Garry Kasparov says “Because the world banking system is a “black hole,” digital currencies like cryptocurrency will emerge as the dominant influence.”

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When asked if Bitcoin poses a real threat to the US dollar’s dominance, Kasparov responded that it is “inevitable.”

 

 

 

 

 

 

 

 

(Kitco News) According to chess grandmaster and Avast Security Ambassador Garry Kasparov, the US dollar will definitely compete with crypto for reserve currency status.

As more individuals embrace crypto for its independence, Kasparov believes the US dollar will lose its reserve currency role over time. This week, he spoke at the Consensus 2022 conference in Austin.

When asked if Bitcoin poses a real threat to the US dollar’s dominance, Kasparov responded that it is “inevitable.”

“The dollar is weakening.” At the end of the day, it is the world’s reserve currency. It’s like being sucked into a black hole. “We have a massive debt, and the government continues piling on more,” he remarked.

He referred to the entire global financial system as a “black hole,” stating that people are naturally seeking ways to “protect themselves against the gravity of this black hole.”

Kasparov went on to say that it will only be a matter of time — anywhere from five to ten years — until that happens.

“A crypto-currency basket will become the dominant power. At the end of the day, people want to be able to rely on their financial holdings. Can you rely on assets that are under someone else’s control? “He inquired. “With globalization, there will be less inclination to hand over complete control of the system to the United States by printing more [money].”

.@Kasparov63: Everybody who uses #Bitcoin contributes to freedom #Consensus2022 @consensus2022 #crypto pic.twitter.com/8aoGMcKRVA

He also discussed digital privacy and freedom, claiming that everyone who uses Bitcoin contributes to freedom. “You build a tiny amount of free space even if you don’t care,” he explained.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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