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World Gov’ts Eye Blockchain as Dollar’s Power Wanes, Says Ripple CEO

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  • World Gov’ts Eye Blockchain as Dollar’s Power Wanes, Says Ripple CEO

    Blockchain is offering global governments a serious alternative to a strained financial system, Ripple CEO Brad Garlinghouse says.

    Cryptocurrency advocates have long been keen to point to the weaknesses of fiat currency. Now an uncertain world rocked by a global health crisis and geopolitical flare-ups is bringing them into dialogue with the mainstream more than ever.

    In a tweet thread published on Aug. 3, Ripple CEO Brad Garlinghouse engaged with a recent article in Bloomberg, which had surveyed the gamut of potential alternatives to the dollar as the world’s reserve currency.

    The article spanned gold, several major fiat currencies — the yen, yuan and euro — the Special Drawing Rights issued by the IMF, and ended with cryptocurrencies.

    Majority of governments are "looking seriously at blockchain"

    Garlinghouse said the momentum behind digital currencies on the cusp of the 2020s was a question of “trust in the financial system at the end of the day.”

    “As global populations continue to lose confidence in fiat currencies (as we’re seeing with USD), they will choose to diversify. Our future global financial system will do the same,” he argued.

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