Cryptocurrency will not be able to compete with the dollar in the short term. Why?

As stated by the representative of the Federal reserve Bank of new York cryptocurrencies in the coming years “unlikely” to be the international monetary phenomenon. In a published research article about the superiority of the U.S. dollar, argues that despite the promotion of cryptocurrency to the masses, its widespread use can be predicted only in the very long term. According to the representative, although cryptocurrencies are trying to challenge traditional infrastructure payments in Fiat currencies, in the short and even medium term, they are unlikely to meet the criteria at the international level.

As reported by Bitcoinist American financiers continue to purposefully seek out crypto destructive aspects. In April last year, argued the fed’s San Francisco Bitcoin lacks characteristics that would allow him to become the currency in General. However, these statements were made against similar sentiment banking institutions around the world. How, then, said the fed chief John Williams, “cryptocurrency does not pass a basic test on the recognition of the currency”.

The fed of new York continue to believe the dollar is consistently stable world currency, even despite some fluctuations in recent years. The proof — the dollar remains the dominant currency in the world in the broadest sense of the word. Alternatives are not widely adopted, although this does not exclude the potential onslaught in the future.

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However, many big businesses around the world are on such a pessimistic. Not long ago, the CEO of Twitter Jack Dorsey again statedthat it considers Bitcoin a global “currency of the Internet”. In his opinion, it will happen in the next 10 years.

As written by Bitcoinist, the IMF offered to split the cash and electronic money under the harsh economic policy of negative interest rates. It would also significantly reduce the attractiveness of the stockpiles of cash in hard currency. More data look at cryptodata.

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