Billionaire Michael Novogratz has warned that the United States’ reserve status is likely to be undermined by China’s blockchain and cryptocurrency revolution. In the forewarning, he underscores that China is already ahead in some areas such as fintech, and the United States is merely playing catch-up.
His remarks came in the wake of a renaissance in China to further blockchain development and boost the yuan into becoming a globalized currency. Recent statements by Chinese President Xi Jinping pledging support for the industry affirm the government’s stance on the issue as well as the level of consideration for its potential.
Just last week, Huawei and the Chinese Central Bank signed agreements involving blockchain development. The move was apparently to fast-track the development of a yuan-based cryptocurrency.