The struggle for power is currently in full swing, evident through various conflicts around the globe. However, few realize the impending shift away from USD hegemony and America's dominant role. I don't foresee America becoming weak akin to Europe's decline (I believe Europe has significantly weakened over the years and will likely continue to do so as we enter a recession).
China and Russia are unequivocal allies, not due to affinity but out of necessity. China comprehends America's capabilities, while Russia is engaged in conflict with America in Ukraine. The BRICS alliance appears to be strengthening each year, coinciding with a full-fledged process of de-dollarization.
In what is certainly an important moment for the BRICS alliance, Russia and China have completely ditched the US Dollar for trade. Indeed, Russia’s Foreign Minister Sergey Lavrov has recently stated that the economic bilateral relations between the two countries have undergone near-complete de-dollarizaiton.
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It's not just Russia and China taking the essential steps to significantly reduce reliance on the USD for international trade. Venezuela is also a country worth watching closely in the upcoming years as it moves away from the dollar when exporting its most valuable asset, oil. This shift follows years of sanctions, particularly those related to the US and based on Swift network sanctions.
Venezuela’s state-run oil firm PDVSA is gearing up to increase the use of the Tether stablecoin for exporting crude and fuel oil, as the U.S. has recently decided to reimpose sanctions on the country, Reuters reported Monday, citing sources familiar with the matter.
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"We have choices." That's the resounding message being broadcast to the global public by these nations, and those choices are becoming increasingly diverse. Despite cryptocurrency being labeled as a haven for criminal activity by notable figures such as Jamie Dimon and Larry Fink for quite some time, we are witnessing a continuous adoption of crypto in pivotal sectors.
In my opinion, El Salvador has taken the most direct and, simultaneously, the most drastic path in adopting crypto within the country. Yet, in the realm of crypto, the exponential age that such technology is ushering in has only just begun.
While prominent figures in the cryptocurrency community are heavily focused on Bitcoin as the primary driver of mass crypto adoption at both the state and individual levels, I am paying closer attention to stablecoins than BTC itself in achieving significant milestones for such adoption.
TON, the adjacent blockchain and currency of Telegram, has recently experienced a significant rise in its USDT pairing. This surge is attributed to discussions surrounding Telegram potentially offering a money transmitting feature to its users via the TON blockchain and currency in the future. Additionally, there are plans for Tether to also be permitted to "put USDT and XAUT" on the blockchain that will be utilized by Telegram.
We are gradually witnessing the emergence of parallel economies and the erosion of USD hegemony. However, I am not overly enthusiastic about all of this because I understand, at least in the case of Tether, the drawbacks associated with its widespread use. USDT is pegged to the USD, but that is not the only similarity between it and the fiat currency it pegs to; Tether, like USD, can be frozen and controlled by its issuer.
On the other hand, HBD of Hive is an algorithmic decentralized stablecoin that would be better suited for a decentralized economy. Although we are off to a promising start in terms of the decentralized economy I am referring to, it seems that the initial steps are favoring the centralized side of the crypto industry. As some users encounter issues related to the centralization-oriented nature of such currencies, they will inevitably turn their attention towards decentralized options.
To me, the internet is akin to a freely available tool. On one hand, it provides the freedom to be utilized in controlling masses and crafting narratives favorable to the establishment. Yet, on the other hand, it fosters transparency. Speaking of transparency, Robert F. Kennedy Jr. asserts that if he were to be elected as the president of the US, he would put the country's budget on a blockchain.
Firstly, we have to witness his election...
Bitcoin (BTC) is increasingly serving as a critical channel for cross-border financial flows amid global financial instability, according to a new report by the International Monetary Fund (IMF).
The report — called “A Primer on Bitcoin Cross-Border Flows” — sheds light on how the decentralized nature of Bitcoin is being leveraged to bypass traditional banking systems, especially in regions experiencing economic distress or strict capital controls.
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You read that correctly... The IMF has taken a positive stance on Bitcoin. I can hardly think of a more bullish signal than this for what's on the horizon in the crypto market over the coming months. And that's not all — Bitcoin advocates in Switzerland have launched a campaign to prompt a National Referendum, urging the Swiss National Bank (SNB) to include the flagship digital asset in its reserves.
It's clear to me that Switzerland is poised to make this move, and I'm puzzled as to why it hasn't happened sooner. Perhaps it was waiting for BlackRock to give the signal for "the flight to safety." However, all of the aforementioned might seem like I'm spreading FUD regarding the US and its USD. In reality, I don't believe America will fade into obscurity; rather, we're witnessing a shift from traditional "supreme powers" to newly emerging ones and the much-needed rise of a digital economy.
"We have choices." That's the name of the game right now, and those already involved in crypto at this stage can't comprehend how fortunate they are...
Thanks for your attention,
Adrian
The struggle for power is indeed in full swing, and the shift away from USD hegemony is becoming increasingly obvious.
The rise of parallel economies and the erosion of USD hegemony are already underway, albeit with some drawbacks. El Salvador's direct and drastic approach to adopting crypto within the country is noteworthy.
In the end, it's all about having choices, and those already involved in crypto are indeed fortunate to be part of this exciting transformation.
Keep in mind that the mass adoption process is a long term process.
Absolutely!!!