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 threat at all, but the opponent actually has a chance,” he added.
Russia enters the conversation
On September 8, Russian presidential advisor Anton Kobyakov accused Washington of trying to “rewrite the rules” with crypto while tackling its ballooning debt. Reports also suggest Russia is preparing to launch a central bank digital currency (CBDC).
Bitcoin as “digital gold”
Beyond payments, Siegel highlighted Bitcoin’s role as a store of value, often called “digital gold.” Its capped supply of 21 million coins appeals to investors concerned about inflation and monetary expansion.
Bitcoin’s popularity surged during the pandemic-era stimulus of 2020, reinforcing its reputation as a hedge.
Michael Sonnenshein, CEO of Grayscale, echoed Siegel’s view:
“The amount of fiscal stimulus that has been injected into the system … has really caused investors to think about what constitutes a store of value, what constitutes an inflation hedge and how they should protect their portfolios.”
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