The entire financial system is a “black hole”, crypto will become the dominant force – Garry Kasparov

(Kitco News) The US dollar will inevitably come into conflict with crypto for reserve currency status, says chess grandmaster and Avast Security ambassador Garry Kasparov.

Kasparov sees the US dollar losing its status as a reserve currency over time as more people embrace crypto for independence. He spoke at the Consensus 2022 conference being held in Austin this week.

When asked if Bitcoin could pose a serious threat to the US dollar in terms of dominance, Kasparov replied that it was “inevitable”.

“The dollar is getting weaker. Ultimately, it’s a reserve currency of the world. It’s like a black hole. We have huge debt, and the government keeps adding more,” he said. he declares.

He described the entire financial system in the world as “a black hole”, noting that it is natural for people to look for ways “to defend against the gravity of this black hole”.

Kasparov added that it’s only a matter of time – between five years and a decade from now – before that happens.

“A basket of crypto will become the dominant force. At the end of the day, people want to have financial assets they can rely on. And can you rely on assets controlled by someone else?” He asked. “Globalization means there will be less willingness to give the United States all the power to control the system by printing more [money].”

He also spoke about freedom and digital privacy, stating that everyone who uses Bitcoin contributes to freedom. “Even if you don’t care, you create a little piece of free territory,” he said.

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Don F. Davis