Let me just start this thread by saying, I'm irresponsibly long BTC, and I think one of the reasons that it will eventually have a market cap greater than gold's is the debasement of fiat currencies around the globe. However, it's really important to challenge your assumptions, and Jeff Snider said something in his recent video with Ed Harrison that really got my noggin joggin'.
At 36'28" Jeff states that USD has a "utility value that is not pegged to confidence". In essence, his point is that USD is the foundation of the global economy at present, and until the Eurodollar system undergoes a profound change, USD is not going to collapse.
To put it in crypto terms: USD is the native utility token of the largest payments and trade finance network currently in existence. Therefore, irrespective of the Fed's infinitely elastic monetary policy, USD retains significant intrinsic value, due to this network effect.
I think Jeff is underestimating just how quickly the whole Eurodollar system is going to be disrupted by ETH 2, DeFi, the neo-banks and stable coins. However, his point really made me think about how negative we in the cryptosphere can be about USD.
Imagine if I told you there was an upcoming TGE on UniSwap, at some undefined time, but definitely within the next 72 hours, where the native utility token for a global payments and finance network - which had all of the world's largest financial institutions and multinational corporations already signed up... (More)
