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Home Cryptocurrency news Bitcoin

US Senator: Digital Dollar Must Beat Bitcoin, Digital Yuan

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min 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.

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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.

Tags: bitcoinbtcusdBTCUSDTcryptoDigital Dollardollarsenateunited statesusdxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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