The US Dollar is the 'Least Worst Fiat Currency': Strategist

The US Dollar is the 'Least Worst Fiat Currency': Strategist

Senior commodities analyst at Bloomberg Mike McGlone reminded the audience at a time when the US dollar is the most traded currency in the world. McGlone was a speaker at Bitcoinday Miami this week with a panel of experts discussing Bitcoin, Tether and cryptocurrencies.

Also read: 10 US sectors that will be affected if ASEAN abandons the dollar

As the panel talked about global market volatility, one analyst highlighted the use of the Tether stablecoin USDT. The Bloomberg analyst joked, pointing out that Tether's USDT is trading twice as much as Bitcoin at any given point in the markets. For the uninitiated, Tether's USDT is pegged 1:1 to the US dollar and is a transactional stablecoin.

The Commodity Strategist valued Tether's stablecoin, saying the US dollar beats Bitcoin and the USDT every day. He said the world trades in the US dollar because it is the least evil of all fiat currencies.

Also read: US dollar: analyst calls de-dollarization a 'bad joke'

“Right now I can access the US dollar from anywhere in the world from my phone (with) Tether,” he said. “Tether is the most important trading token. It is the number one trading cryptocurrency. It doubles its value on a normal day compared to Bitcoin. It's the dollar. The whole world has gone to the dollar. Why? Because it is the least worst of all fiat currencies,” McGlone said during the panel discussion.

Currency: US Dollar King, not Bitcoin, says McGlone

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Source: Watcher Guru

The Commodity Analyst later took to Twitter and highlighted the importance of the US dollar in the currency markets. “Bitcoin who? The dollar is the most traded cryptocurrency,” he tweeted referring to Tether's USDT. McGlone revealed that Bitcoin has more chances of a steep correction if the US stock market crashes.

Also read: Forex Today: US Dollar Struggles to Gain Traction

“Bitcoin on a normal basis trades at three times the volatility of the stock market. So when – I didn't say if – the stock market goes through a normal correction against GDP, Bitcoin is more likely to fall initially. It is more likely that gold will rise.” he said.