And they may compete in a new monetary system that moves away from the petrodollar and all of its costly externalities: a neutral Bitcoin standard that plays to the strengths of open societies, does not depend on dictators or fossil fuels, and is ultimately run by citizens, not the entrenched elite.
The logical conclusion of this trend is that eventually, nobody will be willing to lend dollars when they can just buy bitcoin with those dollars themselves. And once the world has reached that level of understanding of bitcoin, it’s game over.
“Do not assume that your traditional currencies are the only stores of value, or mediums of exchange, that people will ever trust. Tech-savvy people are not likely to stop looking for alternatives, until they find or invent one.”
FIAT currency is any currency established as money by governments but does not have intrinsic value. Simply put, it is not backed by any asset.