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.
