“The USA is acutely aware of a possible collapse in the value of the American dollar. Moreover, it knows that the rise of BRICS will accentuate the collapse,” Rodney Shakespeare, a visiting professor at Trisakti University and co-founder of the Global Justice Movement, told Sputnik.
“The USA is therefore going to do anything which it hopes will maintain the value and international position of the dollar,” he noted.
However, at best, the creation of a cryptocurrency stockpile “could provide a minimal backing for the dollar,” the renowned British economist speculated.
“Unfortunately, the chance of such backing disrupts cool thinking and results in a failure to address the true sources of future dollar weakness, which include colossal levels of personal, corporate and governmental debt,” he said.
Should a crypto bubble emerge following Donald Trump's statements, it would “first lead to a lessening of overall demand and, on bursting, contribute to a huge loss of confidence possibly precipitating some sort of financial collapse,” the pundit concluded.