Marco Rubio just admitted on Fox News what Bitcoiners have been saying for over a decade:
"We are not the global reserve currency anymore."
Meanwhile, China is printing money and shoving it all into...
I thought also that the #bitcoindollar thesis was theoretically still intact, but Trump’s practical pivot from a pre-election MAGA campaign to a hard neocon real stance made me think that the bitcoindollar is not going to happen anytime soon. In fact, #Trump seems to be doing everything possible to weaken the US #dollar further and escalate all possible tensions (from tariffs to acts of military aggression against almost everybody). This is exactly the opposite of what you would do if you really wanted to #MAGA, embrace Bitcoin and launch a global dollar #stablecoin monetary system to preserve the advantages of the dollar’s reserve status.
As I made clear in my book, this requires the US to de-escalate tensions generally and with #China in particular — not escalate ALL possible tensions with everyone. Because who is going to buy a US$ stablecoin, controlled and censored by US-owned rails, when the US behaves like a pirate-criminal-pariah state? No one. Just like everyone now dumps US Treasuries, not even Latin Americans will jump into the US$-denominated stablecoin bandwagon. #Venezuela has already been burned by the arbitrary seizure of their USDT holdings. Be sure that everyone has taken notice.
In the meantime, Trump, despite the narrative, is doing in reality the work for China: he weakens the dollar, forcing everyone into #gold — where China has a strategic advantage because of the #Shanghai market’s large physical gold trading volume and settlement infrastructure. Basically Trump relinquishes pursuit of the ONLY strategic advantage the US still has at the moment (Bitcoin and dollar stablecoins networks), pushing everyone toward China’s yuan-gold rails. Crazy. And let’s not forget that China has significant, though not quantified, #Bitcoin holdings as well.
If and when they decide that it makes strategic sense to pursue this avenue as well - even to just cut off definitively both wavering legs of the remains of the US$ reserve status - they can do that in the blink of an eye. Would one trust a Chinese Bitcoin-backed global yuan stablecoin more than the USDT? You bet, the past 60 years of US policy betrayals and lies gives you the answer almost everyone around the world will give. So this window of opportunity for the US is closing by the day. Trump seems on a mission to self-sabotage America, not MAGA.
Which fact makes me think that @Simon Dixon may be right in his view that Trump works for the globalists — the financial sector which needs China more than it needs America. It is a complex reading; there are incoherences and the situation is very fluid and can change at any moment, but Trump’s practical MAGA-renegade behaviour leaves me speechless. I would love to hear your thoughts @MartyBent @TFTC Thanks
As I made clear in my book, this requires the US to de-escalate tensions generally and with #China in particular — not escalate ALL possible tensions with everyone. Because who is going to buy a US$ stablecoin, controlled and censored by US-owned rails, when the US behaves like a pirate-criminal-pariah state? No one. Just like everyone now dumps US Treasuries, not even Latin Americans will jump into the US$-denominated stablecoin bandwagon. #Venezuela has already been burned by the arbitrary seizure of their USDT holdings. Be sure that everyone has taken notice.
In the meantime, Trump, despite the narrative, is doing in reality the work for China: he weakens the dollar, forcing everyone into #gold — where China has a strategic advantage because of the #Shanghai market’s large physical gold trading volume and settlement infrastructure. Basically Trump relinquishes pursuit of the ONLY strategic advantage the US still has at the moment (Bitcoin and dollar stablecoins networks), pushing everyone toward China’s yuan-gold rails. Crazy. And let’s not forget that China has significant, though not quantified, #Bitcoin holdings as well.
If and when they decide that it makes strategic sense to pursue this avenue as well - even to just cut off definitively both wavering legs of the remains of the US$ reserve status - they can do that in the blink of an eye. Would one trust a Chinese Bitcoin-backed global yuan stablecoin more than the USDT? You bet, the past 60 years of US policy betrayals and lies gives you the answer almost everyone around the world will give. So this window of opportunity for the US is closing by the day. Trump seems on a mission to self-sabotage America, not MAGA.
Which fact makes me think that @Simon Dixon may be right in his view that Trump works for the globalists — the financial sector which needs China more than it needs America. It is a complex reading; there are incoherences and the situation is very fluid and can change at any moment, but Trump’s practical MAGA-renegade behaviour leaves me speechless. I would love to hear your thoughts @MartyBent @TFTC Thanks
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