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US Government Won't Allow Corporates to Keep Replacing Dollars With Bitcoin, Warns Investment Advisor

  • Posted On - 2021-02-15 08:46:46

The founder of Risk Reversal Advisors Dan Nathan, says that the U.S. government will not keep allowing businesses like Elon Musk’s Tesla to replace dollars with bitcoin. They won’t “let the dollar fall away from being the reserve currency for the world,” which could happen if businesses keep replacing dollars in their balance sheets with bitcoin.

Dan Nathan shared his opinion on the future of bitcoin in an interview with CNBC last week. His opinion followed the news of Elon Musk’s Tesla investing $1.5 billion in bitcoin and planning to accept cryptocurrency as a payment for its products in the  future.

Dan Nathan is the founder of Risk Reversal Advisors, which offers advising services to investment banks, investment advisors, and private companies. 

He began by saying that “the U.S. The Treasury and the U.S. government” will not “let this thing get out of hand where literally businesses are starting to replace dollars to a large extent” with bitcoin. When asked specifically to Nathan what the regulators could do to stop corporations from putting bitcoin in their balance sheets as Tesla did, he exclaimed:

They can regulate the hell out of it. That’s what they can do.

Dan Nathan affirmed, “I’m just telling you” that they are not He added: “We’ve already seen that. We’ve seen it to some extent.” The Risk “going to let the dollar fall back  from being the reserve currency for the world,” affirm that this is effectively what is happening with corporations increasingly replacing dollars with bitcoin.

Nathana said that : “Right now, we are in a bit of a euphoric state,” adding that both Tesla and bitcoin as “Two risk assets that have gained more than a trillion dollars combined in the last six months and it’s all based on hopium.”

The founder of Risk Reversal further opined: “All these people, who are making a ton of money on both of these things, just understand that there’s got to be some sort of gravity that takes hold at some point, and the two of them combined makes for, I think, a very difficult situation if they both start going down together, and the ripple effect that we’ll see across currency markets, financial markets, and the such, could be great. Right now  No one is talking about it. There are no more naysayers in bitcoin.”

Analysts are predicting that a flood of companies will be doing the same like  Tesla and put bitcoin in their balance sheets. Twitter Inc. already said  that it has been considering both and Bitcoin adds as a cash reserves and paying employees and vendors in the cryptocurrency.

Source: https://news.bitcoin.com/us-government-corporates-replacing-dollars-bitcoin/