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Homepage / News June 9, 2018 31 views

Cryptocurrency Could Turn into Alternative to US Dollar Reserve Status, Says Lazard CEO

Cryptocurrency Could Turn out to be Alternative to US Dollar Reserve Status, Says Lazard CEO

The CEO of Lazard Ltd. has produced the claim that cryptocurrency could undermine the U.S. dollar&#8217s reserve status, becoming a viable alternative in the future.


Could Digital Currencies Step Up?

Ken Jacobs, CEO of Lazard Ltd., a financial advisory and asset management firm, was speaking in a Bloomberg Television interview yesterday when he produced his comments.

Even even though the U.S. dollar has been the international currency of selection for a lot more than 50 years, reports Bloomberg, the American currency&#8217s status as the globe&#8217s reserve currency could turn into undermined. Jacobs discussed the possibility of the U.S. dollar getting supplanted, saying:

To the extent that we have unilateral foreign policy and unilateral trade policy, we&rsquore sort of tempting the planet to find an alternative.

He doesn&#8217t believe that fiat currencies from Europe or China present a threat at the moment, but he claims there are other alternatives. Jacobs added:

There&rsquos adequate technologies out in the planet right now with cryptocurrency and changes going on that you can picture, if you let your thoughts wander a tiny bit, that some thing becomes an option in the future.

Cryptocurrency

Whether or not or not the cryptocurrency industry manages to turn out to be that alternative remains to be seen. Yet, considering that its introduction nearly 10 years ago, the business has surely created an influence. For numerous, it&#8217s not a case of if cryptocurrencies, such as Bitcoin, grow to be the currency of decision, but when.

Currently, the likes of Steve Wozniak, co-founder of Apple, and Jack Dorsey,&nbspCEO of Twitter and co-founder of payments processing business&nbspSquare, are currently of the opinion that Bitcoin will serve as the number one global currency in the future. Dorsey has projected that this could occur in ten years.

Banks Starting to Show Interest

Although the cryptocurrency marketplace goes against the grain of the conventional monetary establishment, banks have been forced to recognize that it&#8217s no longer just about them.

As a result, banks are experimenting with their personal centrally-issued digital currencies. Last month, it was reported that&nbspJapan&rsquos biggest bank, MUFG, the globe&rsquos fourth-biggest, is reportedly preparing to launch a massive-scale trial of its personal digital currency. This is anticipated to take place as early as subsequent year.

In February, Wall Street bank JPMorgan acknowledged that Bitcoin presents a threat to it. Consequently, it has hired a 29-year-old to draw up a cryptocurrency strategy. The role of Oliver Harris will be to identify crypto projects for the bank to develop in-house.

Whereas, the former head of JPMorgan&#8217s blockchain arm,&nbspAmber Baldet, is of the opinion that banks will commence to trade cryptocurrency sooner than realized.

Do you consider the cryptocurrency industry could turn into an option to the U.S. dollar&#8217s reserve status? Let us know in the comments under.


Pictures courtesy of Shutterstock.

Tags: bitcoin, cryptocurrency, dollar, Jack Dorsey, Ken Jacobs, Steve Wozniak, US Reserve

Published at Fri, 08 Jun 2018 22:00:51 +0000

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