“Cryptocurrencies can end the US Hegemony Over the Financial Market”

It is evident Bitcoin and other cryptocurrencies have tremendous potential. Some people have high hopes for cryptocurrency, whereas others think it’s still a fad. Pavel Durov, the Founder of Telegram and Vkontakte, believes cryptocurrencies are the future. More specifically, he believes Bitcoin and others will allow the world to finally escape from US hegemony. With the world’s financial market tied to the US Dollar, something needs to change. Whether or not cryptocurrencies can make that happen, remains to be seen.
It’s always good to see well-respected members of society give a nod to cryptocurrencies. Telegram and Vkontakte are two of the world’s largest platforms in the world. They are also a great place to exchange ideas and have mature discussions. It is evident Bitcoin and other cryptocurrencies are a regular topic of discussion. Pavel Durov, who founded both platforms, is a big fan of cryptocurrencies in general. In his opinion, it is the perfect hedge against US hegemony. Especially with the global financial system under a lot of pressure, finding alternatives becomes even more important.
Unfortunately, it’s not easy to come by such solutions. Every traditional solution one can think of has ties to the US hegemony. Gold, stocks, bonds, they are all linked to markets controlled by the US Dollar in one way or another. Bitcoin and other cryptocurrencies are the only viable solution in this regard. Although their price is often denominated in USD, they have ties to the hegemony whatsoever. Nor can they can be controlled by any government in the world either. That creates a whole new ecosystem the world hasn’t seen for many decades.
Ending the US Hegemony Once and for all
Pavel Durov explains his thought process as follows:

“For the first time in 70 years, the global financial system has a chance to escape from the hegemony of the United States, which imposed its national currency as a reserve on the whole world and since then, in fact, has been collecting tribute from all the countries paying its debts with endlessly printed dollars and buying assets worldwide with them. Instead of taking the chance to make the world more balanced and together with Japan and other Asian countries to recognize the status of new cryptocurrencies, which are replacing dollar, the Russian government is voicing ideas ‘to ban and restrict [use of cryptocurrencies].’ There is an impression that Bitcoin imposed sanctions on Russia.”

The entire statement leaves nothing to the imagination whatsoever. It is well-known Russia continues to change its mind regarding Bitcoin and cryptocurrencies. Their latest idea revolves around only allowing qualified investors to buy Bitcoin. That idea is absolutely ridiculous and shows how little the Russian government understands about Bitcoin and cryptocurrency. There is no rule book whatsoever, nor are there specific requirements to become part of the ecosystem. Rest assured this is not the last time we hear someone in Russia share contrarian views on Bitcoin. Whether or not the government approves, remains to be seen.
Header image courtesy of Shutterstock
About JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.
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