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Rodney Shakespeare, a visiting professor of “binary economics” at Trisakti University in Jakarta, Indonesia, and co-founder of the Global Justice Movement, told Sputnik that the current crypto bubble, fed most recently by President Trump’s promotion of it, will burst soon enough.

Shakespeare said that the effort to bolster the dollar with crypto will fail. “The U.S.A. is acutely aware of a possible collapse in the value of the American dollar. Moreover, it knows that the rise of BRICS will accentuate the collapse. The U.S.A. is therefore going to do anything which it hopes will maintain the value and international position of the dollar,” he noted. He thought that the U.S. government creation of a cryptocurrency stockpile “could provide a minimal backing for the dollar,” but that this approach reflects “a failure to address the true sources of future dollar weakness, which include colossal levels of personal, corporate and governmental debt.” As a result, he said, the crypto bubble will “first lead to a lessening of overall demand and, on bursting, contribute to a huge loss of confidence possibly precipitating some sort of financial collapse.”