What you say about China is true but that is not the starting point. We have to account for all those currencies which are having major issues. That is devastating to those economies (and the populations). Those will likely be the first ones to turn to cryptocurrency especially stablecoins tied to the USD. This gives them a safety net when their currency is crashing against the USD.
And when you look at the monetary system as it is, even the USD is not the major player, it is the Eurodollar which is nothing more than a ledger based system.
USD is really just a unit of account these days, nothing more.
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Could not agree anymore.