Has the Economist Magazine Coin Prophecy Been Fulfilled?
USD Coin is here! Was this the coin foretold by the 1988 cover of Economist magazine?
Well we all knew that something like this would show up eventually. My only comment is that it would be wise to HODL your Bitcoin.
Here is The Cover of The Economist Magazine From 1988.
Bank owned stable coins or any other other type of asset is just that..BANK (state) OWNED. It is the antithesis of what bitcoin fundamentally represents. United States dollar as a reserve currency is on the outs and everyone else in the world (but us) seems to know it.
You are totally right. I've been wondering why nobody in the US seems to be worried about what a EU representative announced a few days ago: that they will install a alternative system to the SWIFT system, in order to avoid trade restrictions and banns issued by the US over "disliked" countries, like Iran, Russia ect.
In my view, this is huge news. In consequence, it means that the USD is not needed anymore for international trade, and that the US connot blackmail other countries anymore by threatening to exclude them from the SWIFT system, if they dont follow the orders from Whashington. Thats big!
I am sure we have just begun to see the regulated stable coins come out. Many people will choose these over Cryptos if their bank is approving them. Some people would rather have stability and a slow erosion of wealth than something volatile going up over time. Cryptos are better SOV and better money. Therefore, at least a portion of savings should be in Cryptos and the money people are going to spend in the near term in USDC, Dai Stable coins.
Our World currency has been here for a decade, everybody knows Bitcoin!
Maybe but know one really still knows yet which Cryptos will be adopted. That's why at this stage it's best to keep an open mind. We were the first business to accept Bitcoin in Miami Beach in 2013 but recently stop accepting it b/c of unreliable and high fees. We accept other more user friendly Cryptos now. I do agree though Cryptos are here to stay. Blockchain technology will be adopted everywhere with Crypto as the fuel. Stable coins will be popular b/c the Gov't will stamp their approval on it. It's not ideal future for Anarchist but it's a much better system than we have today. I hope Stable Coins will fuel true decentralized Crypto adoption. It seems now like every Crypto wallet will have USD stable coins in as option.