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35 sats \ 8 replies \ @k00b 1 Oct \ on: What do outsiders understand about Bitcoin better than Bitcoiners? AskSN
Bitcoin is a threat to the dollar. I know Saylor has his regulatory LARP, which afaict most bitcoiners have internalized, but the dollar is dying with or without bitcoin ("there's no stopping this train" as Lyn Alden says), and it's hard to imagine the world adopting another fiat hegemony while bitcoin exists.
Payments hegemony historically derives from trade dominance.
USA was the dominant nation in global manufacturing when it gained monetary hegemony.
As was Britain.
Now China is the dominant global economy in terms of production of manufactured goods and consumption of commodities.
Bitcoin may have a role as a neutral SoV refuge / safe haven for wealth and capital but in terms of trade payments (ie SWIFT) China is trending and positioned to gain dominance way ahead of Bitcoin.
Bitcoin is barely used globally as a MoE except on SNs!
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Nearly all countries have a trade deficit with China and so paying with Yuan and receiving Yuan makes sense as they are not ending up with a pile of Yuan but simply saving the cost of conversion to other currencies such as USD or Euro.
China is already rolling out its digital trade payments systems like CIPS and mBridge which are considerably faster and cheaper to use than the SWIFT system.
I doubt they will force other nations to denominate trade with China in Yuan but rather that most nations will choose to as the ability of the US force them to use USD declines.
Most Bitcoiners see BTC as competing with the USD winner takes all style - I see the Chinese CBDC Yuan and other digital trade payment protocols (including stablecoins) as the greater medium-longer term competition facing Bitcoin.
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I think it's really simple for people to adopt another fiat currency instead of bitcoin. Because they're really stupid and prefer to remain enslaved under the myth of governments' authority and their fake money rather than adopt bitcoin and the responsibility it demands.
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They are correct in that thinking, but Bitcoiners may be in error in assuming Bitcoin will inevitably replace the dollar, as the Chinese are much better positioned to determine their currency is used in trade payments.
It is in MoE dominance that monetary hegemony is gained.
BTC being increasingly seen as and used primarily as a speculative asset does not challenge directly challenge either the dollar or the Yuan as they compete for global MoE dominance.
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