First blog post ever here. Glad to have found Steemit and a platform which is blockchain based and carries such great opportunities. On to the show!
As some of you already know, there will be a hearing between the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) this Tuesday, February 6, 2018. And while the outcome and ramifications are far from certain, I would like to speculate, and also here your thoughts, on how crypto could temporarily help the ailing US dollar and possibly economy.
While many of us here, myself included, are not huge fans of the fiat system and its currencies, we are nevertheless dependent on the health of this current economic system. Thus, while I would like the current system to be replaced by something much more fair and equitable (ahem crytpo), I would also the like the transition to be as pacific and beneficial to as many people as possible. Sounds too utopic?
That's why I can't help but think that crypto could benefit the ailing US dollar and vice versa. For many reasons (more than I know myself), the US dollar has been tanking (should we buy the dip?)
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As nations such as China, Russia and Iran are moving away from the petrodollar and the US keeps printing money like there's no tomorrow. It's possible that USD backed crypto could temporarily reinvigorate the dollar. Perhaps acting as or in conjunction with Tether, the US can enter the crypto field as a support currency which could help stabilize large market fluctuations. This benefits crypto by having a legitimate 'Tether' and, perhaps more importantly, having the US blessing on the market as a whole. The US benefits by having the dollar gain some much needed traction and also, as first mover, reap the gains of being a peripheral long-term investor in crypto.
I see this scenario as a win-win, but I would love to hear your thoughts on this whole matter. Does the US dollar as a reserve currency stand in the way of crypto? Does crypto benefit from a weak dollar? How do you see the transition from fiat to crypto playing out?
Thanks for reading,
JLNC
Welcome to steemit! I like your blog, you're providing a good point here.
You should introduce yourself a little bit in the future and put a #introduceyourself tag when you have time ;)
also you can follow @bidseption for free upvotes and resteems. Anyway, have fun!
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