Federal Reserve Chair Jerome Powell gives his thoughts on inflation risks, the economy, the timeline for cutting rates, the health of the country’s banks and...
People don’t use USD because the US will bomb them if they don’t. They use USD because they trust the fiscal policies of its issuer and many places accept USD (network effect). Not every country likes using USD because we use it as a tool of imperial control over others, so sometimes they choose other currencies. Not often though, because they don’t trust the issuers of those other currencies.
Bitcoin has fiscal policy that is backed by math and physics instead of the whims of a national government and its network effect grows more each year. Only time will tell if that can result in Bitcoin becoming a global reserve currency.
A powerful entity backs the USD is the point. Military might provides a certain level of stability. It’s not about forcing the use of the dollar; you don’t have to.
People don’t use USD because the US will bomb them if they don’t. They use USD because they trust the fiscal policies of its issuer and many places accept USD (network effect). Not every country likes using USD because we use it as a tool of imperial control over others, so sometimes they choose other currencies. Not often though, because they don’t trust the issuers of those other currencies.
Bitcoin has fiscal policy that is backed by math and physics instead of the whims of a national government and its network effect grows more each year. Only time will tell if that can result in Bitcoin becoming a global reserve currency.
A powerful entity backs the USD is the point. Military might provides a certain level of stability. It’s not about forcing the use of the dollar; you don’t have to.
Bitcoin is hot air and a poor use of electricity.