Wharton Professor Issues Gruesome Warning on Bitcoin as Dollar Rival

Jeremy Siegel, professor at the Wharton School and chief economist at investment firm WisdomTree, told CNBC that Bitcoin could become a serious competitor to the US dollar as the world’s reserve currency, Anushka Basu reported for TheStreet.

Last-minute provisions in the bill could serve as “important catalysts” for the crypto industry.

Speaking about the GENIUS Act — enacted July 18 with bipartisan support to establish a comprehensive stablecoin regulatory framework — Siegel called Bitcoin “a threat” to the dollar.

“What is interesting is that Bitcoin itself is a threat to the dollar as a reserve currency,” he said.

Siegel noted that while the US Congress is working to regulate digital assets, last-minute provisions in the bill could serve as “important catalysts” for the crypto industry.

He dismissed speculation that BRICS nations could mount a meaningful challenge to the dollar, but warned that Bitcoin “actually has a chance.” He tied this to broader shifts in global finance, describing the system as having been “frozen for years,” with cross-border transfers “too slow and too expensive.”

Crypto-based systems, Siegel argued, could make global transactions more efficient — and potentially disrupt the dollar’s dominance.