poorbaldmonkey on Nostr: I think much of the mainstream is missing the mark by focusing on the Yuan displacing ...
I think much of the mainstream is missing the mark by focusing on the Yuan displacing the Dollar.
No one currency needs to displace the Dollar for the Dollar to fail as the reserve currency. All that must happen is that trade be denominated in anything other than the Dollar. Trade can b be denominated in any number of currencies that aren't the Dollar and the effect will be the same.
It's not about the Dollar being replaced by something specific, it's just about the Dollar being dropped.
And it looks to me like that's happening very fast now. It's not a new thought, but, of course, "first gradually, then suddenly."
The fun part is that this is all incredibly bullish for bitcoin adoption.
Countries aren't known for their trust in one another. And while multi-currency international
trade could work fairly well in the short term, in the long term they'll seek out what bitcoin has to offer.
No one currency needs to displace the Dollar for the Dollar to fail as the reserve currency. All that must happen is that trade be denominated in anything other than the Dollar. Trade can b be denominated in any number of currencies that aren't the Dollar and the effect will be the same.
It's not about the Dollar being replaced by something specific, it's just about the Dollar being dropped.
And it looks to me like that's happening very fast now. It's not a new thought, but, of course, "first gradually, then suddenly."
The fun part is that this is all incredibly bullish for bitcoin adoption.
Countries aren't known for their trust in one another. And while multi-currency international
trade could work fairly well in the short term, in the long term they'll seek out what bitcoin has to offer.