Blockchain ‘to challenge American hegemony over world finance’ in next 5-7 years, analyst tells Boom Bust

Chinese blockchain firm OneConnect has filed for an initial public offering (IPO) in the United States, seeking to raise $100 million. The company deals with financial technology, including artificial intelligence.

RT’s Boom Bust is joined by Jeffrey Tucker from the American Institute for Economic Research, who says the news is “very exciting.”

“We’re living at a time when blockchain technology is going mainstream, and with that come good things and bad things,” says Tucker.

According to him, blockchain technology is “awesome” as it provides “50,000 transactions per second with ‘permissionless,’ effortless results.”

However, he warns that this will be accompanied by “all kinds of hysterias, bubbles, frenzies and wild speculation.”

The expert says: “Out of this is going to come many things which, I think, are going to challenge the American hegemony over world finance…”

Tucker goes on, pointing out that “right now, the US is sitting of course on its usual hegemonic relationship with the world; but we are going to see it slip away over the next five to seven years, thanks to blockchain technology. And that is very exciting.”

For more stories on economy & finance visit RT's business section