Amid Chinese President Xi Jinping’s visit to Russia, speculation is rife about the international payments system. As the banking crisis led to huge FUD in the markets, talk is on about risk to the US Dollar’s status as the world’s reserve currency. Meanwhile, Bitcoin price is reaching new heights in as many as nine months as the crypto community starts to think the bull market has finally arrived.
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Interest rate decision from the crucial Federal Open Market Committee (FOMC) could potentially alter the market mood amid the ongoing banking crisis. The market widely expects that the U.S. Fed will announce a 25 bps rate hike.
A latest video about Xi Jinping’s meeting with Russian president Vladimir Putin shows the two leaders discussing change not seen in 100 years. This comes amid speculation about the U.S. Dollar losing its strength in global markets. Very recently, popular investor Balaji Srinivasan made a bold prediction that Bitcoin price will reach $1 million in a timeline of 90 days. He made the prediction in context of the the U.S. Fed’s alleged tightening of monetary policy that led to the banking crisis. Jinping is quoted as saying to Putin,
“Change that hasn’t happened in 100 years is coming and we are driving this change together.”
Reacting to the message from the Xi Jinping and Putin meeting, XRP lawyer John Deaton said this could further the U.S. administration’s efforts against Bitcoin and digital assets.
“This will cause the current administration to focus even more of its efforts against Bitcoin and digital assets as they panic about the Dollar’s status as the world’s reserve currency.”
Owing to its invasion of Ukraine, Russia was isolated from the international financial system that is largely dominated by the dollar. Hence, Russian users had to depend on cryptocurrencies and the Chinese Yuan currency for cross border payments.
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