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Former IMF Economist Warns of Crypto’s Threat to U.S. Dollar Dominance
Former IMF Economist Warns of Crypto’s Threat to U.S. Dollar Dominance
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Kenneth Rogoff, former chief economist at the International Monetary Fund and Harvard professor, argues that cryptocurrencies are eroding the U.S. dollar’s global hegemony. In a Bloomberg interview, Rogoff noted the dollar’s declining influence, citing the rise of the renminbi and euro as alternatives—a trend accelerated by crypto’s growing role in tax evasion and capital flight.
"The dollar’s dominance is fraying at the edges," Rogoff observed, highlighting how digital assets provide frictionless alternatives to traditional currency systems. While no specific cryptocurrencies were named, the commentary underscores mounting institutional concern about blockchain technology’s macroeconomic implications.
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