Coindesk Logo

Longtime Analyst Bove Says Cryptocurrency Is One Challenge to Dollar's Dominance

Longtime Analyst Bove Says Cryptocurrency Is One Challenge to Dollar's Dominance

Longtime Analyst Bove Says Cryptocurrency Is One Challenge to Dollar's Dominance

The noted analyst says a possible end to the U.S. dollar-ruled financial system is "frightening, yet the probability is quite high."

The noted analyst says a possible end to the U.S. dollar-ruled financial system is "frightening, yet the probability is quite high."

The noted analyst says a possible end to the U.S. dollar-ruled financial system is "frightening, yet the probability is quite high."

AccessTimeIconAug 14, 2020, 5:19 PM
Updated Aug 19, 2021, 3:43 AM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The long-existing, U.S. dollar-ruled financial system could come to an end amid challenges from a potential multiple-currency system, which includes digital currencies, according to an Aug. 14 research note by Dick Bove, noted senior research analyst at Odeon Capital Group LLC, a New York City-based investment bank.

  • “The new currencies might be paper, metal or digital impulses,” Bove wrote. “The possibility of this happening can only be described as frightening, yet the probability is quite high.”
  • This possible change to the world’s financial system was brought up after prices on gold and other precious metals moved higher.  
  • The U.S. dollar has also been under attack from a number of flanks, such as China and Russia pushing for the renminbi to replace the dollar in international trade, as well as the rapid growth of the U.S. money supply. 
  • Bove, who's been a Wall Street analyst for five decades, noted the recent bitcoin rally while discussing cryptocurrencies as an alternative to the dollar, saying,  “Anything can be used as a currency as long as enough people will accept it.”
  • Yet, Bove concluded that, for now, gold is “a clear option” for investors to consider to protect themselves from the rising risks to the dollar system.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.