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0 sats \ 2 replies \ @Solomonsatoshi 28 Sep \ on: What is the biggest threat to your Bitcoin? bitcoin
The greatest threat to Bitcoin is probably the decline of western democracies and the rise of autocracy led by China.
It seems very unlikely Bitcoin would be allowed as a MoE under a Chinese dominated global order.
It is tolerated under the current US global hegemony because of the traditional private property and freedom of speech rights at the core of US constitutional and cultural values.
IMO the odds of a Chinese dominant world are much higher than most Bitcoiners would think.
Especially Libertarians under estimate the strength and potential of the Chinese to overtake the current US led western hegemony.
China already operates its CBDC DCEP and has built this protocol with the intention of it enabling an alternative international trade payments structure to the USD SWIFT model.
China is already providing trade payments alternative to Iran and Russia since they have been banned from SWIFT.
US dominance could topple very swiftly if China further extends its already captive monetary tribute dependent beyond Russia Iran and N.Korea.
Always the same story, they ban it for the pleb and use it themselves. Bitcoin don't care about government either, you are if you are worried!
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Without the ability to legally exchange Bitcoin back and forth with fiat via CEXes let alone using it as a MoE Bitcoin would be an underground movement, much much smaller than it is today.
Yes, I believe it would still exist, but its market value would be a fraction of what it is today.
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