Rereading nostr:npub1trr5r2nrpsk6xkjk5a7p6pfcryyt6yzsflwjmz6r7uj7lfkjxxtq78hdpu 's excellent expose on the Petrodollar recently and thinking: what would it seem like, if it seemed like (h/t nostr:npub1sfhflz2msx45rfzjyf5tyj0x35pv4qtq3hh4v2jf8nhrtl79cavsl2ymqt ) the petrodollar system was coming to an end, and the US knew it, and was embracing cryptodollars as a replacement for petrodollars, not by accident but by design.
I think it would look a lot like some of the stable coins we are seeing today, exporting our inflation out into the world through making stablecoins available in hundreds of countries where our banking system doesn't reach, and driving up a demand for US treasuries by stablecoin issuers, which pushes down US treasury yields, allows issuance of cheap debt, etc. Just like the petrodollar did.
Paul Ryan's recent comments show a clear understanding of this picture.
In the medium term it would also really help the US Government to have a pathway to pegging to Bitcoin, especially if Fort Knox doesn’t have the gold they claim it does and BRICS does properly bifurcate world trade with a gold-backed currency. Luke Gromen explainer in this note:
How would they do that? Well how does some gigantic ETF honeypots that could easily be 6102ed sound?
nostr:note1kh8h3vvjrkx3llcsl8dv3cdkqzhyk6yy6h7am5k73l5jy5dh3ewsk8xnk9
The Gold is gone.
I think so.
Understandable that they don’t seem overly concerned about de-dollarisation if Gromen’s thesis is right and they’re planning to skip a gold re-peg and move straight to a Bitcoin peg eventually.
US can much more easily fuck with international gold settlements with their armed forces. They might not control Bitcoin but they don’t need to defend it like gold being shipped around, and they can get a big chunk and leverage existing network effects of the dollar.
Good luck being a HODLer in a Western country if that happens. Your Gov will come knocking in no time.
We're just six months away from what I am convinced is THE singularity for bitcoin: Jan 1, 2025, the date where the BIS regulation kicks in allowing central banks to put up to 2% of their reserves in crypto (technically BTC but likely other stuff like ETH too).
