““The U.S. possesses a distinct advantage: given that such a large amount of Bitcoin is held by U.S. residents, we stand to disproportionately benefit from its monetization…
…“bitcoin is a clear and present threat to China’s strategic ambitions for the e-RMB as well as its efforts to enforce capital controls,”…
…“Even if the U.S. didn’t stand to itself directly benefit from Bitcoin’s technological innovation, energy incentives, and value growth, we indirectly gain from the constraints it places on China.
The existence of Bitcoin is a severe complication for China’s CBDC ambitions, presenting an attractive store of wealth and effective cross-border payment system to those BRI nations that China seeks to entangle with the e-RMB.””