity has led to a significant rise in transactions involving BRC-20 and Ordinals, further solidifying bitcoin’s position as the leading cryptocurrency.

Bitcoin’s blockchain bandwidth usage surges past 90%

Standard Chartered Enters the Crypto Fray

In a move that could further accelerate the adoption of cryptocurrencies, Standard Chartered has announced plans to launch a spot trading desk for bitcoin and ether. The new desk, which will be based in London, marks a significant milestone in the bank’s efforts to expand its presence in the digital asset space.

“We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” a Standard Chartered spokesperson said.

The bank’s move into spot trading comes as institutional investors increasingly turn to cryptocurrencies as a hedge against inflation and market volatility. As the dollar’s dominance continues to erode, it’s likely that we’ll see even more traditional financial institutions entering the crypto space.

Standard Chartered enters the crypto fray

Conclusion

The dollar’s collapse as the world’s reserve currency is a very real possibility, and one that could have far-reaching consequences for the global economy. As investors increasingly turn to alternative currencies like bitcoin, it’s clear that the landscape of global finance is undergoing a significant shift. Whether or not the dollar can regain its footing remains to be seen, but one thing is certain: the future of money is changing, and it’s changing fast.

The dollar’s dominance under threat