Telegram Founder Believes Bitcoin Will Undermine US Hegemony

A Russian Sputnik news article reported Telegram and Vkontakte founder hopes bitcoin will undermine US hegemony. Further, he believes the cryptocurrencies have the power to reshape the global finance system and escape US monetary control. 

Also read: Saxo Bank Offers Bitcoin Exchange Traded Notes

Telegram Founder Praises Bitcoin for Changing the Financial Paradigm

According to the site, the founder, Pavel Durov, said: “For the first time in 70 years, the global financial system has a chance to escape from the hegemony of the United States, which imposed its national currency as a reserve on the whole world and since then, in fact, has been collecting tribute from all the countries paying its debts with endlessly printed dollars and buying assets worldwide with them.”

In other words, central planners print money at will and earn profits from manipulating the currency supply. Bitcoin changes this dynamic by introducing a fairer money into the economy. The fact that bitcoin’s supply is set to 21 million units means no entity can manipulate the supply for their own gains. This allegedly throws a wrench into the gears of the banking system. It allows countries to escape debt cycles perpetrated by US banking.

Durov Also Criticizes Russian Idea to Regulate Bitcoin

The founder took his praise of bitcoin a step further. He also criticized Russian considerations on heavily regulating bitcoin. According to the article, he implies their idea of only allowing “qualified” investors to get involved in bitcoin is restraining. It may harm the individual investor. It may even inhibit bitcoin growth.

“Instead of taking the chance to make the world more balanced and together with Japan and other Asian countries to recognize the status of new cryptocurrencies, which are replacing dollar, the Russian government is voicing ideas ‘to ban and restrict [use of cryptocurrencies].’ There is an impression that Bitcoin imposed sanctions on Russia.”

Do you think the Telegram Founder is correct that bitcoin will undermine US hegemony? How is bitcoin already causing a monetary paradigm shift? Let us know in the comments section below.

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