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17 sats \ 2 replies \ @BlokchainB 8h \ parent \ on: Paolo Ardoino On Why Tether Is Necessary bitcoin
Don’t forget people just want dollars worldwide.
If a Chinese citizen is given a choice to put his life savings in dollars, yuan, or bitcoin I am 90% sure they will choose dollars and they are the biggest threat (if you believe the media) to American power.
More importantly I think is that they don't necessarily want dollars, but need dollars in as much as they need stuff.
Even if they kept their wealth in Bitcoin instead of Yuan to protect their purchasing power, that power is a proxy for ability to buy dollars to then exchange for stuff, and stuff is the security for debt issuance.
Debt = Dollars = Stuff
The "suddenly" part is when Bitcoin buys stuff directly, but there's a whole lot of fiat dominoes to fall between now and the final dollar dominoe.
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Fantastic answer
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