Will De-Dollarization Strengthen Bitcoin's Position as a Neutral Global Asset.

[Faisal2202]

‎However, there's still a problem because Bitcoin price is still highly volatile in nature, no clear government regulations concerning Bitcoin in different countries and Gold and CBDCs are still competing with Bitcoin.
‎
‎what are your thoughts:
1. ‎do you think de-dollarization will make more people and country adopt Bitcoin?
2. ‎what do you think is the biggest thing stopping Bitcoin from playing a bigger role in the global economy?

Dedollarization does not mean people are going to choose BTC as their first choice. Have you not seen what BRICS countries were doing? They chose their local currencies for trading. They did not choose BTC. But dedollarization is not happening.

In fact, the dollar's demand has increased way higher than we can imagine. The debt ceilings and all those panicking calls that the US is suffering are just cover up stories. They are doing good. The citizens will definitely suffer, and the countries which have dollars in their reserves will also suffer when their local currency loses value.

But the US dollar will thrive. M2 and M3 supply is increasing, world debt is in hundreds of trillions of dollars, the inflation is still going up, and believe me, BTC is not the solution to all that. A full stop at the US dollar is, but we definitely need alternatives, but BTC can't be it.

[Fortify]

‎However, there's still a problem because Bitcoin price is still highly volatile in nature, no clear government regulations concerning Bitcoin in different countries and Gold and CBDCs are still competing with Bitcoin.
‎
‎what are your thoughts:
1. ‎do you think de-dollarization will make more people and country adopt Bitcoin?
2. ‎what do you think is the biggest thing stopping Bitcoin from playing a bigger role in the global economy?

Dedollarization does not mean people are going to choose BTC as their first choice. Have you not seen what BRICS countries were doing? They chose their local currencies for trading. They did not choose BTC. But dedollarization is not happening.

In fact, the dollar's demand has increased way higher than we can imagine. The debt ceilings and all those panicking calls that the US is suffering are just cover up stories. They are doing good. The citizens will definitely suffer, and the countries which have dollars in their reserves will also suffer when their local currency loses value.

But the US dollar will thrive. M2 and M3 supply is increasing, world debt is in hundreds of trillions of dollars, the inflation is still going up, and believe me, BTC is not the solution to all that. A full stop at the US dollar is, but we definitely need alternatives, but BTC can't be it.

Exactly, bitcoin has a place in global trade but frankly people need to stop thinking of it as a day to day low-level transaction currency. It simply does not have the network processing power to manage all the transactions even a smallish country needs to conduct business every day. The network would be flooded and grind to a halt as we've seen in previous cases. Bitcoin can serve a role for handling and transferring higher denomination amounts - like salaries or big item payments. It can do so while avoiding the extortionate cross border fees that some banks try to impose on people, but high fees in this area is driven by poor financial regulation and the greed of companies that the government does not stamp out. It seems like USDT and similar currencies launched by central banks are much more likely to fill this need in future, plus get the necessary government backing.

[asriloni]

1. ‎do you think de-dollarization will make more people and country adopt Bitcoin?

De-dollarization is just a politic, and it gives no impact to the bitcoin. To assume de-dolarization gives will push people to buy bitcoin just BS. The fact that most of bitcoin volume is still concentrated in USD pair. So de-dolarization is just a myth.

2. ‎what do you think is the biggest thing stopping Bitcoin from playing a bigger role in the global economy?

Government and regulation.

[ndutndut]

‎what are your thoughts:
1. ‎do you think de-dollarization will make more people and country adopt Bitcoin?
2. ‎what do you think is the biggest thing stopping Bitcoin from playing a bigger role in the global economy?

The dollar is indeed currently very dominant in international trade which is why many de-dollarization actions have emerged. The most apparent resistance is the formation of BRICS, although so far it hasn't seemed successful because many international trade transactions still use the dollar. So, we can conclude that most of the de-dollarization efforts today are more about geopolitics and a country's power rather than a pro-Bitcoin agenda. I mean, indirectly maybe Bitcoin could be one of the alternatives, but not the main goal. In fact, if I'm not mistaken when Iran requested payment for passage through the Strait of Hormuz in crypto, it was briefly implemented but eventually went back to using fiat.

The reason bitcoin probably can't play a major role in global transactions might be because of its decentralized nature, so countries don’t have the ability to control it. We also know that every country tends to reject assets that are outside their control, let alone use them for global economic trade.

[r_victory]

I don't think dedollarization will impact the adoption of Bitcoin; perhaps governments will opt for another fiat currency. I see companies that trade with China trading in the Chinese currency, for example. Some businesspeople prefer to do it this way, and I believe that decoupling global trade from the dollar could benefit other local currencies, since it would be more practical to trade directly with them.

[wiss19]

1. ‎do you think de-dollarization will make more people and country adopt Bitcoin?

De-dollarization is just a politic, and it gives no impact to the bitcoin. To assume de-dolarization gives will push people to buy bitcoin just BS. The fact that most of bitcoin volume is still concentrated in USD pair. So de-dolarization is just a myth.

2. ‎what do you think is the biggest thing stopping Bitcoin from playing a bigger role in the global economy?

Government and regulation.

It is not "completely" nonsense. It does make sense that people would invest in these things, because we are talking about something that would be alternative. Not that we are seeing everyone get out of dollars completely, of course, and not the ones who do; all end up with bitcoin. So that means, even if dollarisation happens, bitcoin will not go up that much. However, it is also not a bad thing either; even if a few billion dollars of it goes our way, that is not a bad thing; it is a benefit to us.

So while this may not be something too large to celebrate at all, it is also not something that we should not care about either, and we should be happy that it exists. I am not saying make a big deal out of it, but do not consider it as nothing either. We need to realise that every small bit helps, and in this case it is a small bit for sure, but it is also nothing either, and we can be just joyful for the smaller things in life like this as well.

[#CapsLOck]

‎However, there's still a problem because Bitcoin price is still highly volatile in nature, no clear government regulations concerning Bitcoin in different countries and Gold and CBDCs are still competing with Bitcoin.
‎
‎what are your thoughts:
1. ‎do you think de-dollarization will make more people and country adopt Bitcoin?
2. ‎what do you think is the biggest thing stopping Bitcoin from playing a bigger role in the global economy?

Dedollarization does not mean people are going to choose BTC as their first choice. Have you not seen what BRICS countries were doing? They chose their local currencies for trading. They did not choose BTC. But dedollarization is not happening.

In fact, the dollar's demand has increased way higher than we can imagine. The debt ceilings and all those panicking calls that the US is suffering are just cover up stories. They are doing good. The citizens will definitely suffer, and the countries which have dollars in their reserves will also suffer when their local currency loses value.

But the US dollar will thrive. M2 and M3 supply is increasing, world debt is in hundreds of trillions of dollars, the inflation is still going up, and believe me, BTC is not the solution to all that. A full stop at the US dollar is, but we definitely need alternatives, but BTC can't be it.

Exactly, bitcoin has a place in global trade but frankly people need to stop thinking of it as a day to day low-level transaction currency. It simply does not have the network processing power to manage all the transactions even a smallish country needs to conduct business every day. The network would be flooded and grind to a halt as we've seen in previous cases. Bitcoin can serve a role for handling and transferring higher denomination amounts - like salaries or big item payments. It can do so while avoiding the extortionate cross border fees that some banks try to impose on people, but high fees in this area is driven by poor financial regulation and the greed of companies that the government does not stamp out. It seems like USDT and similar currencies launched by central banks are much more likely to fill this need in future, plus get the necessary government backing.

that de-dollarization doesn't necessarily mean that countries will adopt Bitcoin. That's not to say that the BRICS countries that have opted to reduce dollar dependency and begin using local currencies are taking the plunge into BTC, though. That said, Bitcoin may indirectly benefit, as it is neither tied to any one government and is a neutral asset. It has the major drawbacks of volatility, lack of clarity in regulations, scalability and not being widely used for regular payments. I don't think bitcoin is suitable for replacing national currencies or as a day to day payment system, I believe it's more realistic as a neutral asset and a settlement option for larger transfers.