| | | Say ...
that USA outlaws all private crypto including BTC, and all operators are under threat of death and jail, under either national security or financial regulatory laws of the land, and that EU does same.
BTC, being an algo with governance by the committee of elders nominated by the miners mostly residing outside of the USA, does not have an issuance party like the other coins, and so none to arrest / sanction, remains money-good in, say Zurich, Singapore, Hong Kong, Macau, Shanghai, and Moscow. Singapore and Zurich folds under pressure from USA and EU. Further say that Greater China and usual Russia continues to allow citizens to hold coins but only one per account, and allows a market for all visitors carrying digital wallet, w/ on- / off- ramp to special-purpose gold-backed RMBRuble, used for clearing trades of rare earths, gold, palladium, vodka, and jewelry / industrial diamonds, and natural gas between all buyers (China, Russia, USA, Japan, Germany, S Korea, ... etc) and major sellers China and Russia.
Result: For people everywhere they know (i) BTC has network as well as intrinsic value, (ii) features deep market supported by hundreds of millions of account holders, (iii) with on- / off-ramps to some things quite useful, valuable, and imperatives for buying nations. Thus BTC becomes a store of value as well as a medium of exchange even more so than today.
Why would China and Russia do above for BTC?
Because both are big miners of BTC, and BTC is Not-Dollar.
For folks living within domains of USD and Euro, they sometimes need fiat currency and other times need Not-Fiat-Currency, and for the buyers of certain resources naturally occurring in China and Russia, they need and must have the only accepted transactional currency accepted by the sellers of those natural resources without which the economy cold stops. Doubtful that digital RMBRuble would be sanctioned, at the risk of Nasdaq to zero and Germany goes freezing, and Japan stops in Japan, and gets locked out of Eurasia developments in favor of the Koreans.
We are just two CBDCs issuances away from above capabilities / capacities. And with the USD weaponised already, counter-measures forming, just a question of when what, and not if.
So, within USA and EU, BTC is illegal, and outside the borders, BTC is not only legal, but transacts to RMBRuble, which remains legal w/i USA and EU, else economies stop. BTC sounds like cocaine. And China and Russia and everywhere continues to mine BTC legally or otherwise, because it becomes an important marker, and the network-effect accelerates, so does its store-of-value feature.
Now what? |
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