The world is headed for special drawing rights with gold participating, but not a return to the gold standard, the trader says.
Bitcoin (BTC) and cryptocurrencies will not get their big break thanks to the problems with the fiat economy, says veteran trader Peter Brandt.
In a series of tweets on July 22, the popular commentator forecast that in future, the world will resort to so-called special drawing rights (SDRs) based on multiple fiat currencies.
Bye bye gold standard
Similarly, a return to the gold standard will not occur, Brandt claimed, while the SDR setup would likewise not include Bitcoin or altcoins.
SDRs were created by the International Monetary Fund (IMF) in the late 1960s as an extension to member states’ reserves.