Former President of Russia Believes Crypto is the Future
- Ex-President of Russia, Dmitry Medvedev, believes that the US dollar and Euro will be replaced by digital currencies.
- Medvedev predicted that in 2023 the world will witness the crash of the International Monetary Fund (IMF) and the World Bank.
- Founder of Tron blockchain, Justin Sun, replied that crypto has the potential to “revolutionize the global reserve currency.”
Russia has taken huge steps recently to adopt cryptocurrencies and blockchain technology amid the sanctions imposed by the EU and US. Interestingly, Dmitry Medvedev, a Russian politician who has been serving as the deputy chairman of the Security Council of Russia since 2020 and was also the President of the country between 2008 and 2012, has shared his bullish views on cryptocurrencies and the potential of the technology lying beneath them.
Medvedev believes that in the future, the US dollar and the euro won’t be as powerful as they are today, and these fiat currencies will eventually lose their dominant status on a global scale, giving way to the rise of cryptocurrencies and their unstoppable adoption. Furthermore, the former President of Russia also believes that 2023 will be the year when the world will witness the crash of the International Monetary Fund (IMF) and the World Bank.
According to Medvedev, the collapse of these global financial institutions would eventually be the reason for the collapse of the USD and EUR fiat currencies. He also predicted that very soon, the Bretton Woods system of monetary management will collapse. This system was responsible for the implementation of rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement.
Interestingly, people had mixed reactions to the views shared by the former President of Russia, who also believes that in the not-too-distant future, Elon Musk, the CEO and founder of Tesla and SpaceX, would become the President of the USA. He also predicted that many companies would leave the USA and find homes in Asia, which is already a booming region for technology.
“The Bretton Woods system of monetary management will collapse, leading to the IMF and World Bank crash. Euro and Dollar will stop circulating as the global reserve currencies. Digital fiat currencies will be actively used instead, said Medvedev.
Interestingly, Justin Sun, the founder of the Tron (TRX) blockchain and one of the most influential members of the crypto community, commented on the Russian politician’s Twitter post, stating that cryptocurrencies have the potential to “revolutionize the global reserve currency.”
Being of Chinese descent, Sun pointed out that crypto adoption in China is picking up pace despite the country’s significant crackdown on crypto miners and firms in 2021.
“I am incredibly optimistic about the future of the Chinese economy! The reopening of borders and the strength of the economy are both positive indicators for the future. With the increasing adoption of cryptocurrency in China, the best is yet to come!” said Sun.
It is crucial to note that the Bank of Russia was very much against crypto up until the war with Ukraine when the authorities finally realized the potential of these digital assets. As a result, the bank legalized usage of crypto for cross-border payments.