Economist: Cryptocurrencies share some of the monetary attributes and characteristics of the US dollar

Wu Jinduo, an economics doctor, wrote in the Hong Kong media Ta Kung Pao that the measurement of the value of cryptocurrencies is still measured by the US dollar. As a means of payment that is different from the traditional decentralized means, it is a supplement to the payment function of traditional fiat currencies. From this perspective, cryptocurrencies have some of the monetary attributes and characteristics of the US dollar. Since cryptocurrencies are not yet denominated currencies, nor are they legal reserve assets in the world, the basis for their value redemption is still attached to the US dollar, fiat currencies and gold, and their stability and popularity are far less than those of the US dollar and gold. When there is excess liquidity in the US dollar, or when the US dollar is at a serious premium, cryptocurrencies are expected to become a reservoir of global liquidity. This process is dominated by the market, rather than central banks and sovereign institutions, so cryptocurrencies are a kind of carrier of global assets and household wealth.
According to public information, Wu Jinduo is a part-time researcher and senior economist at the Financial Research Center of Fudan University. He has worked in 985 universities and the Shenwan Hongyuan Group Securities Research Institute.