Economist Jim Rickards: Gold could prevent cryptocurrencies from replacing the dollar

Renowned economist and best-selling author Jim Rickards has highlighted the role gold could play in helping the dollar maintain its current position as the world currency. In a recent interview, Rickards explained that the U.S. Treasury should start buying gold to avoid central banks rushing to buy gold and reducing their dollar reserves, which would lead to a long-term devaluation of the dollar. "The Treasury buying gold would restore 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 in terms of dollars, but Rickards believes that the benefits of doing so would far outweigh the disadvantages. In addition, when talking about the possible replacement of the dollar, Rickards elaborated that when old currencies fail, new forms of money will rise, and highlighted the case of cryptocurrencies. "When it comes to money, humans are incredibly adaptable, take cryptocurrencies as an example." (Bitcoin.com)