Trump Embraces The “Bitcoin-Dollar”, Stablecoins To Entrench US Financial Hegemony
Trump Embraces the “Bitcoin-Dollar”, Stablecoins to Entrench US Financial Hegemony
Trump’s recent speech on bitcoin and crypto embraced policies that will seek to mold bitcoin into an enabler of irresponsible fiscal policy and will employ programmable, surveillable stablecoins to expand and entrench dollar dominance.
This past Saturday, former president Donald Trump addressed the Bitcoin 2024 conference in Nashville, Tennessee, expounding upon the crypto and bitcoin policies likely to be implemented as part of a likely future Trump administration. Speaking in front of a banner emblazoned with the logo of Xapo bank, an institution which hopes to serve as a global bridge between bitcoin, the U.S. dollar and stablecoins, Trump’s speech revealed a policy vision that would integrate those three in order to “extend the dominance of the U.S. dollar to new frontiers all around the world.”
Talk of a threatened dollar has been circulating for years, with the petrodollar system now having ended and increasingly influential power blocs seeking alternatives to the dollar as a reserve currency. However, Trump – per his recent speech – seems poised to employ bitcoin as a sink for out-of-control U.S. government debt and to unleash the expansion of digital dollar stablecoins, which are already quietly dollarizing numerous countries in the Global South as the consequences of Covid-era fiscal policies continue to decimate the purchasing power of the 99% globally.
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