Harvard professor and former IMF chief economist: Crypto Assets are threatening the dominance of the dollar.

Kenneth Rogoff, a Harvard University economics professor and former chief economist of the International Monetary Fund (IMF), recently made a shocking statement in an interview with Bloomberg, claiming that the rise of Crypto Assets is posing an increasingly large threat to the hegemony of the dollar!

Rogoff pointed out that although the US dollar is still the world's dominant currency, its influence is gradually declining. He believes that in addition to factors such as the renminbi and the euro, the increasing prevalence of Crypto Assets in the gray market (underground economy) is also an important reason for the decline of dollar hegemony.

According to a survey by Rogoff and the World Bank, the underground economy, also known as the shadow economy, accounts for 20% of the global economy, roughly equivalent to 20-25 trillion dollars! Tax evasion and criminal activities are the main components of this.

For decades, the US dollar has been the mainstay of the underground economy. However, today, Crypto Assets are gradually replacing the dollar due to their anonymity and cross-border convenience, becoming the new favorite for covert activities such as dark web transactions.

It is worth noting that Rogoff also points out in his new book "Our Dollar, Your Problem" that the widespread use of Crypto Assets in the underground economy is gradually undermining the global position of the dollar, which may lead to rising interest rates and affect global markets, with everything from government bonds to mortgages being no exception.

Logov believes that despite being constrained by government influence in the legitimate economy, Crypto Assets find it difficult to shake the status of the US dollar. However, in the relatively lightly regulated underground economy, the advantages of Crypto Assets become prominent.

However, Rogoff does not believe that Crypto Assets are just a scam. He believes that Crypto Assets have value because they provide a widely accepted medium of exchange. Even if the government strengthens regulation, it is difficult to completely control the application of Crypto Assets in the underground economy.

In short, Rogoff's views have sparked deep reflection on the future of currency and the global economic landscape. What impact will the rise of Crypto Assets have on the dollar? How will the monetary system evolve in the future? These questions deserve our continued attention and discussion.

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