Several of the United States’ top investors have dismissed concerns over the efforts to bring an end to the dollar’s status as the leading currency that dominates global trade and investment.
From Elon Musk and Ray Dalio, several big names have warned of the destabilization threats made against the U.S. dollar. Warren Buffett quickly dismissed such concerns, however, with the Berkshire Hathaway CEO stating, “I see no option for any other currency to be the reserve currency” at his company’s annual shareholder meeting.
Nobel Prize-winning economist Paul Krugman agreed with Buffett, explaining that a desire from some parties to remove the dollar from its position of power will not be enough to destroy the greenback’s world standing.
“Tugging on one or two strands of this web isn’t likely to cause it to unravel,” Krugman explained. “Even if some governments express a desire to see payments conducted in other currencies, it’s not at all clear they can make that happen.”
Bank of America and Goldman Sachs analysts have also sided with Buffet and Krugman, explaining that there is no other currency that can currently compete with the dollar.