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Saudi Arabia could flee to gold or cryptocurrencies to escape the money-printing machine, but it won't replace the US dollar with an inferior fiat currency.
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Credit cards or crypto aren't the only options.
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Russian billionaires have been moving billions of dollars in ill-gotten gains abroad for decades, putting it in shell firms to make it impossible to track.
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According to one precious metals group, a weaponized US dollar as Russia's war with Ukraine enters its fifth week could generate greater possibilities for gold or crypto.
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According to a new analysis by the International Monetary Fund, the dollar's proportion in international reserves has been declining for the past two decades as central banks seek to diversify their holdings into the Chinese yuan and other currencies.
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Russia is exploring accepting bitcoin as payment for its oil and gas exports in the face of increasing sanctions from Western countries over its invasion of Ukraine.
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The European Central Bank's president has urged trading platforms to crack down on individuals who use cryptocurrency to avoid penalties.
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In the past, the U.S. has been 'extremely trigger-happy' when it comes to stinging economic measures, says the co-director of the Institute for the Analysis of Global Security. Central banks may want to diversify their foreign reserve portfolios instead of relying too much on the US dollar.
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Would the US benefit from the introduction of central bank digital currency (#CBDC)?
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Nonfungible Tidbits: The week ending March 18th's bitcoin, cryptocurrency, and NFT news.
Saudi Arabia could flee to gold or cryptocurrencies to escape the money-printing machine, but it won't replace the US dollar with an inferior fiat currency.
