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0 sats \ 1 reply \ @Solomonsatoshi 7h \ on: When might we see the mass adoption? bitcoin
The dollar is in decline with US debt and empire already looking insolvent.
China now dominates international trade with annual trade surpluses of $1T plus.
Increasingly trade is denominated in Yuan and transacted via CIPS and mBridge completely outside of USD/SWIFT legacy hegemony.
The decline of the USD does not automatically result in replacement with Bitcoin.
In a world where China is increasingly dominant some jurisdictions might prefer to use, or at least allow the use of Bitcoin but the need to trade with China may even prevent that.
The 70% of humanity who live under autocracies are already explicitly prohibited from using Bitcoin as a MoE while the other 30% living under 'liberal democracies' are hit with impossible to comply with tax recording and tax on transactions denominated in Bitcoin.
Almost all governments are either explicitly banning MoE or making it impracticable.because they are determined to preserve their fiat monetary hegemony over MoE.
Most Bitcoiners ignore these facts because there is no obvious or easy solution.
As a KYCED, taxed speculative commodity Bitcoin is increasingly held and controlled by corporate entities.
As this trend continues the viability of Bitcoin security funding from transactions fees becomes increasingly untenable.
The decline of the USD does not automatically result in replacement with Bitcoin.
Very true.
Almost all governments are either explicitly banning MoE or making it impracticable.because they are determined to preserve their fiat monetary hegemony over MoE.
Also true.
Most Bitcoiners ignore these facts because there is no obvious or easy solution.
I also agree.
As this trend continues the viability of Bitcoin security funding from transactions fees becomes increasingly untenable.
There is no way to know the future, no way to know what will happen... but yes this is a concern long-term.
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