Crypto and the Trump Admin could experience friction over stablecoins.

Some in the Admin want to devalue the $ to spur domestic industry. Others don’t because this would diminish reserve-currency status/global influence.

Bringing stablecoins to billions of people would increase $ demand and make devaluing harder

The Admin’s chair of econ advisors, Stephen Miran, wrote a paper calling for ending dollar reserve role. Here’s a link, and fwiw I’m now in favor of Fartcoin as reserve currency

The Admin’s chair of econ advisors, Stephen Miran, wrote a paper calling for ending dollar reserve role. Here’s a link, and fwiw I’m now in favor of Fartcoin as reserve currency 

https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdf

Also Miran dismisses the idea of a BRICS currency or China’s renminbi as a viable replacement for the dollar but suggests crypto (along with gold) as one of the alternatives — again, though, such an alternative almost certainly would not be a dollar-pegged stablecoin but something neutral like Bitcoin instead because of, imo, the impact on dollar devaluation with stables. It’s on page 37, if you wanna cut to the chase: 

“There remain significant structural challenges with internationalizing the renminbi or inventing any sort of ‘BRICS currency,’ so any such efforts will likely continue to fail, but alternative reserve assets like gold or cryptocurrencies will likely benefit.”

My casts are immutable, but my opinions might get a soft fork.

Followed by @woj.eth 🎖️

Fartcoin as the new reserve currency? Finally, a real sign of economic progress. 💨