People don't really move the needle, nation-states and institutions do, and their survival depends on autonomy
That matters if* the dollar isn't the de-facto world reserve, they have a decision to make rather than staying on dollar auto-pilot
Institutions make decisions by committee though, committees don't go out on a limb, so gold is the natural 1st step by if* they feel the need to hold less dollars to operate... but when the lessons are re-learned through settling/vaulting that gold to operate, then Bitcoin starts to look like a gold-L2
People don't really move the needle, nation-states and institutions do, and their survival depends on autonomy
That matters if* the dollar isn't the de-facto world reserve, they have a decision to make rather than staying on dollar auto-pilot
Institutions make decisions by committee though, committees don't go out on a limb, so gold is the natural 1st step by if* they feel the need to hold less dollars to operate... but when the lessons are re-learned through settling/vaulting that gold to operate, then Bitcoin starts to look like a gold-L2
*the US seems content to export the dollar just via other means, a free float with stables that maintains hegemony without the Triffin Dilemma. That would mean the institutions and other nation-states don't matter, only whether or not the US uses Bitcoin reserves to back the dollar https://begich.house.gov/media/press-releases/congressman-nick-begich-leads-legislation-establish-strategic-bitcoin-reserve and the dollar becomes a Bitcoin fake-L2