Thank you for these insights Vitaliy. I agree with you wholeheartedly that a cryptocurrency reserve is a very bad idea for the US, or any country. Your reasoned and clear analysis is really really helpful. Thank you.
Hi Vitaly. Thanks for the perspective. I'd be interested if you have a theory on when and how "Foreigners will stop financing our lavish lifestyle beyond our means." If not now, via Bitcoin, then when and how does the US contribute to the global economy's need for a "less dirty shirt"? Making the assumption that it could be transitioned in a controlled manner (big assumption I know). It's difficult for a non US citizen to accept that Bitcoin as a global currency is bad because it will mean a correction to the current US inflation management.
Thank you for recommending my Substack, it is much appreciated! As a scholar of myths and narratives I completely agree that currencies are about narratives too. I start my mythology courses by showing students paperbacks and pointing out that they are just pieces of paper and the only thing that gives them value is narrative, and people using them have to believe in the narrative, otherwise it's all just useless paper and digits. However, I disagree about your larger point, though I do not wish to defend Trump, who is only saying this to get votes (as you say). Bitcoin is an excellent idea because its narrative is one of decentralized value not controlled by any government or unelected bankers. Bitcoin is valuable exactly because it does not represent any nation, state or bank (which are in the business of creating debt), the national capitalist complex that got us into this mess in the first place. I fully realize that whales also control most of Bitcoin, but I like the narrative of Bitcoin more than the empty mythology of the USA, which claims to be based on the philosophy of the Founding Fathers (itself based on the antidemocratic teachings of Greek and Roman authors), and which is really an oligarchy at heart, and the same is true of most other nation states.
Thank you for these insights Vitaliy. I agree with you wholeheartedly that a cryptocurrency reserve is a very bad idea for the US, or any country. Your reasoned and clear analysis is really really helpful. Thank you.
Hi Vitaly. Thanks for the perspective. I'd be interested if you have a theory on when and how "Foreigners will stop financing our lavish lifestyle beyond our means." If not now, via Bitcoin, then when and how does the US contribute to the global economy's need for a "less dirty shirt"? Making the assumption that it could be transitioned in a controlled manner (big assumption I know). It's difficult for a non US citizen to accept that Bitcoin as a global currency is bad because it will mean a correction to the current US inflation management.
Excellent commentary on why Trump's promoting the idea of a reserve of Bitcoin is a terrible idea!
Thank you for recommending my Substack, it is much appreciated! As a scholar of myths and narratives I completely agree that currencies are about narratives too. I start my mythology courses by showing students paperbacks and pointing out that they are just pieces of paper and the only thing that gives them value is narrative, and people using them have to believe in the narrative, otherwise it's all just useless paper and digits. However, I disagree about your larger point, though I do not wish to defend Trump, who is only saying this to get votes (as you say). Bitcoin is an excellent idea because its narrative is one of decentralized value not controlled by any government or unelected bankers. Bitcoin is valuable exactly because it does not represent any nation, state or bank (which are in the business of creating debt), the national capitalist complex that got us into this mess in the first place. I fully realize that whales also control most of Bitcoin, but I like the narrative of Bitcoin more than the empty mythology of the USA, which claims to be based on the philosophy of the Founding Fathers (itself based on the antidemocratic teachings of Greek and Roman authors), and which is really an oligarchy at heart, and the same is true of most other nation states.
I was wondering why Bitcoin increased in value the last few days. Thank you!