China is setting up a parallel settlement network using gold and it’s using gold because it’s been reliable for millennia and, more importantly, has the liquidity profile to settle the size they need to settle if they’re going to compete with treasuries.
Discussion
China has been playing the long game of stacking gold since the 08 crisis & wouldn’t be surprised if they have more gold than USTs at this point. The dollar fiat empire is slowly crumbling. I hope y’all are also stacking more sats.
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