➢ US, UK, Western Europe, Australia, Brazil, Canada, Japan and etc…
There are lots of common characteristics between these countries, except Brazil.
First, they are developed countries and most of them belong to G7.
Second, they are traditional allies of the US. Third, some of the countries’ currencies are global reserve currency, including Japanese Yen, British pound, US Dollar and EU Euro. Australian and Canadian dollar are only considered as regional reserve currency.
As far as the author knows, Japan even officially declared Bitcoin as a legal tender and encouraged its citizens to invest in Bitcoin.
This means that the Japan government is using its Yen to back up Bitcoin, and its credibility to assure the investment prospect of Bitcoin.
Suppose that Bitcoin is so prevailing in Japan that no one uses Yen. Then, the Japanese government would lose its currency sovereignty as well as revenues originated from currency issuance.
Suppose that Bitcoin is so prevailing in the world that no one uses any existing fiat currencies in the world. United Kingdom, EU, Japan, China and, especially the US, would lose extra gains originated from special monetary privileges as global reserve currency. If the Japanese government does not have any vested interests on Bitcoin behind, there is no ground for its backing up of Bitcoin in the expense of Yen.
Although the rest countries in this category are not as ‘generous’ as Japan, yet they recognize the legality of Bitcoin transactions and Bitcoin as a medium of exchange.
Laterally, they are backing up Bitcoin in the expense of their currencies in an implicit way! The US, Japan, EU and UK are suspicious of having vested interests in Bitcoin.
Owning to its invasion history, Japan is an economy giant, but a dwarf in politics. In addition to its reliance on the US, it cannot be the greatest beneficiary.
As explained above, the Dollar hegemony is the basis for the US hegemony.
It makes sense to presume that Bitcoin poses the greatest threat to the interests of the US.
Nevertheless, the US’s friendly attitude on Bitcoin clearly shows that it is not the case.
The leads us to think about the possibility of Bitcoin being a part of the US’s monetary system.
One may argue that Australia, Brazil, Canada and other small countries or regions are also friendly to Bitcoin, so why don’t we suspect them? The fact is that normal countries have not much room for bargaining in international affairs and are not subjected to privileges great powers enjoyed.
In addition, currencies of those countries are not global reserve currency.
It is not much difference for them whether the world uses Bitcoin or the US Dollar. Countries like Australia, Brazil and Canada are allies of the US and may receive some kinds of protection and benefit financially for aligning the strategy of the US bloc. This can compensate their loss, if any.
On the other hand, some small countries or regions may have special consideration on adopting Bitcoin, for example, being the regional hub of crypto-currencies development.
