Just thinking about this strategically from the US perspective.. wouldn’t they have more of an incentive to promote Bitcoin because of the Genius Act??
Since the Genius Act ensures stable coins are backed 1:1 with treasury bills, money flowing to BTC is essentially minting more stable coins (i.e. purchasing more US debt).
So this is helping out the US bond market as more and more countries pull back from using the US dollar as reserves. It’s basically making these stablecoin companies the new buyer of US debt.
Whereas gold is completely out of the system and is actually adversarial to the US bond market.
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