US National Intelligence Document Reveals Crypto As Top Threat to US Dollar

US National Intelligence Document Reveals Crypto As Top Threat to US Dollar

A recent job filing from a US intelligence office reveals that the US is now viewing crypto as a threat. What’s more, the filing describes the growing emergence of crypto as a danger to US “global supremacy”. As such, the US is now looking to model risk scenarios to combat the effects of surging crypto adoption.

US wants to have the ability “to cause financial instability in global markets”

Specifically, this information comes from a fresh researcher job filing by the US Office of the Director of National Intelligence (ODNI). ODNI’s mission is to deliver “the most insightful intelligence possible” and mainly deals with counterterrorism, cybersecurity, counterproliferation and counterintelligence.

The listing document, “Evaluating the Impact of U.S. Dollar Losing it’s Status as World Reserve Currency”, specifically mentions cryptocurrencies. Moreover, the job listing also specifies how the US dollar gives the United States substantial influence over other global actors.

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This influence is something that the US seeks to keep, according to the job listing. In fact, the listing admits that the nation wants to be able to “cause financial instability in global markets”:

“Any international transaction settled in US dollars, gives the U.S. jurisdiction over financial crimes associated with those transactions […] In addition, the U.S. is able to effectively level sanctions against or designate entities that violate international laws or treaties, or that have the potential to cause financial instability in global markets.”

The document names crypto as a top threat to the US dollar

As any crypto enthusiast will know, this is exactly why many prefer cryptocurrencies to fiat currencies. The US’, or any nation’s, ability to cause financial turmoil due to political motivations is endemic to fiat currencies.

Additionally, the ODNI job listing also notes that cryptocurrencies are one of the two “top threats” to the US dollar. It also suggests that this threat could come from either a “true” cryptocurrency (such as Bitcoin) or a CBDC.

“However, there are many threats to the U.S. dollar maintaining its status as the world reserve currency. Countries such as China and India have large growing economies that could compete with U.S. economic growth. Many cryptocurrency enthusiasts predict that either a global cryptocurrency or a national digital currency could undermine the U.S. dollar.”

ODNI wants to study and model the US dollar’s top threats

Consequently, ODNI is looking for a researcher to model the different threats to the US dollar – including cryptocurrencies. This researcher will, in addition to crypto, study and model “black swan” events that could end the dollar’s global supremacy.

It seems clear that the job listing puts a significant emphasis on crypto, as it requires someone with knowledge of “alternative banking mechanisms”, in addition to economics and finance. 

The researcher will use “new statistical and artificial intelligence approaches to historical examples as well as possible future scenarios”. The eventual models and recommendations by the researcher will likely provide guidance for upcoming US policy decisions.

Many observers suggest that a “true” cryptocurrency, such as Bitcoin, could replace the US as the world’s reserve currency. However, some have also said that Facebook’s virtual currency, Libra, could fill this role. No matter what, the job post reveals that ODNI is beginning to take crypto seriously.