FX.co ★ Chinese yuan may replace greenback as global currency

Chinese yuan may replace greenback as global currency

Chinese yuan may replace greenback as global currency

Ray Dalio, a billionaire and founder of Bridgewater Associates, has estimated prospects of the Chinese yuan and has come to a conclusion that the currency has all chances to become the main payment instrument in the world. He supposes that the yuan may overpass both the US dollar and bitcoin.

According to the billionaire, there are several important facts that speak in favor of the yuan. Firstly, the Chinese yuan is widely used by millions of people. Nowadays, the number of users is a decisive factor. Secondly, the yuan is becoming more and more popular in various countries. That is why it is one of the international leading currencies.

The yuan may also compete with bitcoin as its digital version is already under development and looks quite promising. The digital yuan will hardly become the number one asset in the crypto world, but it may occupy a significant part of the market. However, this will become possible only in case of the absolute support of the Chinese authorities.

What is more, the CEO of Bridgewater Associates has admitted that he owns bitcoins and recommends people keep money in digital assets instead of gold. Ray Dalio founded his company in 1975. Bridgewater Associates serves institutional clients including banks, pension funds, non-profit organizations, and other institutional clients.

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