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Death of the US Dollar? Kevin O’Leary of Shark Tank Says People Must Overcome De-Dollarization Fears – Here’s Why

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Kevin O’Leary, a venture capitalist, tackles fears that other currencies will rise and dethrone the US dollar as the unchallenged ruler of international trade and finance.

In a new interview with Stansberry Research, the Shark Tank star claims he has spent his entire life listening to the demands of the collapse of the US currency.

According to venture capitalists, the dollar is likely to continue to be the world’s reserve currency as long as countries and wealthy individuals continue to invest in the US stock market. “I have heard about the collapse of the US dollar since 1966.” Every two years, someone proclaims, ‘This is the end of the US dollar.’ You only need to ask yourself one question: if you were a sovereign wealth fund based in any country – the Middle East, East, or Western Europe – where would most of your wealth be today? It is part of the S&P 500, which is denominated in US dollars.

There is no possibility of another currency becoming the world’s default currency unless that changes. People want it to be Bitcoin. That’s interesting, but that’s just a guess. It is not a form of currency. So maybe a computerized version of the dollar, though I’m sure that would be stymied by privacy concerns. Maybe a private version, similar to USDC (USD Coin). However, the US dollar remains the core unit of wealth and storage of assets.

Ask any high-income individual anywhere on the planet where they would like to invest their entire wealth. No one teaches you about yuan, euros or British pounds. There is no mention of Brazilian or Venezuelan currency. Everything is in US dollars. “I’m telling everyone who cares about this, ‘Forget it.’”

O’Leary believes that countries like China and Russia that broker deals to settle transactions in their native fiat currencies are unimportant because major economies continue to depend on the dollar to trade goods and services.

“Nobody is leaving their US dollar, which is the main trading platform, and everyone wants to trade commodities, goods and services in US dollars.” This is what I always emphasize. Who said it? Please find the sovereign wealth fund… Russia? Let me invest there. Brilliant idea. That’s the point. The region quickly became an economic wasteland. What else can be said? They won’t give them US funds until (Russia) cleans up its act.”

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