Agreed on a few things, maybe not all. The control over dollar dominance allows some form of puppetry re Asian Financial Crisis. One reason why SEA won't be heavily impacted by the oncoming recession would be because of its lack of dependence on the US based on currencies that are no longer pegged, fair trade in nature, and in reality, trade with China is about 3x more than US. But despite heavier trade with this side of the world, 80% global currency exchange is still in USD so when recession does hit, it may not seem fair to everyone. India and China are not at the brink of war with each other lah :) border issues happens everywhere. Ironically, during the great depression, having control over gold (by forcing people to give their gold to the gov't) as currency was pegged to it, allowed gov'ts to devalue the currency and enhance export and increase local manufacturing. I agree in that sense that if US wants to compete head on, then they've got to really focus on development and growth instead of playing power house on other countries. I'm generally not for any hegemony power hence why I think bitcoin as global currency will solve a lot of problems
Discussion
Bitcoin already is a global currency.
It is, but like all good innovations, if it’s not used then it defeats the purpose of built.
What’s missing in Bitcoin is heavy money circulation esp import/export trade, and local adoption buy and sell worldwide.
And until then, the cold harsh truth is that Bitcoin relies on emotions and market sentiments . Maybe not as evident as every altcoin because of its higher value, but stuff like ordinal NFTs which taps into madness of the crowd and pump and dump is the complete opposite of the ethos of Bitcoin. Same for Saylor, buying and holding in hopes market sentiments pushes it up is not the healthiest move. Historically you’ve seen the risk of pump and dump - south sea bubble, Mississippi company, tulip bubble
Using Bitcoin as money would help people lean in as global currency. Further deriving from Bitcoin as monetary usage, one important benefit would be digitalising small businesses and small manufacturers globally and that’s one big opportunity and answer in reducing hegemony trade dependency
conversations around currency is largely pointless in the global economic outlook until resource backing is determined. as long as economies pretend digital data is not the current "currency backer" propping up the stakeholder model, it's only a matter of time before it all collapses. the only reason it's maintained the front for this long is because of secrecy, jargon gatekeeping, and off-books margins. without property, proof of work, or physical assets, very little will economically matter in 25 years.
Agreed