3/12 🧵 That structural shift, in the author’s view, was the GENIUS Act. By regulating fully reserved dollar stablecoins backed by cash or Treasuries, the U.S. effectively created a state-approved alternative for people who were using bitcoin as a proxy for dollar access. In countries with capital controls and weak local currencies — Nigeria, Turkey, Argentina, Ethiopia, Vietnam — many users weren’t chasing “digital gold.” They were chasing dollars.
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