USD has been the reserve currency for banks and global markets for many years now, this is primarily thanks to the US economy having a monopoly over the world.
There are some market analysts that believe USD’s time in the spotlight is about to come to an end with speculation of cryptocurrency to take over.
There are several things that could contribute to the balance of power in the spheres of geoeconomics and geopolitics which may change the way of trading goods and services on an international scale.
Some of these experts are Max Keiser who is a popular broadcaster who hosts the Keiser Report which is a financial program broadcast on the media channel RT. Keiser is among those that believe 2019 as the year which could bring back the bullish trend into the market.
Keiser is a believer that the world is moving in the right direction to attain a de-globalised economy. This would result in the US dollar not having as much of a grip on the global trading and financial operations.
He also mentioned the world’s biggest bank payment system SWIFT, based in Belgium. Keiser believes that SWIFT is under the control of US financial institutions but with Ripple now rivalling SWIFT, things could start to change. It is the US that allegedly controls SWIFT as to which countries can use the system and which cannot.
There are several countries that are busy developing their own system of financial transactions, free from US dominance since the pressure this puts on market participants is too high.
Keiser believes in Bitcoin and its high potential since BTC which shows no dependency on the USD price or any other crucial factors for traditional markets, according to what he shared in a recent interview.
As wrote by u.today, Keiser said that “Bitcoin has the potential to oppose central banks, thanks to DLT which stands on pure mathematical algorithms and blocks of data. This cannot be manipulated by central banks.”
Despite the current prices of Bitcoin and the rest of the market. Keiser is still bullish in the long run.