In an interview with Kitco News, Mike Belshe said that there are three prerequisites for a large-scale increase in the rate of the first cryptocurrency. And one of the main catalysts is the record US national debt.
“We have a macroeconomic background that constantly confirms the value and stability of Bitcoin. The fact that the US debt is no longer under control is no longer even discussed. And in such a situation, assets such as gold benefit. And Bitcoin is the gold of a new generation,” noted the CEO of BitGo.
Another positive for gold was the financial war between the US dollar and other currencies. More and more countries are abandoning payments among themselves in dollars and now there is no “global reserve currency that would look super strong.” The position of the US dollar remains strong, but in the future, Belshe believes, the share of payments in national currencies will continue to grow and the BRICS countries will become leaders in trade without using the US dollar.
“Any time the United States says it can take your dollars if the country doesn’t act in America’s best interests, that they control the dollar, that’s bad for the dollar. This is what we did to Russia, you can approve of it or not, but the US has shown that it can impose sanctions on any country. And the growth of US debt is associated with foreign policy and the growing influence of BRICS, and the transition of other countries to payments in national currencies. And that’s why a currency like Bitcoin will flourish,” said Mike Belshe.
Recently, representatives of the Bitfinex exchange announced that Bitcoin will reach $120,000 in the fourth quarter of this year.
Source: Bits
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