Harvard economist Kenneth Rogoff warns that the U.S. dollar’s global dominance is quietly eroding—not just from China or the euro, but from cryptocurrency. In his new book Our Dollar, Your Problem, Rogoff argues that digital currencies are gaining ground in the world’s underground economy, where the dollar once reigned supreme.
“Crypto can’t replace the dollar in the legal economy,” Rogoff told Bloomberg, “but in the underground economy, by definition, [governments have] much less leverage.”
That underground market—driven largely by tax evasion, off-the-books work, and illicit trade—makes up as much as 20% of global GDP, by Rogoff’s estimate. Crypto is becoming its preferred medium of exchange.
