Lazard’s Ken Jacobs Says Crypto Could Challenge USD as Worlds’ Reserve Currency
CEO of Lazard, Ken Jacobs believes that the USD’s currency position as the main international currency can potentially be stripped away by Bitcoin and other cryptocurrencies. He thinks that this transition could occur in the near future, especially with the strong recognition the crypto market has attained.
He made his argument via a Bloomberg Television interview, in which he stressed the fact that an ongoing search for a possible alternative is taking place. In particular, he said:
“To the extent that we have unilateral foreign policy and unilateral trade policy, we’re sort of tempting the world to find an alternative. Probably the greatest demonstration of soft power is the fact that the U.S has the reserve currency of the world.”
Based on his statements, the alternative does not appear to be a tradition currency, but rather the likes of cryptocurrencies, either Bitcoin, alt coins or a mix of both. He seems to have emphasized the technology used to create cryptocurrencies and suggests, that alone to be world-changing, and a replacement worth looking into.
Here is as per his words:
“There’s enough technology out in the world today with cryptocurrency and changes going on that you can imagine, if you let your mind wander a little bit, that something becomes an alternative in the future.”
Jacobs’ comment is something that cannot be easily ignored, considering the fact that it’s coming from an individual who founded Lazard, a financial asset management firm, that has “managed more than $250 billion of assets as of the end of March, and is one of the world’s top 10 merger advisors,” quotes Bloomberg.
The possibility that Bitcoin can serve as a worthwhile replacement comes of no surprise, as it has been slowly adopted by many firms in different countries. Furthermore, it has been considered as a flight capital, which ensures that one’s holdings are secured even in the times of concern.
Will Bitcoin finally get the recognition and support from those who have turned down the digital currency market altogether?