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Former IMF chief economist Kenneth Rogoff warns that cryptocurrencies are eroding the U.S. dollar’s global dominance, particularly in the underground economy. He highlights the growing use of crypto for tax evasion and bypassing sanctions as key factors. Rogoff argues that while crypto won’t replace the dollar in the legal economy, its rise poses significant challenges.
- Kenneth Rogoff estimates the underground economy at $20–$25 trillion, where crypto is increasingly replacing the U.S. dollar.
- The dollar's declining dominance could raise global interest rates, affecting mortgages, loans, and Treasury bills.
- Rogoff argues crypto has inherent value as a medium of exchange, even if it won't replace the dollar in legal markets.
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