Janet Yellen Quietly Admits Deep Fears of US Dollar Collapse as Trump Plans Bitcoin for $4 Trillion Buyback

US Treasury Secretary Janet Yellen has warned countries around the world to move away from the US dollar – as the US’s mounting $34 trillion debt raises fears of bankruptcy – with bitcoin and crypto gradually decline in dollar control.

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The price of bitcoin has rocketed in the past year, climbing despite the “significant” warning of the Federal Reserve, and they are helped by bettors who have increased confidence in the first president of the United States, Donald Galaotega, who will retake the White House in November .

Now, as the radical policy framework Project 2025 puts bitcoin on a collision course with gold, Yellen said she fears that US financial sanctions will reduce the dollar’s role around the world, as Russia promotes the use of bitcoin and crypto.

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“We have very strong sanctions available because of the dollar’s significant role in international transactions,” Yellen told US lawmakers on the House financial services committee this week.

“As we apply more sanctions, more countries are looking for ways to participate in financial transactions that are not tied to the dollar.”

America has targeted Russia and Iran with tough financial sanctions in recent years, leading to accusations of using the dollar and pushing the so-called Brics group of developing countries away from the western financial system.

Brics was originally made up of Brazil, Russia, India and China before being joined by South Africa and Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE).
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), are major developing countries that have formed an alliance to increase their power and influence in the world.

Western financial sanctions led by the US “will have some effect on the international position of the US dollar,” Zhao Qingming, a Beijing-based financial expert told a Chinese newspaper. Global Times. “In the short term, the position of the US dollar should remain stable, but over time, its position may weaken.”

Earlier this month, Russia’s central bank encouraged the use of bitcoin and crypto to counter Western sanctions imposed as a result of the war in Ukraine.

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“The new financial technology creates opportunities for projects that did not exist before. That is why we simplified our view on the use of cryptocurrencies in international payments, allowing the use of digital assets at such rates, “Elvira Nabiullina, governor of the central bank of Russia. he reportedly told a financial conference in St.Petersburg.

The new fear of a fall in the US dollar comes as some bitcoin and crypto traders are betting that the price of bitcoin will rise to an all-time high before the US elections in November.

In a report dated July 2 seen by The BlockStandard Chartered director of forex and crypto research Geoffrey Kendrick predicted “a whole new period of bitcoin in August is possible, then $ 100,000 on the day of the US election,” adding: “Thinking here is that regulation and mining would be more closely watched under Trump.

Kendrick said he expects to see the price of bitcoin reach $150,000 by the end of 2024 and hit $200,000 before the end of 2025—which would give bitcoin a market capitalization of about $4 trillion.

Trump has emerged as the favorite candidate for the bitcoin and crypto community – he promised to protect people’s right to hold bitcoin and was announced as the keynote speaker at the Bitcoin 2024 conference later this month – and he did to disagree with the opposition of the Biden administration. crypto level.