Bitcoin threatens US Dollar global dominance – US Congressman

A member of House Financial Services Committee Brad Sherman confirmed his anti-crypto stance by saying that Bitcoin and all similar digital assets have the potential to undermine Dollar's status as the world's leading currency.

“Cryptocurrency either doesn’t work, in which case investors lose a lot of money, or it does achieve its objectives perhaps and displaces the US dollar or interferes with the US dollar being virtually the sole reserve currency in the world,” he said.

The Congressman went on saying that the US Dollar works perfectly well for everyone except for the criminals and those engaged in illegal activities. He believes that the mass adoption of cryptocurrencies will lead to many deaths because they will allow drug dealers to become more efficient.

Sherman was particularly furious while referring to Facebook's Libra project as he believes that the company tries to exploit the poor to become even richer.

“For the richest man in the world to come here and hide behind the poorest people in the world and say that’s who you’re really trying to help – you’re trying to help those for whom the dollar is not a good currency: drug dealers, terrorists, [and] tax evaders,” said Sherman as cited by Forbes.

Notably, that was not the first time Sherman shared his negative opinion about Bitcoin and other cryptocurrencies. Earlier this year he urged Congress to ban digital assets in the US.