Gold, Crypto, and NFTs on the Rise
The US dollar has been privileged for decades as the world’s reserve currency. But recent years have seen a decline in trust in the greenback as Americans seek more reliable forms of exchange. In response, many are turning to crypto, Bitcoin, and NFTs, which offer decentralized and secure alternatives to traditional currency. So is this the end of the dollar?
Data shows that the decline in trust in the USD is not new. In fact, according to a Gallup poll from 2020, only 24% of Americans have a great deal of confidence in the US government, and only 13% have a great deal of confidence in Congress. As trust in institutions wanes, so does trust in the currency they issue.
In contrast, some crypto projects may offer a degree of security and transparency that traditional currencies cannot match. These digital assets are decentralized, meaning any government or financial institution does not control them. Transactions are recorded on a public ledger, making them transparent and immutable.
This reliability and transparency attract more Americans to Bitcoin and NFTs. According to a survey conducted by Gemini, a leading crypto exchange, in 2021, 14% of US adults now own some form of cryptocurrency. This represents a significant increase from just 2% in 2018.
The proposal to establish a new gold and silver-based digital currency in Texas is another example of this trend toward alternative forms of exchange.
By backing a digital currency with precious metals, proponents argue that Texans will have a more stable and reliable form of exchange that is not subject to the whims of central banks or governments.
So, is this the end of the dollar? While it’s unlikely that the USD will disappear anytime soon, the decline in trust in traditional currencies is leading more Americans towards decentralized and secure alternatives. Crypto, Bitcoin, and NFTs are on the rise, and innovations like Texas Gold-backed Crypto suggest that the future of currency may look very different from the present.
