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WHAT GOES ON If The U.S. Dollar Loses Reserve Currency Status?

It is a transcribed excerpt of the Bitcoin Magazine Podcast, hosted by P and Q. In this episode, they’re joined by Julian Liniger to speak about fundamentals of Bitcoin and just why bitcoin is seeing massive adoption in Europe even through the bear market.

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Julian Liniger: With developments in Russia, China etc, you can find initiatives attempting to weaken the U.S. dollar as a reserve currency. Can you feel that folks are afraid of this in the U.S., that could happen soon that the USD will eventually lose its dominant reserve currency status? What role is Bitcoin playing for the reason that scenario (If it’s a scenario)?

Q: Totally. I believe you need to separate the response into different sets of people. I’d say you can find three simply for simplicity’s sake, knowing full well they’re nearer to 500. I’d say the initial group may be the Bitcoiners, who quite definitely buy that narrative, who start to see the writing on the wall and observe how the moves the U.S. government is making and the moves that foreign governments are making come in a direct way to eventually have the U.S. dollar no more function as global reserve currency.

I believe there exists a sentiment and I’ll speak for myself mainly which should more countries be granted the opportunity to price oil within their own native currency. It generally does not have to be formally announced. It generally does not have to be a declaration from OPEC or from the EU or somewhere else saying, Hey, the dollars not the global reserve currency. If you ask me, whatever may be the global standard to price oil in will undoubtedly be, in the intermediate term, the global reserve currency.

There’s the secondary problem of the impending collapse of the European bond market. We’ve seen this happen across more developing nations. We start to see the collapse of japan yen. There’s now another class of individuals who I believe, in the shorter term, the effectiveness of the dollar will continue steadily to increase, but it’s only inevitable that with that increase, there’s added pressure and ultimately, I usually get back to: Why would we think that individuals who made the decisions to place us in this example we find ourselves in now, why would in addition they function as same individuals who can get us out from the position they put us in? So, I’d explain type of those two within the Bitcoin community.

And there is, for me, a vast most people in the usa who’ve no grasp or real knowledge of what this means to really have the global reserve currency be our native currency and become the currency our country and government can print to no end? For almost all those people, they could be told most of these things yet would prefer to just say, nonetheless it doesn’t matter. The U.S. dollar has existed my very existence and it’ll continue. And there’s lots of denial, I believe. I’ve it among good friends of mine who Ill have these kinds of conversations with, and their response will you need to be like, Yeah, but just like the government will figure it out. Just like the U.S. dollar isn’t gonna disappear completely. I think you will see lots of pain for the reason that class of individuals. I think many of them will undoubtedly be shocked once the inevitable happens.

Then your final group I believe is, or will be the decision makers, individuals in government who maybe see a few of, but not most of what the class of Bitcoiners see because the inevitability of the finish of the dollar. They believe that should they do just a few things correctly from here on out, then things will get back in to normal and everything will undoubtedly be fine and dandy. And the U.S. dollar and the united states will stay in power.

I genuinely believe it is the mix of both of these ideas that provides fuel to your policy makers within this country. Whether they’re right or wrong (I really believe they’re wrong). I’ve said for quite a while now that the very best example of that is Jerome Powell developing in 2021 saying, Inflation will undoubtedly be transitory. Not be worried about it. It isn’t an issue. Only then in April or May go under oath in a hearing before Congress and say, Yeah, we made a blunder. We didn’t know just as much as we thought we did. So in retrospect we find ourselves here.

I’ve no reason to trust that, from that instant to today, he’s learned so much that his decisions will right the ship. But I believe I’m in the minority.

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