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Economic Times
18-05-2025
- Business
- Economic Times
Bitcoin vs USD: Why BTC is yet to catch up to the dollar for global dominance
Bitcoin's present capacity Live Events The US Dollar supremacy Future outlook (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel When the US expanded its financial might in the Second World War, global finance became the subject of a rapid transformation. In the post-World War, the US became the de facto top global power, and the US Dollar essentially became the currency of might, as well as trade, something that went on to become the spearheading aspect of the US's economic sanctions in the later as the world relied on US banks and the US Dollar for global trade , economic sanctions became the weapons of choice against many. De-dollarisation , or reducing the reliance on the US Dollar, began echoing in selected corners of the world as a result, however, with little mileage before happened in 2009 was unprecedented in the world of finance. A mysterious individual named Satoshi Nakamoto launched Bitcoin, the world's first-ever decentralised currency, Bitcoin — a development that went on to have a significant impact in the upcoming years. Presently, Bitcoin has accumulated a valuation beyond leaps and bounds, leading several states around the world to confirm their participation in US has created a Strategic Bitcoin Reserve, countries have reportedly been using it to complete trade, and in nations like El Salvador, it has garnered legal tender status. Despite making significant inroads, Bitcoin's status as a risk asset has not changed, and it remains miles beyond the US Dollar as the preferred currency for many Bitcoin enthusiasts, analysts and economists have stressed the importance of DeFi, or Decentralised Finance , it is easier said than done. In layman's terms, a comparison between Bitcoin and the US Dollar remains unfruitful owing to numerous starters, if we look at Bitcoin's strengths, we soon understand that decentralisation has been the foundation of its growth, meaning no central organisation or state is responsible for its dynamics or circulation. On the other hand, the US Dollar is circulated and managed by the US Federal Reserve, and the country's gigantic global positioning and financial might over a considerable time means that it is capable of sustaining its position as the de facto king of international what does that mean for Bitcoin? At present, Bitcoin is used by only a handful of the global population. In fact, several geographies across hemispheres restrict or have banned the usage of Bitcoin, like China, Egypt and Morocco. While the majority of the first-world countries have been endorsing Bitcoin for some time now, the fact remains that the vast majority of the global population still do not have a footprint in this new-age the other hand, the US, under the current Trump administration, has been vehemently opposing any de-dollarisation efforts. For instance, the Indian CBDC program, or the BRICS countries' bid to create a unique currency for trade, has been on the receiving end of international pressure, leading to either the plans being dropped or being restricted a result, the US Dollar has strengthened significantly, and the country has been focusing on becoming the largest stakeholder in Bitcoin ever going into the economic details, what makes the US Dollar the supreme currency in the world is not how widely circulated it is, but its functionalities across the world. The current world order that is headed by the USA provides the US Dollar with extensive stability , something that cannot be said about any other the other hand, Bitcoin is widely known for its volatility, something that does not suit the requirements of global trade or transactions. Stability is one of the key factors that has made the US Dollar legal tender beyond its national borders, which at the same time impacts Bitcoin's credibility and bid to replace the USD at the international while Bitcoin remains one of the fastest-growing assets in the world, the reality is that it has been operating for less than half a century. At present, stakeholders still consider it a risk asset, and without significantly more adoption across the world, it is far from possible for BTC to replace the US Dollar at the top. Bitcoin's high transaction costs and slow processing time also impact its role as a means of transaction for global trade, essentially making it ineffective when compared to the US while the US Dollar supremacy is expected to remain for many more years, Bitcoin's rise to prominence should not be understated by any means. With its operational activity spanning 16 years, Bitcoin has achieved the unthinkable with DeFi, an aspect that will only grow with time. However, it is not feasible to replace the US Dollar in any way at its current capacity, but should instead be looked at as a supplementary asset, something the US itself, along with other countries like Brazil, Bhutan and many others, are doing at the bottom line is, the supremacy of the US Dollar is expected to continue for many years. Without a significant shift in the world order like the last century, when the seat of power transferred from Europe to the US, it is practically not probable for the US Dollar to lose its dominance across the world. At the same time, Bitcoin is expected to rise in prominence;However, without its status as a legal tender and significantly increased adoption, Bitcoin will not be able to close the gap between itself and the the same time, decentralisation of finance is expected to be looked upon by several countries in the world, something that is being advocated by countries like India and even the US. Global dominance for these currencies, considering their current capacities, does not warrant a serious discussion at the moment, and instead should be looked upon for separate functionalities as a whole.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Free Malaysia Today
29-04-2025
- General
- Free Malaysia Today
RMAF's ‘top guns', past and present, reunite
RMAF chief Asghar Khan Goriman Khan (fourth left) with retired generals (from left) Affendi Buang, Abdullah Ahmad, Mohd Yunus Mohd Tasi, Sulaiman Sujak, Abdul Ghani Abdul Aziz, Rodzali Daud and Ackbal Abdul Samad. (RMAF pic) BUTTERWORTH : They kept the Malaysian airspace secure, from flying post-World War fighter aircraft to new-generation marvels. These were the country's crème de la crème of Royal Malaysian Air Force (RMAF) fighter pilots from yesteryear to present, 300 of whom gathered for the first time to reminisce about their glorious flying days. As was the tradition, military fighter pilots operated not under their actual names but under covert call-signs given by their fellow comrades – Kimosabe, Taro, Hawkeye, Jaguh and Scatman – names rarely known to the public, for obvious reasons. RMAF chief Gen Asghar Khan Goriman Khan described the reunion of serving and retired fighter pilots as well as weapon sensor officers as 'historic'. 'They took to the skies with courage and determination, not just to defend a young nation but to shape its history,' Asghar said at the 'Fighter Reunion 2025 – Connecting the Past to the Future', held at the RMAF Butterworth air base in Penang. Present were guest-of-honour and the country's first local RMAF chief Sulaiman Sujak, who turned 91 on March 25, and RMAF deputy chief Muhamad Norazlan Aris. The reunion took place at the RMAF air base in Butterworth, Penang. (RMAF pic) Among the former RMAF chiefs present were retired generals Mohd Yunus Mohd Tasi, Abdullah Ahmad, Nik Ismail Nik Mohamed, Abdul Ghani Abdul Aziz, Rodzali Daud, Affendi Buang and Ackbal Abdul Samad. Asghar reminisced about how they flew sub- and supersonic jets like the CL41G Tebuan, CAC Avon Sabre, A4-PTM Skyhawk, Northrop F-5E Tiger II, BAE Hawk 100/200, MiG-29N Fulcrum, F/A18-D Hornet and Sukhoi Su-30MKM Flanker. Reflecting on the RMAF's journey since 1958, with humble beginnings from propeller-driven aircraft and basic infrastructure, Asghar said these fighter pilots had transformed the RMAF into a force to be reckoned with. He said the 1960s saw the dawn of a new era with the pioneers navigating uncharted skies, patrolling borders and ensuring peace during the Emergency and Confrontation with Indonesia. Then, the 1980s and 1990s brought the RMAF into the jet age. 'The F5E defended our sovereignty, the Hawks became our workhorses, while the MiG-29 gave us dominance in the sky. Then, came the crown jewels – the F/A-18 and Su-30MKM – a masterpiece of precision technology symbolising our arrival on the global stage,' he said. Asghar briefing Sulaiman (left) on the aerial aerobatic display of F/A18-D and Su-30MKM jets, as Yunus looks on. (RMAF pic) He added that as they stood on the shoulders of giants, they ought to look to the horizon as the world was changing when engaging in warfare. 'Tomorrow's battles may not be won solely in the skies but in realms that we have yet to master – space, cyberspace and beyond. 'The airspace warfare is upon us, with satellites no longer tools of communication but potential battlegrounds for dominance. Hypersonic missiles and drones are rewriting rules of air defence, while artificial intelligence is reshaping decision-making in combat. He added that the RMAF must rise to meet these challenges by adapting, innovating and investing in the technologies of tomorrow. Asghar called on everyone to continue to cultivate the spirit of excellence as pioneers and reminded them that as they navigated the skies of the future, to always remember those who gave them their wings and taught them that success was not just about reaching the peak. Asghar (foreground, in flying suit) with former and current fighter pilots and other officers at the reunion. (RMAF pic) 'It is in ensuring that others can climb higher. Together, let us honour the past, master the present and conquer the future,' said Asghar. Meanwhile, Sulaiman said it was 'special' to be able to mingle with the current pilots, in line with the theme 'Connecting the Past to the Future'. Ghani, on the other hand, said: 'What an amazing reunion comprising Malaysians of all races and creeds – Malays, Chinese, Indians, Eurasians, Muslims, Buddhists, Hindus and Christians – all one, with no distinction. Affendi said the reunion was a gathering of the old and young who were trained for dedication, excellence and camaraderie. The reunion included an exhibition called 'Down Memory Lane' and an aerial aerobatic display of F/A18-D and Su-30MKM jets, culminating with dinner.
Daily Express
29-04-2025
- General
- Daily Express
Royal Malaysian Air Force's ‘top guns', past and present, reunite
Published on: Tuesday, April 29, 2025 Published on: Tue, Apr 29, 2025 By: Adrian David, FMT Text Size: RMAF chief Asghar Khan Goriman Khan (fourth left) with retired generals (from left) Affendi Buang, Abdullah Ahmad, Mohd Yunus Mohd Tasi, Sulaiman Sujak, Abdul Ghani Abdul Aziz, Rodzali Daud and Ackbal Abdul Samad. (RMAF pic) BUTTERWORTH: They kept the Malaysian airspace secure, from flying post-World War fighter aircraft to new-generation marvels. These were the country's crème de la crème of Royal Malaysian Air Force (RMAF) fighter pilots from yesteryear to present, 300 of whom gathered for the first time to reminisce about their glorious flying days. As was the tradition, military fighter pilots operated not under their actual names but under covert call-signs given by their fellow comrades – Kimosabe, Taro, Hawkeye, Jaguh and Scatman – names rarely known to the public, for obvious reasons. RMAF chief Gen Asghar Khan Goriman Khan described the reunion of serving and retired fighter pilots as well as weapon sensor officers as 'historic'. 'They took to the skies with courage and determination, not just to defend a young nation but to shape its history,' Asghar said at the 'Fighter Reunion 2025 – Connecting the Past to the Future', held at the RMAF Butterworth air base in Penang. Present were guest-of-honour and the country's first local RMAF chief Sulaiman Sujak, who turned 91 on March 25, and RMAF deputy chief Muhamad Norazlan Aris. Among the former RMAF chiefs present were retired generals Mohd Yunus Mohd Tasi, Abdullah Ahmad, Nik Ismail Nik Mohamed, Abdul Ghani Abdul Aziz, Rodzali Daud, Affendi Buang and Ackbal Abdul Samad. Asghar reminisced about how they flew sub- and supersonic jets like the CL41G Tebuan, CAC Avon Sabre, A4-PTM Skyhawk, Northrop F-5E Tiger II, BAE Hawk 100/200, MiG-29N Fulcrum, F/A18-D Hornet and Sukhoi Su-30MKM Flanker. Reflecting on the RMAF's journey since 1958, with humble beginnings from propeller-driven aircraft and basic infrastructure, Asghar said these fighter pilots had transformed the RMAF into a force to be reckoned with. He said the 1960s saw the dawn of a new era with the pioneers navigating uncharted skies, patrolling borders and ensuring peace during the Emergency and Confrontation with Indonesia. Then, the 1980s and 1990s brought the RMAF into the jet age. 'The F5E defended our sovereignty, the Hawks became our workhorses, while the MiG-29 gave us dominance in the sky. Then, came the crown jewels – the F/A-18 and Su-30MKM – a masterpiece of precision technology symbolising our arrival on the global stage,' he said. He added that as they stood on the shoulders of giants, they ought to look to the horizon as the world was changing when engaging in warfare. 'Tomorrow's battles may not be won solely in the skies but in realms that we have yet to master – space, cyberspace and beyond. 'The airspace warfare is upon us, with satellites no longer tools of communication but potential battlegrounds for dominance. Hypersonic missiles and drones are rewriting rules of air defence, while artificial intelligence is reshaping decision-making in combat. He added that the RMAF must rise to meet these challenges by adapting, innovating and investing in the technologies of tomorrow. Asghar called on everyone to continue to cultivate the spirit of excellence as pioneers and reminded them that as they navigated the skies of the future, to always remember those who gave them their wings and taught them that success was not just about reaching the peak. 'It is in ensuring that others can climb higher. Together, let us honour the past, master the present and conquer the future,' said Asghar. Meanwhile, Sulaiman said it was 'special' to be able to mingle with the current pilots, in line with the theme 'Connecting the Past to the Future'. Ghani, on the other hand, said: 'What an amazing reunion comprising Malaysians of all races and creeds – Malays, Chinese, Indians, Eurasians, Muslims, Buddhists, Hindus and Christians – all one, with no distinction. Affendi said the reunion was a gathering of the old and young who were trained for dedication, excellence and camaraderie. The reunion included an exhibition called 'Down Memory Lane' and an aerial aerobatic display of F/A18-D and Su-30MKM jets, culminating with dinner. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Indian Express
26-04-2025
- Business
- Indian Express
India could have its ‘Latin America moment' amid ongoing US–China trade war, says Richard Baldwin
Drawing a parallel with post-World War Latin America, which had very little manufacturing but began industrialising as Britain — then the global manufacturing powerhouse — weakened, RICHARD BALDWIN, Professor of International Economics at IMD Business School, said in an interview with RAVI DUTTA MISHRA that middle powers like India could similarly secure a foothold in global supply chains amid the ongoing US-China trade war. Baldwin suggested that India should, on the one hand, use WTO compliant measures to curb dumping of Chinese goods into its borders — an inevitable consequence of the trade war — and, on the other, pursue more trade agreements, as the US accounts for only 15 per cent of global imports, leaving 85 per cent of the global market still open for Indian goods where trade liberalisation will benefit trade. Edited excerpts: Trade deals are increasingly being negotiated along geo-political lines. The US is in talks with India, Japan, South Korea, and China is reaching out to Vietnam and Cambodia. How are you reading this? This is all about the strategic competition between the US and China. In the US, globalisation and automation have hit the middle class, and the middle class is now angry, having elected a populist who happens to favour protectionism. The entire American elite blames foreigners. But this is not a new story and it is going to persist because the middle-class fury in the US will continue — these tariffs will not fix it. That's the first thing. The second is that China has changed its role in the world over these 20 years, becoming a manufacturing superpower that has threatened the manufacturing base everywhere. The US is reacting strongly, but even Japan, Korea, and the EU are responding to China's quick rise. China has also become more aggressive in the South China Sea, for example, with its military bases and confrontations with the Philippine Navy. So both the US and China have changed the way they deal with the world, and the rest of the world must adapt. Where do you see India in the global trade war? If high tariffs on China stay, it's advantageous for large emerging markets because China was a big competitor and has been hobbled. Companies will diversify into India to manage risk. However, note that the April 2 tariffs did not apply to pharmaceuticals and electronics. So perhaps the two sectors where India could have benefited most from China being hindered in the US have been exempted. Thus, the advantage India might have gained from the April 2 tariffs is modest — but this could change. From a geo-economic perspective, anything that is bad for China is good for India. Having this kind of trade war, where both the US and China are disrupting supply chains, helps other countries get a foot in the door. Let me give you an analogy. In the 19th century, Latin America had very little manufacturing because British dominance in manufacturing effectively de-industrialised much of the world, including India. Britain was so powerful that it prevented many regions from developing their own industries. However, World Wars I and II disrupted global sea trade and opened the door for Latin America to start industrialising. War disruptions can help secondary producers find opportunities. Similarly, when it comes to global value chains today, companies are now looking to diversify out of China, and India is one of the destinations they are considering. How should India tackle dumping while making use of opportunities for free trade agreements at the same time? You do both — and you are doing both. Imposing tariffs against dumped goods is entirely WTO-consistent, and all countries do it routinely. It is almost inevitable that China will dump manufactured goods globally, leading to cascading tariffs, as seen in the case of steel. When the US raises tariffs, Europe follows, and the same is happening now more broadly with manufactured goods. This cascade leads to selective tariff increases, mostly against China. Then there is the domino effect — you tend to sign trade agreements with major partners. As the US and China close off with tariff wars, third countries become closer trading partners. For instance, the EU is increasingly interested in signing agreements with India. Thus, more bilateral anti-dumping duties combined with more bilateral free trade agreements is the right path. Remember, the US accounts for less than 15 per cent of world imports — 85 per cent of the global market remains accessible. Maintaining access through smart FTAs while managing dumping risks is crucial. A section of policymakers believes the China-led RCEP is good for India, while others think FTAs with Western countries make more sense. From a geo-economic perspective, what's the right balance? The US–China trade war hasn't fundamentally changed India's political calculus on Regional Comprehensive Economic Partnership (RCEP) or other trade alliances. India previously assumed that the US would broadly support it against China. That assumption is now less reliable. Under Trump, the US appears less interested in being a dependable ally. Thus, the Regional Comprehensive Economic Partnership may now seem geopolitically less risky than before. However, fundamentally, these are political-economic choices. The bigger picture hasn't shifted dramatically due to the US–China rivalry. The priority should be managing dumping risks, signing smart FTAs, and committing to a rules-based system. Whether India joins RCEP or leans West is a secondary calculation.
Yahoo
28-03-2025
- Business
- Yahoo
Fed Backstop Fears Could Threaten Dollar, Deutsche Bank Says
(Bloomberg) -- The withdrawal of a time-tested liquidity backstop offered by the Federal Reserve would represent the greatest risk to the dollar's status as a reserve currency since the end of World War II, according to Deutsche Bank. Why Did the Government Declare War on My Adorable Tiny Truck? How SUVs Are Making Traffic Worse Trump Slashed International Aid. Geneva Is Feeling the Impact. These US Bridges Face High Risk of Catastrophic Ship Strikes Gold-Rush Fever Returns to Historic New Zealand Mining Town European central banking and supervisory officials have held informal discussions about the possibility that the Trump administration will push the Fed to step back from global funding markets in times of market stress, Reuters reported this week, citing unnamed sources. There has not been any indication that the Trump administration wants the Fed to scale back the so-called swap lines that the central bank has offered during past crises. But the reported conversations in Europe come as the US is stepping away from its European allies on other fronts. Even without the Fed taking action, any fears about the reliability of the swap lines could be damaging to the dollar, George Saravelos, Deutsche Bank's head of foreign-exchange research, wrote in a note to clients Thursday. 'Were such concerns to prevail among America's Western allies, it would likely create the most significant impetus to global de-dollarisation since the creation of the post-World War global financial architecture,' Saravelos wrote. The swap lines, first launched during the 1960s, allow global institutions to borrow the greenback in exchange for their local currencies, easing demand for the dollar in times of financial stress. Revived in 2007 as the financial crisis heated up, the availability of this Fed support has long been considered an important — if infrequently-tapped — backstop during times of market turmoil. The European Central Bank, Bank of Japan, Bank of Canada, Bank of England and Swiss National Bank currently have standing swap line arrangements with the Fed. At the height of the market dislocations wrought by the pandemic in early 2020, the lines were also extended to other central banks including the Bank of Korea, the Banco Central de Brasil, and the Banco de Mexico. Saravelos noted that the Fed has sole responsibility for its programs. But, he said, the Trump administration can have an indirect influence on the central bank — either via 'moral suasion' or through the figures appointed by Trump to its governing board. Should the Fed choose to withhold liquidity support in times of immediate stress — or attempt to leverage the facility as a quid pro quo for other US policy goals — it would have far-reaching consequences, Saravelos added. The US currency would sharply appreciate as global institutions scramble for dollar funding, driving higher demand. It could also lead to 'fire sales' of US assets that are often hedged in the foreign-exchange swap market. Most importantly, doubts about the Fed's preeminent role as the world's lender of last resort would 'accelerate efforts by other countries to reduce their dependence on the US financial system,' Saravelos wrote. China and Russia, two major economies that do not have swap lines with the Fed, have accumulated non-US foreign reserves and de-dollarized their economies in recent decades, he noted. The Fed offers other facilities designed to ease liquidity issues in global markets. In March 2020, it established a repurchase agreement operation with a broader range of foreign institutions that became permanent in July 2021. The facility allows foreign institutions to exchange their US Treasury holdings parked at the Fed for dollars, instead of forcing them to liquidate Treasury holdings or tap the private repo market in times of stress. --With assistance from Anya Andrianova. Business Schools Are Back Google Is Searching for an Answer to ChatGPT Israel Aims to Be the World's Arms Dealer A New 'China Shock' Is Destroying Jobs Around the World The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? ©2025 Bloomberg L.P. Sign in to access your portfolio
