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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

US Senator: Digital Dollar Must Beat Bitcoin, Digital Yuan

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
bitcoin dollar decline

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During a hearing on the potential introduction of a digital dollar, Senator Tom Cotton claimed whatever the United States comes up with, it has to “be better than Bitcoin.”

He also asserts it must be better than China’s digital yuan, which is currently in its pilot phase in the country. If it doesn’t, the dollar’s place in the “global payments system” may be at risk.

The United States Debates The Introduction of A Digital Dollar

Late last month, the United States Senate Banking Committee held a virtual hearing debating the need for a digital dollar.

The dollar has long reigned as the global reserve currency, affording the United States an untouchable superpower position through its currency.

Nearly every major market is bound to USD as the base currency. It’s used as the primary exchange rate for all other currencies, including Bitcoin.

Related Reading | Economist Warns of Warp Speed Dollar Decline, How Will Bitcoin Respond?

For the first time throughout its history of dominance, the dollar is showing signs of weakness following the pandemic.

The dollar has remained relatively unchallenged by Bitcoin despite its powerful potential. The fact that it’s unregulated, uncontrollable, and currently clunky and confusing, it poses little threat to the dollar in its current state.

However, a major threat to the dollar’s supremacy exists in China’s launch of the Digital Currency Electronic Payment system.

Global Reserve Currency Status At Risk Due to Bitcoin and Digital Yuan

During the hearing, former CFTC Chairman and Crypto Dad J. Christopher Giancarlo urged the US to “adapt,” citing “social and national benefits” along with referencing Darwinism.

Beating the US to the punch, however, has been China. The country is close to launching its own version of the digital yuan that, left untested by a digital version of USD, could lead to the DCEP coming into power.

Also at the hearing, Senator Tom Cotton warned that anything the US creates must be better than Bitcoin and the digital yuan.

But because Bitcoin is a decentralized cryptocurrency under no government’s control, the dollar is more closely competing with the digital yuan.

China’s digital currency could potentially unseat the dollar as the global reserve.

Related Reading | Bitcoin’s Perfect Storm On The Horizon As Analyst Calls For ‘Inevitable’ Dollar Collapse

USD has recently been in decline against the yuan, and analysts are calling for a total 35% drop in the dollar against other currencies.

If this happens, and China successfully rolls out a digital currency long before the US gets its act together, the dollar’s days as the king could be numbered.

If the dollar fails to retain its place in the global payments system as the Senator warns, Bitcoin or the DCEP could be next in line.

Bitcoin as a non-sovereign asset gives it additional value beyond the digital yuan or dollar could ever have, and that’s due to its decentralized design.

Unlike these new digital assets that like paper fiat money can be printed at a whim, Bitcoin is different. Only 21 million BTC will ever exist and nothing can change that.

It also could be this very reason why any attempt from the US to be “better than Bitcoin” will come up short.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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