Bitcoin is either outright banned for use as a MoE in most autocracies, or effectively impractical to use as a MoE even if theoretically not explicitly banned as in nearly all western 'liberal democracies'. Do any SNs participants record all transactions and pay the legally required tax on their zaps? Silence. Unless that situation changes Bitcoin will continue to be slyly shepherded into the cul-de-sac of monetary irrelevance that its designation and use as a speculative commodity determines.

The USD hegemony has outlived its host- China won the trade war at least a decade ago. The USA cannot function without Chinese supply chains. The merchandise of Americas biggest corporates are Made in China. iphones and Teslas are Made in China even if some Teslas are assembled in the US.

CIPS and mBridge already enable a growing portion of global trade payments and while US exceptionalists can console themselves with World Bank/IMF/SWIFT data, they do not have the data for Chinas increasing share of global trade payments.

China is reverse engineering the monetary hegemony that was originally imposed upon it via HongKong.

China already enables trade payments liquidity for Iran, N.Korea and Russia, probably mostly via CIPS but the IMF and other institutional puppets of US hegemony do not know. Now that Saudi Arabia has joined both BRICS and mBridge. Trump can beseech both Russia and the Saudis, but the economic imperatives and trends are not in favour of continued reliance upon the petrodollar...because China has won the trade war.

The only other complicating factor that makes this transition truly different is that the Jewish bankers who have positioned themselves behind the wests serial empires do not have the option of shapeshifting their influence into the CCP.

Bitcoin can likely be a significant safe haven-neutral asset SoV- but it is not credible to assert it can compete in the main contest- for control of the MoE protocol upon which international trade will be settled.