Step 1: ban the free exchange of dollar and crypto (through explicit bans or implicitly through KYC) Step 2: Declare that you must pay your taxes in dollars Now you are back under the tyranny of dollar printing
FYI not all crypto is hedge against usd Bitcoin is
Bitcoin behaves more like gold than currency. It’s fixed quantity. It’s a store for value. If you don’t have access to international banking system (for example- Iran and Russia), it acts as an alternative to USD.
Why would Rosatom and Gazprom want to sell their resources in bitcoin as opposed to rubles? The state controls rubles
If (the buyer is in a different country && the buyer doesn’t have rubles && the seller doesn’t want to accept usd) { Use bitcoin to settle trade }
No one can ban Bitcoin, even if the entire internet is shout down bitcoin will work on radio signals
Crypto has not been a hedge against the dollar for a long time. The overall crypto market has a nonzero correlation with the equities market anyways. Crypto is inherently a speculative asset so when people have a lot of money (i.e dollar is weaker) they are going to put it into crypto.
Why are you confusing the dollar with equities? Do the math. Look up Sharpe ratio. If Bitcoin is uncorrelated with equities, then that is justification FOR not AGAINST adding some Bitcoin ETF allocation to your portfolio as it reduces risk while increasing overall returns. I agree that Crypto/Bitcoin are speculative assets as is real estate, equities, commodities and bonds. The difference is that Bitcoin has dramatically outperformed all other speculative assets over the course of its existence, particularly when held over a multi-year period. It must be super frustrating to be so wrong for so long that you can’t imagine doing some real research to understand why you missed out again and again. Look, it’s not too late. Go add 3% Bitcoin ETF allocation to your portfolio right now, then read the book “The Bitcoin Standard.” Thank me later.
Because they think if USD crashes they can trade solved sudoku puzzles for chickens and ammo?
The US dollar has been crashing in purchasing power steadily for the past 100 years. Initially at the rate of ~7%/year (rate of money printing), but since Covid it has been crashing at a rate of ~15%/year. During Covid the US printed 80% of all dollars ever created into existence over the course of two short years. https://techstartups.com/2021/12/18/80-us-dollars-existence-printed-january-2020-october-2021/ Then the government had the nerve to tell you that inflation was due to Covid, supply chain issues, and later the war in Ukraine. When will people wake up. The question is not why would the government lie to you. The question is when has the government ever told you the truth about anything that matters. Bitcoin fixes this. Read “The Bitcoin Standard” to learn or don’t complain as a failing fiat currency continues to steadily crash.
Central banking sucks but so does BTC. It doesn't even work without electricity and an internet connection. You think if SHTF you're gonna be able to use your phone to trade for supplies?
Chinese Yuan is the best!
It's scammy ccp.
Yuan will probably never overtake the dollar in it's current form. Though its share of international use should increase
Because they are clueless about money
Quite the contrary. Every Bitcoiner I know can easily explain: - What money is - Where money comes from - The 2 ways in which money is created - What causes inflation (hint: not COVID, supply chain, Ukraine war, etc) - Why CPI is a lie and exactly how it it distorted My bet is you cannot explain any of these questions otherwise you would be a Bitcoiner. Educate yourself on money or have fun staying poor. Total Comp doesn’t matter if you store your earnings in a melting ice-cube of a currency.
I always thought CBDCs would kill off other cryptocurrencies. But they haven't announced themselves yet...
If anything CBDC, with their centralized control, loss of privacy and ease of money printing - will accelerate adoption of Bitcoin and other crypto. Enjoy your social credit score linked CBDC. I cannot for the life of me think of a single good reason why an individual would want a CBDC. Please educate me.
Simple reason, laws and regulations. I'm very wary of the lengths to which governments would go to reign in other cryptocurrencies and promote CBDCs.
People are forgetting if crypto becomes medium of exchange then central banks around the world will come up with there own CBDC central bank digital currency. Bitcoin, ethereum and all meme crypto is dependent on greater fool theory.
The EU is already planning towards a CBDC. If you think that will replace Bitcoin or even ETH, you are mistaken. CBDCs come with privacy and control issues and don’t prevent money printing, they make it easier. If anything CBDCs are a powerful reason to justify the use case for decentralized money.
It’s akin to gold. Paying taxes in dollars has nothing to do with it. It’s the scarcity. That said, crypto is so volatile I doubt its value is highly correlated to inflation at all. Or even worse, negatively correlated. I’m sure an expert can tell me if I’m right or wrong.
Bitcoin and USD could be the equivalent of a ‘bimetallic standard’. Btc volatility isn’t going away, and doesn’t have the flexibility of the dollar. Dollar isn’t going to have store of value properties, it is designed to manage the economy. They coexist simpatico. Like gold and silver did in the pre-nuke days! https://www.imf.org/en/Publications/fandd/issues/2023/03/gold-silver-monetary-stability-johannes-wiegand
USD inflation only helps deflationary assets more.