The New 1% (BTC vs. USD-Risk + Petro-Yuan) ♥
As the footprint (and links to the rest of the financial system grow), crypto-assets will pose an increasing danger to fiat systems of money.
At the same time, as the oil industry has revolved around the petrodollar since the 1970’s, it is expected that the Petro-Yuan from China will take up to $800 billion worth of trade from the petrodollar. As the largest crude oil importer in the world, China may have enough leverage to unseat the US dollar, as they begin to pay Saudi Arabia for its crude via the new Gold-Backed Petro-Yuan. Additionally, if oil exporters become dependent on the new Petro-Yuan (instead of the petrodollar), it could be the devastating blow for the dollar/ USD (causing an “economic shock” that Lagarde refers to).
All of this is setting up a very interesting situation for BTC vs. USD (and world fiat systems); all of this could lead to massive transitions in systems of money and wealth. For the early adopters of Crypto and Bitcoin (as wealth may redistribute across the world), how much Bitcoin does it take be part of the new 1%, in BTC? Let’s Discuss!
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=== SHOW LINKS ===
https://www.reddit.com/r/Bitcoin/comments/8d4ncy/the_evolving_expert_to_coach_people_through/?st=jg53ssfp&sh=51faa859
https://bitcoinmagazine.com/articles/new-york-attorney-general-launches-inquiry-cryptocurrency-exchanges/#1523997391
https://ag.ny.gov/sites/default/files/virtual_markets_integrity_initiative_questionnaire.pdf
http://www.goldtelegraph.com/the-dollars-dominance-slowly-coming-to-an-end
https://coinjournal.net/cryptocurrency-and-the-diffusion-of-innovation/
https://docs.google.com/spreadsheets/d/1bPpcmmKR9iZ9dcOFL9vCQQWZlcPx05hAG4U0GeOc1Lo/pubhtml;single=true&widget=true&headers=false#
https://www.coindesk.com/barclays-talking-clients-opening-crypto-trading-desk/
http://bitcoinist.com/imf-lagarde-bitcoin-crypto-significant-impact/
https://en.wikipedia.org/wiki/Power_law
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