Kevin O’Leary has been pushing hard for the U.S. to digitize the dollar, warning that America risks losing global financial dominance if it doesn’t modernize. He argues that China, Russia, and other rivals are already working on alternatives to the dollar, and the U.S. needs to act fast to stay ahead.
O’Leary points out that every major commodity—like oil, gold, and wheat—is priced in dollars today. But outdated payment systems make international transactions slow and costly. For example, converting dollars to Swiss francs for a luxury watch purchase involves multiple banks, fees, and delays. A digital dollar could cut through this red tape, allowing instant, low-cost transfers worldwide using blockchain technology.
While Bitcoin grabs headlines, O’Leary calls stablecoins—digital tokens pegged to the dollar—the real game-changer. He says they offer the stability of cash with the speed of crypto, making them ideal for everyday transactions. Companies like Circle’s USDC already show how this works, with full transparency and compliance.
O’Leary blames Washington’s slow pace for holding back progress. He praises recent steps, like Trump’s push for a Bitcoin reserve and bipartisan bills to regulate stablecoins, but says more is needed. A “crypto czar” could cut through bureaucratic delays and clarify rules, such as whether Ethereum is a security or commodity.
Countries like Canada and the UAE are racing ahead with crypto-friendly policies, while U.S. overregulation drives talent overseas. O’Leary warns that without action, the dollar could lose its status as the world’s default currency. “We want the dollar to rule,” he insists, urging lawmakers to embrace innovation before rivals do.
In short, O’Leary sees digitization as a patriotic duty—a way to secure America’s financial future while streamlining global trade. The message is clear: adapt or get left behind.
