Former Russian President Calls The IMF And The World Bank Will Fall, Use Of Crypto Will Increase

Crypto is predicted to experience an increase in adoption when the value of the dollar and the euro falls. (Photo; Doc. Unsplash)

JAKARTA - Amid the threat of a global recession, the former president of Russia in 2008-2012, Dmitry Medvedev recently expressed his views on world financial authorities, the IMF and the World Bank. According to him, the IMF and the World Bank will fall in 2023, triggering a reduced dollar and euro power.

Furthermore, Medvedev also explained that the use of cryptocurrencies will increase as the value of the two currencies decreases. Meanwhile, TRON (TRX) founder Justin Sun also agrees with Medvedev's view. He believes that crypto adoption will increase gradually in China.

The former President and former Russian PM believe that the Bretton Woods system (international monetary agreement that standards currency exchange rates) could fall apart and drive the collapse of leading financial institutions, such as the IMF and the World Bank. As a result, two leading fiat currencies in the world, the euro and dollar, have the potential to lose their dominance as a global reserve currency. This condition will trigger widespread adoption of cryptocurrencies.

The monetary management system Bretton Woods will collapse, leading to the collapse of the World IMF and Bank. The Euros and Dollars will stop circulating as global reserves. Digital fiat currencies will be used instead," Medvedev said in a Twitter post (@MedvedevRussiaE) December 26, 2022.

Commenting on the view, Justin Sun added that crypto has the potential to revolution the global reserve currency." Furthermore, Sun argues that crypto adoption is on the rise in his homeland, while reopening borders after the COVID-19 wave and economic power are positive signs for the future of the country's monetary system.

Medvedev Predicts Economic Activity Shifts to Europe and Asia

According to CryptoPotato, Medvedev's prediction list consists of several possible strange scenarios, such as Britain rejoining the European Union (EU), establishing the "Fourth Reich," and successive war between France and the "Fourth Reich." The 57-year-old politician also said that all the largest stock markets and major economic activity could shift from the United States and Europe to Asia.

In addition, he believes civil war could break out in the US, after which Texas and Mexico can unite in allied countries. After the military conflict ends, Elon Musk can win presidential elections in various states, he concluded.

Tesla's CEO quickly retaliated against the assumption, saying that this was "clearly the least reasonable prediction he had ever heard of. He also argues that Medvedev is not at all aware of Artificial Intelligence (AI)'s progress and sustainable energy.