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Bitcoiners may feel rugged, but zoom out: the U.S. sees stablecoins as a route to dollar dominance, making everything else in crypto secondary.

Bitcoin doesn't need them; the stablecoin industrial complex does.

Bitcoin doesn't need anything from these people. But the stablecoin industrial complex (every major bank wants in) needs them badly. So, incentives were always going to align.

I don't think this means the Bitcoin Reserve idea is dead, but it does mean it's taking a back seat to what they think is the "bigger picture."

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Discussion

trosso19 10mo ago

We may be in for a long ride. Just like dollars used to be redeemable for gold and the redemability was eventually stopped, we're going into an era of global dollar stablecoins redeemable for dollars. One day they will stop redeeming stablecoins for dollars to support inflating the supply. The bitcoin standard will come after that.

Chris Fisher 10mo ago

Kinda feeling the same way. Though we may see a few state based reserves and more and more corporations doing the same during this time.

trosso19 10mo ago

Yeah bitcoin will be great for saving through this whole process and some sovereigns and companies will benefit. I just think stablecoins will be a second wind for the dollar and that's why politicians are so excited about them.