What Bitcoin Did: The End of the Dollar Hegemony with Nic Carter
Nic Carter, a Partner at Castle Island Ventures and co-founder and Chairman of Coin Metrics, discusses a number of monetary issues toay. That includes the seizure of Russian Central Bank assets by the G7, and the potential demise of US hegemony. It also includes the growth of a multi-reserve currency world.
Russia has now turned to gold, the ruble, and even Bitcoin for international trade amid Western sanctions. As a result, the decline of the US dollar in global trade is starting to mirror the passing of past empires.
Investors should be cautious about the dollar remaining first among equal in the world of fiat currencies. History shows no fixed dates for the end of a currency regime. Instead, declines face prolonged unwinding. We could be in the early stages of one such unwinding today.
Already, the role of the US dollar has been eroded over the past few decades as economic sanctions have been increasingly deployed as a coercive tool of power. And as other nations have started engaging in bilateral trade agreements.
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Nevertheless, the G7 freezing Russian access to its foreign assets has accelerated the pace of countries shifting out of the Western banking system. As a result, the US dollar will no longer act as a store of value across the world. Again, that could end up harming the US more than Russia. That’s even without the two countries getting into a shooting war.
The full episode, running 1:15:47, can be heard here.