There is a lot of rumor that there will be a global currency reset soon.
The US dollar is losing its position as the world’s dominant reserve currency.
China wants a one world currency that isn’t based on a national currency like that US dollar.
In 1971 during President Nixon’s Administration the dollar was separated from the gold standard and replaced by oil. The US made a deal with the Saudis to protect them militarily only if they sold their oil with US dollars. The petrodollar became the world’s first reserve currency and it is about 50 years now, but the world economy is in bad shape and countries don’t trust the US dollar blindly anymore.
The International Monetary Fund created the SDR (Special Drawing Rights) currency for its members with a basket of 42% US dollars, 31% Euros, 11% Chinese Renmindis, 8% Yens and 8% British Pounds. It is a fiat currency based on other fiat currencies. However, it is only used by member Governments around the world.
President Trump’s Administration is considering replacing the petrodollar with gold again.
Now that Bitcoin is shooting to the moon as high as over $10,000 in November 2017 and governments do not seem to have a grip on Bitcoin or other altcoins, they are trying to come up with a world currency that can be trusted by the common man.
