Economist Kenneth Rogoff: Cryptocurrencies have value, and their increasing popularity in the gray market may weaken the position of the US dollar

According to Bloomberg, Kenneth Rogoff, former Chief Economist of the International Monetary Fund (IMF) and a member of the Federal Reserve Board, stated in an interview that geopolitical tensions and the growing influence of cryptocurrencies are weakening the global position of the US dollar. Kenneth Rogoff believes that critics who believe that cryptocurrencies are just scams and worthless are completely wrong. The view that there is no 'fundamental value proposition' in cryptocurrency trading is incorrect. One of the main markets for the US dollar is the global underground economy. In the past, the preferred payment method for such transactions was the US dollar, but now the preferred payment method is cryptocurrency. Cryptocurrency provides a recognized medium of exchange, which is a value proposition. Even with strict government regulation of cryptocurrencies, there will still be significant challenges in controlling the underground economy. Therefore, Kenneth Rogoff believes that 'cryptocurrencies have value'. The authorities will face significant difficulties in tracking cryptocurrency transactions in the gray market, which means that cryptocurrencies are not worthless.