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Good article. Choice quote:
What I usually answer to that is: Babies are not born walking and talking and trading interest rates; it’s a 20-year journey. They are born and then they stumble around; then they formulate sentences; then they make their case and decide what they want to do in life, and then they do it in life. Then they have a midlife crisis.
The dollar has gone through all of that. After the Second World War, when we read the history books, it became the reserve currency, but it was still a journey to get there.
I'm not one of the people who believes that hyperbitcoinization will happen; but I do believe btc has a chance to become an important monetary good that serves to anchor the financial environments of nation states -- to keep them honest, from a certain point of view.
If that's true, what are the steps on the road to that destination? What journey does btc have to eventually undergo? Is all this ETF stuff an important stop along the way?