Will Bitcoin succeed in pushing the United States out of the world's economic leadership position and replacing the dollar?
The National Interest newspaper publishes an article talking about the "Bitcoin" currency, and wonders whether this currency can replace the dollar in the future. The following is the translation of the full article:
Bitcoin is flying high, the dazzling child of market speculators. Even conservative wealth management companies on Wall Street have started offering Bitcoin services to clients. Bacon was first launched in 2009 with an initial asset value of exactly $ 0. In October 2010.
Bitcoin traded at around 10 cents to the coin. One hundred dollars will buy about 1,000 Bitcoins . If an investor had held these digital "currencies", they would be worth more than $ 62 million today.
Satoshi Nakamoto, a brilliant Japanese software engineer, invented Bitcoin in 2008, using the "blockchain" algorithm, and launched it to be the first decentralized digital currency in the world, not subject to the control of any government authority and does not need an intermediary. Nakamoto's good performance left him with a personal fortune in excess of $ 30 billion.
Bitcoin is respected as a "cryptocurrency" to buy anything and everything. The electronic currency, viewed by millions as the next future of a new global currency system, has become unconstrained by government controls and bank clearing systems.
Tesla announced in March 2021 that it would accept Bitcon in the United States to pay for cars. (It also purchased $ 1.5 billion in coins for its corporate coffers, generating more profits for the company in one year than selling the cars.)
The Swiss consulting firm BitHome has real estate listed worldwide to sell Bitcoin on its website, including in the United States. Pizza Hut can be bought in Venezuela. Although if a pizza fan were to hold onto ten thousand Bitcoins , the cost of buying two pizzas at Venezuelan Pizza Hut in 2010, that person would be sitting today on a fortune of over $ 300 million.
Amazon recently announced its own plans to launch a digital currency to purchase goods on its site. This addition to Amazon's vast arsenal will raise important questions about the long-term ability of nation-states to control their economies in the global market.
Sooner or later, the United States must deal with the national security threat posed by cryptocurrencies, Bitcoin and others. One of the core tasks of the nation-state lies in its ability to control the money supply to curb inflation and maintain price stability.
Bitcoin and other special cryptocurrencies can change the dollar's position as the global reference currency. Especially with the high level of budget deficits and multi-trillion spending programs, investors can gradually prefer to store their cash reserves in Bitcoin instead of the US dollar.
The most acute national security risks for the United States increase when it realizes that more than 65% of the supply in the global Bitcoin market comes from China. This situation leaves the Chinese Communist Party in the seat of the underground influence, and may lead to a loss of confidence in the dollar as the reference currency.
The potential good news is that there may not be a need for a large number of rules or laws from the US Federal Bank to face risks. Article 1 of the Constitution and Congressional Laws 8 and 5 define the federal state’s role in monopolizing currency production, and the use of foreign currencies is considered against the law.
It is time to stop using Bitcoin not only in the US economy, but in the global financial system as well. Before the United States woke up to the fact that it was removed from the world economic leadership. Steps must be taken now before America ends up in disaster.
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