In a recent article, Forbes magazine highlighted an extraordinary shift approaching the crypto market, with XRP positioned at its core.
The report was entitled “U.S. Dollar ‘Collapse’—Shock $8 Trillion Predicted Fed Inflation Flip To Spark A ‘Critical’ Bitcoin, Ethereum, XRP And Crypto Price Boom To Rival Gold.”
It illuminated a monumental occurrence that has the potential to ripple through XRP, Bitcoin, Ethereum, and other significant digital assets. Specifically, the Forbes report argued the potential of a “shock” $8 trillion vacating the US financial system for the XRP and Bitcoin markets amid a projected US dollar collapse.
Chad Steingraber, a professional game designer in the XRP community, spotlighted the report for the XRP Army.
Forbes:
“U.S. Dollar ‘Collapse’—Shock $8 Trillion Predicted Fed Inflation Flip To Spark A ‘Critical’ Bitcoin, Ethereum, #XRP And Crypto Price Boom To Rival Gold” https://t.co/FZ6ToCBVcd
— Chad Steingraber (@ChadSteingraber) October 8, 2023
In the report, Forbes first noted that XRP and other major cryptos have recently experienced a loss of momentum. However, it stated there is a glimmer of hope on the horizon, with significant speculation from financial experts.
Projected USD Collapse
Notably, the subject Forbes placed under scrutiny was the fate of the US dollar as the United States grapples with a daunting $33 trillion debt. It disclosed that analysts from the prominent equity research and strategy firm Jefferies predict a potential collapse of the USD as the Federal Reserve becomes compelled to restart its money-printing efforts.
According to Jefferies’ experts, which Forbes cited, the FED policies could trigger a significant price surge in XRP, Bitcoin, and ETH. The reason behind the projected price jump is the potential of cryptocurrencies like XRP rivaling the status of gold as a safe-haven asset while the cash-printing endeavors drag down USD.
In an interview with CNBC, Jefferies’ head of equity strategy, Christopher Wood, stressed that G7 central banks, particularly the Federal Reserve, are unlikely to smoothly exit unconventional financial policies.
He believes that these central banks will remain committed to expanding their balance sheets in one form or another. Besides, Wood described Bitcoin and gold as “critical hedges” against the looming threat of inflation.
Wood argued:
“Such a failure to exit from unorthodox monetary policy in a benign manner is likely to culminate in the collapse of the US dollar paper standard to benefit both gold bullion owners and owners of Bitcoin. Bitcoin… [now] represents an alternative store of value to gold.”
Ultimately, Forbes believes the massive devaluation or loss of value on the side of the US dollar amounting to $8 trillion could see cryptocurrencies claim the amount.
Notably, the overall crypto market is currently worth $1.09 trillion. Therefore, $8 trillion leaving the US market would transform the crypto industry into a nearly $10 trillion venture.
