The world is not the same place it was three-four months back. With the Coronavirus pandemic wreaking havoc, most countries of the world are experiencing some of their worst economic problems. Shrinking GDPs, rising unemployment, deaths and collapse of economies are becoming the new normal.
In such a situation, we look up to the strongest and most powerful country in the world to take the lead in helping the world. So, did the all-mighty USA step up to the task of restructuring the world under its leadership?
The Impact of Coronavirus on USA’s Political, Social and Economic Leadership
At a time when the world thought that the strongest and most powerful nation in the world would help everyone, we found USA at its most vulnerable and fragile state.
It is the world’s most affected country suffering from the effects of Coronavirus. With more than 1.5 million cases, the highest death rates and a serious shortfall of medical equipment to deal with the pandemic, the panic in American government circles is palpable.
America is requesting countries like India and China to help them with HCQ, PPE kits and testing kits. More than 33 Million Americans are out of jobs, with the figure expected to cross the 50 Million mark easily.
The American government has increased its borrowing from the Federal Reserve and is looking at one of the worst periods economically in recent history. What is worse is that there seems to be no exit strategy in place as to how America is going to emerge from the crisis.
The USA’s Stance on Cryptocurrencies
However, what is more shocking is the ignorance of the USA when it comes to cryptocurrencies and the potential they harbour. If you have been reading the news, you would know that China has already launched its own version of a crypto- Digital Yuan.
The USA has repeatedly maintained a safe distance from engaging with cryptocurrencies like Bitcoin and others. While they have not banned it, it is not encouraged in government circles. Even though USA is one of the epicentres of cryptocurrency, experts feel that the country has not done enough to engage with it.
The US State Treasury, the Federal Reserve and the President’s Office have gone on record to state about their displeasure about cryptocurrencies. However, even if one is not favourably disposed to something, it does not mean investigating the merits.
China’s Digital Yuan, Facebook’ Libra and Bitcoin: Where does America stand?
The writing is on the wall for the world’s financial system. Dollar is under serious threat to being replaced by better, more convenient and easy access of financial transactions like the new Yuan, or Libra or the Bitcoin.
America’s lack of interest has been criticised by many as an inward looking model of policy approach. Experts are of the view that pursuing newer technologies, developing them, and seeing how the world is exploring them is what comes naturally to a Superpower.
China’s bold and aggressive movement on the Digital Yuan is something, which should ring enough alarm bells for the USA. By learning more about Bitcoin, exploring the tech behind it all, and ensuring the social, political and economic ramifications of the same, USA can continue its superpower status. This will also help protect its global dollar!
If you wish to trade, invest and earn profits from cryptocurrencies like Bitcoins, you can use platforms such as Bitcoin Champion. As investors continue to enjoy the bull run of Bitcoin, even in the midst of the Coronavirus crisis, it is important to understand why this is happening. With almost every form of asset investment crashing, Bitcoin and other crypto have established themselves as a credible financial instrument that is going to usher in the next wave of global economics.