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I believe both (or either).
But make from that what you will Here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4744828, or here: https://www.btcpolicy.org/articles/the-role-of-bitcoin-in-the-dollar-based-system
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Huh, never heard of btcpolicy.org. What a treasure trove, I'm going to enjoy diving into some of these
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Would Josh Hendrickson have supported a return to the gold standard? Would he support a Bitcoin standard?