Crypto critic US ex-president says US dollar will lose global dominance
Former US President Donald Trump slammed the bad financial policy of the US Federal Reserve under the current political leaders and claimed that the US dollar will lose its dominance globally.
Donald Trump is the former US President and he is popular in the crypto sector as a critic. In the past several years he appreciated the role of the US dollar as a global reserve currency and slammed cryptocurrency as a scam tool.
On 4 April 2023, Trump turned himself into US authorities over 34 felony counts of falsifying business records. Allegedly the former US president was involved in making hush money payments to porn star Stormy Daniels. During the 2016 US presidential election, he attempted to hide this allegation.
In court, Trump pleaded not guilty to all charges. After that, he returned to his Mar-a-Lago club in Florida and gave speeches against his political opponents.
Trump targeted bad US financial policies, under the leadership of the Biden administration, and said that the US dollar will no longer remain the Global currency standard.
“Our currency is crashing and will no longer be the world standard, which will be our greatest defeat, frankly, in 200 years,” Trump said. “That will take us away from being even a great power.”
Countries moving away from the US dollar
In June 2022, the US economy was under a 9.1% inflation rate. At that time Bitcoin proponent US Senator Cynthia Lummis said that irresponsible fiscal policy from both political parties caused big inflation & high debt pressure on the country.
In the present time, several countries e.g Russia, China, India, and Malaysia are exploring ways to bypass the need for a US dollar-supported payment system amid increasing inflation in the US.
Read also: Elon Musk pumps Dogecoin to pay off his Twitter debt
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