One idea I’ve been contemplating is that Bitcoin may be the key to extending western civilization.
The natural trend of whichever country has the reserve currency is to inflate the money supply and increase deficit spending until it loses that advantage. The U.S. is somewhere on this journey, which many have discussed including Dalio in The Changing World Order.
The Yuan and Euro have their own issues and aren’t viable alternatives currently, so the assumption is the U.S. can continue to inflate, but what I think many haven’t considered is that people have an alternative now with crypto. They may start moving fiat into crypto, as an antidote to inflation.
Contrary to what some may assume, I don’t think this be a threat to the dollar and the U.S., I think it will be a natural check and balance that will complement the dollar, and be the best defender of long term American interests (and western civilization more broadly). It’s better to move from dollars to crypto than to another country or region’s fiat. I also think both fiat and crypto will co-exist for a long time. They are more complements than substitutes. And dollar backed stable coins like USDC, or flat coins, will play a major role in unifying these worlds.
Still thinking this through. What other good takes are there on this?
https://nitter.moomoo.me/brian_armstrong/status/1731460958298788232#m
Brian Armstrong 🛡️ / @brian_armstrong (RSS Feed) /
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2023-12-03 23:50:36
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