Peter Brandt, a veteran trader, has recently shared his thoughts on a sharp drop in the USD value and the potential of Bitcoin as an alternative asset. His comments also come at a time when there are rising questions about the US government’s fiscal responsibility.
Concurrently, there is a rising trend in the adoption of cryptocurrencies by different people, including politicians such as the Republican candidate Donald Trump, vice president Kamala Harris and business people such as Elon Musk and Mark Cuban.
Peter Brandt Foresees US Dollar Decline
Peter Brandt has predicted a sharp decline of the US dollar. In the view of Brandt, the dollar has depreciated in value and people are worried that it may continue to be devalued. This prediction is in line with other fears regarding the future of paper currency in the modern economic environment.
Brandt’s opinion is consistent with the current trend among investors and financial analysts looking for safer assets.
U.S. Dollar is being destroyed. All paper currencies are being destroyed. An entirely new system of payments and store of value will evolve during next decade.
Do you want Kamala Harris in charge of this because revolution in currencies units will happen https://t.co/eVIk3w1M9r— Peter Brandt (@PeterLBrandt) July 23, 2024
As a result of the expected depreciation of the US dollar, Brandt has suggested that Bitcoin could be used as a store of value. Bitcoin, which has been in the limelight in the recent past and has been embraced by many people, is viewed by many as a safe haven against the conventional financial systems.
Other prominent figures such as Elon Musk and Robert Kiyosaki have also endorsed Bitcoin stating that the cryptocurrency could be valuable in a world where conventional money is becoming less reliable.
Elon Musk and Robert Kiyosaki’s Views
Elon Musk has recently sparked market speculation with his comments on America’s financial trajectory. Agreeing with Dogecoin co-founder Billy Markus, Musk said that the US is on the path to bankruptcy because of the country’s poor management of funds.
Likewise, the Bitcoin supporter Robert Kiyosaki continued to endorse Bitcoin stating that the cryptocurrency would rise greatly if Donald Trump were to become the next US President.
According to Kiyosaki, Trump’s policies may include depreciating the dollar to increase exports and employment, which may increase the price of assets such as Bitcoin, gold, and silver.
Kamala Harris and the Crypto Industry
Kamala Harris the current Democratic presidential candidate has recently been seen engaging with cryptocurrency more often. According to the reports, advisors close to Harris have reached out to the Dallas Mavericks owner, Mark Cuban, on the issue of crypto policy. Cuban considers this as a positive sign that Harris might be favorable to new technologies such as cryptocurrencies, artificial intelligence, and government as a service models.
The Digital Chamber has also encouraged Harris to come out in support of crypto during her campaign. The association suggests talking to important stakeholders more openly and ensuring that the Democratic Party supports crypto. Harris’s campaign which started soon after President Joe Biden announced that he will not be running for the presidency in the next election has already received a lot of buzz in the crypto industry.
Nonetheless, Tom Emmer, the US Congressman, has recently slammed the US Securities and Exchange Commission (SEC), and its chairman Gary Gensler, pointing to the potential dangers stemming from Harris’s choices for the post of the Treasury Secretary. In the words of Emmer, should Kamala choose Kamala Harris and possibly nominate Gary Gensler or Elizabeth Warren to the Treasury Secretary, both the future of cryptocurrency regulation and the stability of the US financial system would be in jeopardy.
Read Also: XRPScan Shuts Down Elon Musk XRP Ownership Claims
The post Peter Brandt Predicts US Dollar Collapse, Backs Bitcoin as Solution appeared first on CoinGape.
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