JPMorgan doubts the US dollar since its supremacy seems challenging at the moment and they believe that the status quo cannot last any longer. In today’s coming altcoin news we read more about the report issued by the bank which boosted the price of the number one cryptocurrency.
The strategist at JPMorgan Chase Craig Cohen issued a report where it says that the changing habits among the non-US central banks are making a very uneasy situation about the US dollar’s long term status. The world’s reserve currency is now seeing some great competition from foreign powers such as gold or bitcoin. Cohen wrote:
“Central banks across the globe are also adding to gold reserves at their strongest pace on record. 2018 saw the strongest demand for gold from central banks since 1971 and a rolling four-quarter sum of gold purchases is the strongest on record.’’
This makes sense since gold is a very stable source of value being here for thousands of years and people supported it. While JPMorgan doubts the US dollar, they didn’t mention cryptocurrency but the comments underscore that there is a huge dividing gap between the financial world and US politicians including the US President Donald Trump who is still very convinced that they can preserve the stature of the dollar.
Trump previously trashed bitcoin and cryptocurrency saying that he is not a fan. At that time, he wrote:
“We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”
In the meantime, JPMorgan noted that the dollar’s declining share of the central bank reserves, dipped from 64% in 2008 to 55% today. The trade war between the United States and China also heightens the stakes according to Cohen suggesting that the investors should diversify from the USD. He admitted as noted in the latest cryptocurrency news:
“Given the persistent—and rising—deficits in the United States (in both fiscal and trade), we believe the U.S. dollar could become vulnerable to a loss of value relative to a more diversified basket of currencies, including gold.’’
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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