Dmitry Medvedev, the former Russian President, predicts that there will be a global monetary crash, and this will lead to global crypto adoption. He believes that the dollar will lose its power as a global currency, and so will Euro. This is a bold assumption to make at a time when the crypto markets are in a terrible state, with the collapse of FTX and the previous downfall of Luna and UST.
Is global crypto adoption possible?
Dmitry Medvedev believes that in 2023 the International Monetary Fund (IMF) and the world bank might collapse. And if this happens, the entire world will move towards crypto as the power of the Euro and Dollar is already dropping. They are no longer used everywhere, and even the UAE has started selling oil using other currencies. This has further reduced the dependency on the USD.
Justin Sun, the founder of Tron, also agreed with the former Russian President saying that “the best is yet to come” as the adoption of crypto is rising in China and many other countries. He also thanked Dmitry for his “insightful comment.”
Dmitry’s insights come after the Bretton Woods system fell apart and the dollar lost its dominance. If it continues further, and the IMF and World Bank collapse, the Euro and Dollar will no longer be the world reserve currency. They can be replaced by crypto, which would rise to become the new global reserve currency. Another important prediction that Dmitry made was that the economic hotspot could shift from the US and Europe to Asia.
What is the Bretton Woods system?
The Bretton Woods system of monetary management set the guidelines for trade and financial interactions among the United States, Canada, Western European nations, Australia, and Japan. The Bretton Woods system was the first illustration of a mutually agreed monetary order regulating monetary ties between sovereign governments. It mandated that nations ensure the convertibility of their national currencies into U.S. dollars to within 1% of set parity rates, with the dollar convertible into gold bullion at a rate of $35 per troy ounce of pure gold for foreign governments and central banks.
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