Ripple’s Garlinghouse predicts further depreciation of the US dollar


After a crazy year in almost every sense of the word, companies are wondering how to do it, said Brad Garlinghouse, CEO of Ripple Labs.

“The pandemic is throwing so many playbooks out the window,” he said on August 28. Tweeter. “Yesterday’s action goes against decades of precedent,” he said, pointing to an August 27 item from the Wall Street Journal on the US Federal Reserve choosing to keep interest rates low at the possible expense of higher inflation.

“The signs point to further deterioration in the dollar in the near term (leading to increased asset diversification which will certainly benefit crypto),” Garlinghouse added.

Since COVID-19 fears and prevention measures began in March, the US economy has swung on its side. High jobless claims, printing money, business closings and a plethora of other factors have created a giant puzzle when it comes to redressing the struggling scene.

Interest rates and inflation remain the two tools with which the US government has manipulated in its attempts at solutions. While issues remain, one possible outcome could be a new adoption of Bitcoin as a viable hedge, noted by a number of crypto industry participants.

Comparing the asset to gold, seen as a long-term store of value, Gemini Crypto Exchange co-founder Tyler Winklevoss spoke of a possible scenario where Bitcoin would hit $ 500,000.

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