Economist Jim Rickards: Gold may prevent cryptocurrency from replacing the dollar

Renowned economist and best-selling author Jim Rickards emphasized the potential role of gold in helping the dollar maintain its current global currency status. In a recent interview, Rickards explained that the U.S. Treasury should start buying gold to prevent central banks from competing to buy gold and reduce dollar reserves, which could lead to long-term depreciation of the dollar. "The Treasury's purchase of gold will restore people's confidence in the dollar, and perhaps make people believe again that the dollar has real value." However, this would also increase the price of gold calculated in dollars, but Rickards believes that the benefits will far outweigh the disadvantages. Furthermore, when talking about what might replace the dollar, Rickards detailed that when old currencies become obsolete, new forms of currency will rise and highlighted cryptocurrencies' situation,"In terms of money, human adaptability is incredible; take cryptocurrency as an example."