Novogratz: America Will Be Left Behind Without Transition to Crypto
It is clear to see that momentum in the crypto industry is all coming from China at the moment. While the US is still fumbling with regulatory uncertainty, the red dragon is forging ahead with its own crypto and blockchain plans for a digital future.
Get Into Crypto or Lose Out
The US is in danger of falling behind as the race for crypto and digital supremacy heats up. A number of nations, mostly in Asia, have started research and development on their own central bank cryptocurrencies. The US meanwhile is in danger of getting left behind if it refuses to transition to the digital world.
Galaxy Digital founder and hedge fund manager Mike Novogratz stated that the US will lose the crypto and fintech race, and with it the reserve currency status;
“And if we don’t transition to a digital world that will change. We are way behind on a crypto USD. China is coming. And coming fast. They are way ahead in fintech. Their President just publicly claimed his support to all things blockchain. We risk losing our reserve status”
And if we don’t transition to a digital world that will change. We are way behind on a crypto USD. China is coming. And coming fast. They are way ahead in fintech. Thier President just publicly claimed his support to all things blockchain. We risk losing our reserve status https://t.co/SNbBjdtvDD
— Michael Novogratz (@novogratz) November 10, 2019
Morgan Creek co-founder Anthony Pompliano added that future portfolios will be completely digital.
“In the future, portfolios will be 100% digital assets. Investors will have the same asset allocations, but they’ll hold digital stocks, digital bonds, digital currencies, and digital commodities.”
In the future, portfolios will be 100% digital assets.
Investors will have the same asset allocations, but they’ll hold digital stocks, digital bonds, digital currencies, and digital commodities.
Just a matter of time.
— Pomp
(@APompliano) November 9, 2019
Blockchain and crypto momentum is all coming from China at the moment. The bullish signals were catalyzed by President Xi’s public endorsement of the technology a couple of weeks ago which caused a massive surge in BTC and crypto markets.
Just today Chinese state media headlined an article explaining Bitcoin to the masses. This is a major move from a regime that has been trying to quash all crypto trading and activity within its borders for the past two years.
Last week crypto mining was removed from an official list of industries that China’s National Development and Reform Commission (NDRC) intended to crack down on. Recent research also indicates that Asian exchanges are dominating crypto asset flows as the region shapes up as the industry leader.
Dollar Destruction
China’s dominance is just one aspect of how the US is falling behind. With its own economic woes such as galloping national debt, currently over $23 trillion and rising, and devaluation of the dollar, things are going from bad to worse.
The current banking system is completely unsustainable with the FED printing more money to bail out banks and encourage more borrowing and spending rather than saving.
With a president that advocates negative interest rates and a deepening debt crisis the dollar is only going one way. A crypto USD may be a lifeline to keep the currency afloat and stay in the game before China and the rest of the world race ahead leaving America in the digital dust.
Image from Shutterstock
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Martin Young, Khareem Sudlow