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14 sats \ 4 replies \ @0xIlmari 17 Jan \ on: Policy Proposal for Trump's Bitcoin Stockpile Leaks bitcoin
Is a good idea done for a stupid reason still a good idea?
Anyway,
What does this word salad even mean?
“Bitcoin can enhance the global reach of the dollar network, particularly in emerging markets, where the long arm of China’s digital authoritarianism seeks to gain traction,”
This validates my suspicion that both Bitcoin and Tether are going to be embraced. In fact, (from a purely US-centric PoV), I would think embracing Tether is critical to US interest. I think the wise among them realize that they must tolerate and support Bitcoin in order to reap the benefits of Tether.
Again, this is US-centric PoV, but pushing Tether means that they immediately put massive negative pressure on all other currencies. This allows them to amortize printing more dollars over 6B people instead of 300-500M currently. Multiple currencies will simply cease to be if their population can have USD on their phone instantly, this leads to true USD hegemony
Bretton Woods 3.0
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That's close to my assessment of the situation, too.
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Chinese development Bank provides far more funding for developing nations than the World Bank.
China also dominates commodities markets and the supply of manufactured goods.
All nations are now dependent upon China for their economic well being.
In terms of trade China contributes far more the most nations economies that the US.
China has won the trade war by beating the Wests crony capitalism at its own game.
An rapidly increasing amount of global trade is settled in Yuan but this is not recorded via the Wests institutions like the World Bank and IMF.
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