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With the introduction of bitcoin futures and a handful of new cryptocurrency companies that are targeting the small and mid-sized business (SMB) sector, the US dollar is in uncharted territory.
The dollar is still the global reserve currency and a global benchmark.
The US dollar price index for July 2016 was at $1.2885, according to the US Treasury Department.
The index, which tracks the dollar against many currencies, currently sits at $US1.3898.
There are a lot of people who would like to see the US dollars value soar.
In the first quarter of 2020, the dollar’s value rose 6.9% against a basket of currencies, according the Office of Management and Budget (OMB).
The value of the US currency in dollars has risen by nearly 60% over the last 12 months, according a chart created by the Treasury Department in February.
Since then, US economic activity has slowed and inflation is running at near historic lows, according ToM’s data.
For a small business, the rise in the dollar price is the biggest challenge to keeping its operations profitable.
Small businesses need a currency to pay the wages of its workers and to protect its cash reserves, and the US has not yet made the transition to a system where it is easy for them to access a global currency, said Matthew Lechner, CEO of Small Business Economics Inc. (SBE).
“With a strong dollar and a slow economy, it would be very hard for us to get access to the world’s largest reserve currency,” he said.
“The only way to get to the World’s largest currency would be by being in a basket, which is not the case.”
A big issue for SMBs is that the U.S. has no single currency.
While the U, U.K., and Swiss francs are used by banks and other financial institutions around the world, the U and U. S. dollar have no equivalent to their currencies in the U (USD) or the U/S (dollar).
That means if a business wants to pay a bill or borrow money, the company needs to go through the banking system in both the U or the US to receive the currency exchange, which may be inconvenient for some businesses.
“We need to move to a single currency to protect our business and our employees,” said Lechners CEO.
While the U-S.
dollar is used as the international reserve currency by governments around the globe, its value is not shared across borders.
The United Nations estimates the U dollar is worth $US2 trillion.
The European Union estimated the U value at $6 trillion in 2016.
One alternative to the U currency is the Chinese yuan, which has risen over the past year and a half.
China has a history of devaluing its currency and making it more expensive to purchase goods and services.
But China’s economy has boomed over the same time, and it has also been experiencing rapid inflation and a slowing economy.
A common strategy among the emerging market countries is to build their economies around the yuan, with the expectation that China will eventually move away from the U yuan and into a basket-like currency, like the Swiss franc.
Many of the U business owners surveyed by Next Big Financial say that, as long as there is no one to share the U with, the value of their businesses is still going to be volatile.
“We want to see more U-sides and U-pes in the world so that we can have a competitive advantage and a stable currency,” said Jason C. Dutton, an assistant professor at Boston College and a former senior adviser to the Federal Reserve Bank of Boston.
Some U.s. businesses are already trying to capitalize on this volatility.
According to an analysis by the Economic Policy Institute (EPI), the U has seen its currency rise by more than 1,400% since 2007, when it was worth $4.1 trillion.
At the same point, it was trading at around $US3.50.
That’s a 1,600% increase in the currency’s value.
The biggest problem for SMB businesses is that they are trying to protect their assets from a currency devaluation, which could mean that their profits are not going to increase as quickly as they would like.
Because they are not used to being the global currency that other countries use, SMBs may not have a plan in place to transition to using a different currency.
If their businesses become unprofitable, the potential for loss could be too great for them, said Dutton.
And if the value falls, it could be difficult for SMEs to pay bills, or borrow the money to fund operations.
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