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📰 CRYPTO MARKET, GOLD COULD RISE IF WORLD SEEKS DOLLAR ALTERNATIVES The cryptocurrency market and gold could benefit if U.S. President-elect Donald Trump’s proposed trade tariffs prompt other nations to find alternatives to the dollar, Saxo Bank strategist John Hardy says in a note. Tariffs would have “dire” implications for trade around the world as it cuts off the needed supply of dollars. China and other BRICS countries might transact with gold-backed digital money or a new gold-backed offshore yuan. Gold-linked crypto stablecoins might also be used. The crypto market could quadruple to more than $10 trillion and the dollar might fall 20% against major currencies and 30% versus gold.

December 3, 2024
Frank

CRYPTO MARKET, GOLD COULD RISE IF WORLD SEEKS DOLLAR ALTERNATIVES

The cryptocurrency market and gold could benefit if U.S. President-elect Donald Trump’s proposed trade tariffs prompt other nations to find alternatives to the dollar, Saxo Bank strategist John Hardy says in a note. Tariffs would have “dire” implications for trade around the world as it cuts off the needed supply of dollars. China and other BRICS countries might transact with gold-backed digital money or a new gold-backed offshore yuan. Gold-linked crypto stablecoins might also be used. The crypto market could quadruple to more than $10 trillion and the dollar might fall 20% against major currencies and 30% versus gold.