Wharton professor warns Bitcoin could threaten U.S. dollar
Jeremy Siegel, a finance professor at the Wharton School and chief economist at WisdomTree, has warned that Bitcoin could undermine the U.S. dollar’s role as the world’s reserve currency. Speaking to CNBC, Siegel described Bitcoin as “a threat” to the dollar, particularly in light of the recently enacted GENIUS Act, a bipartisan law signed on July 18 that sets out a comprehensive regulatory framework for stablecoins. “What is interesting is that Bitcoin itself is a threat to the dollar as a reserve currency,” Siegel said. Bitcoin vs. Euro and BRICS Siegel argued that while BRICS nations have long floated alternatives to the dollar, Bitcoin represents a more credible challenge. He noted that digital assets could help fix inefficiencies in the global financial system, where cross-border transactions remain too slow and too costly. “I didn’t think the BRICS were really any […]