Homework: Imagine you are an intern at JP Morgan tasked to write about Bitcoin for this annual letter. —— A significant and overlooked risk to the international world order is a viable attempt by the BRICS nations to launch and maintain a serious competitor to the dollar’s role as the world’s reserve currency and primary pricing tool for oil. Although an occurrence is unlikely, it would be a strategic blunder by the West to be unprepared for it. We suggest that the central banks of the West begin accumulating Bitcoin on a slow and steady basis under the pretence that this nascent monetary asset may at some point in the future gain widespread adoption. Behind this pretence would be a warning shot to the BRICS; if you threaten the dollar by launching a BRICS currency, we will unleash a speculative bubble in Bitcoin to not only divert attention away from your currency launch but to also destabilise your own domestic currencies and simultaneously create a mechanism to underwrite the US treasury market (by selling overvalued Bitcoin to buy US treasury bonds).