American economist Kenneth Rogoff believes that the rise of crypto poses a threat to the hegemony of the U.S. dollar.

In an interview with Bloomberg, Rogoff said that while the USD is still the most dominant global currency, its influence is decreasing.

“I see it [USD dominance] as in decline — it’s fraying at the edges where, of course, the renminbi is breaking free of the dollar, the euro is going to have a larger footprint — that’s been going on for a decade.”

One of the contributing factors, according to Rogoff, is the growing usage of crypto for tax evasion and bypassing sanctions.