A shark tank celebrity shared his opinion on increasing fear in the world over de-Dollarization.
Kevin O’Leary is a popular Canadian billionaire businessman. Around the world, he is popular because of the Shark Tank TV show, where he is one of the sharks. Before 2020, this Canadian businessman was a crypto critic. In 2019, Kevin called Bitcoin garbage but later in 2022, he jumped into Bitcoin support. Nowadays he researches the best crypto projects to invest money in.
Recently Kevin O’Leary appeared in an interview with Stansberry Research and there he addressed the increasing fear in the world about potential US dollar devaluation amid increasing inflation in the US economy.
The Shark Tank star said that he has been hearing about US dollar deaths since 1996 but nothing happened.
According to Kevin, no currency will replace the US dollar and also noted that even crypto-supportive people consider Bitcoin as a future global reserve currency but it will not happen because Bitcoin is an asset, not a currency.
“There’s no chance of another currency becoming the default currency of the world. People wanted to make it Bitcoin. That’s interesting, but that’s speculation. That’s not a currency,” Kevin said.
Further Shark Tank star said that digital versions of the US dollar e.g Digital Dollar which is in the study phase or the USDC stablecoin-like version of the US dollar may jump into mainstream adoption in the world but the US dollar will always remain default currency.
Recently Russia & China-like countries dragged out some new innovative cross border settlement methods to settle their trade in their native sovereign directly and they said that they don’t need to rely on the US dollar. On this topic, Kevin said that still big economies are using the US dollar as a default currency to trade their services & goods.
Read also: Ethereum staking poses threat to validator’s location & identity
Kevin O’Leary says Bitcoin can’t be a default world currency
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