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China Drops American Debtwww.cointribune.com/en/china-releases-us-debt-bitcoin-gains-ground/
21 sats \ 2 comments \ @ch0k1 26 Jul news
The United Kingdom has surpassed China as the second largest global holder of US public debt.
The English ally now holds $779 billion, partly taking the place of the BRICS which are offloading their holdings. China falls back to third place, with $765 billion. Japan remains the top holder, with $1.113 trillion.
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21 sats \ 0 replies \ @Solomonsatoshi 26 Jul
'And this is a problem. Russia, for example, stopped accepting the Indian rupee for its oil trade early last year. The reason being that India does not produce enough of the products Russia needs, unlike China (High-Tech, vehicles, machinery).'
China already operates the replacement protocols which over time will make USD trade payments hegemony redundant. N.Korea, Iran and Russia can only continue to trade and function because of Chinese payments protocols.
CIPS and mBridge are controlled by China and China will control post dollar global trade MoE because it is China that now dominates global trade in manufactured goods and commodities, like the USA once did.
Bitcoins MoE capacity is completely insufficient for any serious international trade payments- the US strategy of defining Bitcoin as a speculative commodity and enabling ETF and Treasury strategies to accumulate an increasing ratio of total issuance prevents Bitcoin from ever providing a viable alternative for international trade payments.
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0 sats \ 0 replies \ @TNStacker 27 Jul
Stateless, impossible to “freeze,” and existing in absolutely limited quantity, Bitcoin is tailored to become a top international currency.
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