Ripple’s Garlinghouse forecasts further loss of U.S. dollar value


After what has been a crazy year in almost every sense of the word, businesses are left wondering how to proceed, Ripple Labs CEO Brad Garlinghouse said.  

“The pandemic is throwing so many playbooks out the window,” he posited in an Aug. 28 tweet. “Yesterday’s action flies in the face of decades of precedent,” he said, pointing toward an Aug. 27 article from the Wall Street Journal on the U.S. Federal Reserve choosing to keep interest rates low at the possible expense of higher inflation.

“Signs point to further dollar debasement in the near term (leading to further diversification of assets which will certainly be good for crypto),” Garlinghouse added. 

Since the beginning of COVID-19 fears and prevention measures in March, the U.S. economy has been flipped on its side. High jobless claims, money printing, business closures and a plethora of other factors have created a giant puzzle when it comes to uprighting the struggling scene. 

Interest rates and inflation hold as two tools the U.S. government has fiddled with as part of its attempted solutions. Although problems remain, a possible outcome might be further Bitcoin adoption as a viable hedge, noted by a number of participants in the crypto industry.

Comparing the asset with gold, seen as long-time store of value hedge, Gemini crypto exchange co-founder Tyler Winklevoss mentioned a possible scenario in which Bitcoin hits $500,000

Products You May Like

Articles You May Like

‘US has left a vacuum that other countries are eager to fill’: Coinbase
Class action lawyers claim YouTuber ‘BitBoy Crypto’ threatened them
German Government Invests $1.2 Million in Metaverse Startup Flying Sheep Studios
Bitcoin bulls remain bullish, but macro and crypto-specific hurdles have BTC pinned below $30K
The world could be facing a dark future thanks to CBDCs

Leave a Reply

Your email address will not be published. Required fields are marked *