| All of this is based on the premise that 1) Countries want external control of their international transactions 2) They accept Bitcoin as said thing. They are sort of , to some degree, forced to 1, by the US Govt. there is likely near zero chance they WANT this as a property though. 2) This is also not very likely. With some 70% of BTC being mined inside of PRC and a 51% attack possible, there is a lot of trust required of the Chinese govt. Unless this changes, I don't see countries wanting this to happen, either. So while what you say is theoretically possible, I don't think it's very likely. I think what will happen, and what already is happening to some degree, is countries are just deciding to convert in direct currency transactions and not use USD as the base contract amounts, because the US reserve currency status is slowly declining. I.e. they are using the dominant currency in their region ( Yuan/Yen, Euro, USD, etc) It's unknown how the US will respond at this point, with Trump in office they were basically ignoring the problem(that I'm aware of). How Biden's team will handle this is still unknown(or if they also will kick the can down the road). We do see some corporations using BTC as a store of "cash", TSLA the latest big company to do so. It's still unknown if this is just a short-term thing to make some extra dollars on otherwise boring cash, or if this will be a long-term situation. |