Bitcoin will not be more dominant than the dollar

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According to Wally Adeyemo – Assistant Secretary of the United States Treasury – the U.S. national currency will continue to be the most dominant in the world despite growing interest in bitcoin and altcoins.

Crypto cannot prevail against the dollar

In an interview with CNBC, Adewale “Wally” Adeyemo – described the cryptocurrency industry as controversial, as it can be full of opportunities, but at the same time, it poses many potential obstacles:

“One of the things we know is that digital assets present an opportunity in many ways for the economy, but they potentially present challenges. “

The 40-year-old Nigerian-American added that crypto’s biggest problem is its involvement in illicit currency transactions in a way that “doesn’t touch the dollar and we can’t see that easily.” To solve this problem, the US government should work with other countries and tighten the rules against money laundering, Adeyemo said.

It should be noted, however, that numerous reports continue to indicate that the use of cash is still the most widely used form of payment in criminal operations such as drug trafficking, for example. On the other hand, blockchain technology is fully transparent as all transactions are recorded on the digital ledger and are visible to anyone with internet access.

Adeyemo further highlighted his support for the dollar, explaining that the recently signed $ 1 trillion infrastructure package would help “unlock the potential” of the US economy and create investment opportunities for other governments. . These developments will have a positive impact on the US national currency, he said:

“Ultimately what will influence the dollar’s position in the world are the decisions we make in America about investing in our economy. The reason people are involved in the dollar based economy… is because they want to invest in America.

This is not the first time that Adeyemo’s name has been involved in the cryptocurrency space. In September of this year, he alleged that the Czech Republic-based trading platform – Suex – had facilitated several illegal ransomware transactions. As a result, the digital asset exchange was banned from doing business with US entities.

Wally Adeyemo, Source: WSJBitcoin Could Be a Threat to the Dollar

Many experts in the financial industry have shared their thoughts on the correlation between the US national currency and digital assets, and more specifically, bitcoin.

At the end of 2020, Larry Fink – CEO of BlackRock – praised the leading cryptocurrency, saying it could evolve into a global market. As such, its advance may challenge the dominance of the USD.

After considering jumping on the crypto bandwagon for a while, BlackRock did so this summer. The world’s largest asset manager has allocated $ 383 million to two bitcoin mining companies – Marathon Digital Holdings (MARA) and Riot Blockchain (RIOT).

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