Saylor spouting statist nonsense
https://twitter.com/bitcoinnewscom/status/1643365040848764931
Discussion
Ouch… posted the “other app”
If i could write a bot it would make and post an invoice of 210 sats as a reply to any twoter link automatically
Instead i’ll just post the idea and hope someone steals it
Yeah this ain’t gonna happen lol. At most they will just coexist as competing currencies, and capital will slowly trickle into bitcoin as people realize it’s a better way to protect their wealth. But at the same time, the government will be forced to reimagine the dollar to make it competitive with bitcoin, which it won’t be because of its decentralized nature.
Multipolarity is the best thing that can happen to Bitcoin. USD losing share to whatever BRICS+ does means there will be a hedge and bridge needed between these worlds and that’s where I see Bitcoin.
No way does the US decide to back their currency with a global asset they don’t control. Saylor is high on hopium because he doesn’t want to leave the US which is more likely to “ban” Bitcoin than adopt it.
They got to him. He is too tied to Wall Street. They made him step down, tone it down and change his tune. They threatened him with the Tax hammer and who knows what.
Backing USD with Bitcoin means USD is Bitcoin. And if USD is Bitcoin why go back and forth. Too inefficient, too slow, too risky. People would skip that step.
💯
I think the statist idea is ordinary plebs wouldn’t be able to access the underlying reserve asset after they cutoff on-ramps so everyone would keep using fiat dollars but on bitcoin rails.
Your point is exactly right though, it’s inefficient and riskier than just going to Bitcoin so people would find that route even with increased friction precisely because being on the dollar arbitrarily restricts you to one sphere of trade with no upside and plenty of downsides.
He's a smart dude. He knows that's not the end game but he can't say that.
End game is the end of the dollar as you know it. He's not going to say that, instead he says what he needs to say to not get shut down and to maybe convince boomers that Bitcoin it's a good thing.
It's a complicated game, glad I don't have to play it.