Imagine waking up in an America where Bitcoin and Dogecoin replace the dollar. The president tweets, “Bye-bye Federal Reserve,” while Elon Musk, holding a Dogecoin plushie, declares the dawn of a new financial era.
Yes this is a fantasy, but it’s one that feels disturbingly possible with Donald Trump back in the White House and Elon pulling strings from the inside.
Elon’s ideas, Trump’s actions
Trump, always one to shake up the system, seems bent on making the U.S. the “crypto capital of the planet.” His administration is talking about building a Bitcoin reserve to replace gold.
And Elon? Oh, he’s running a government body now called the Department of Government Efficiency (DOGE). If you think that’s a coincidence, you haven’t been paying attention.
This guy is so powerful now that Bloomberg is reporting he was the person singlehandedly behind Trump’s important decision to vote against government funding yesterday. How about that?
Naturally, crypto markets exploded as soon as Trump secured his election win. Bitcoin surged to $108k on December 17, more than doubling its price from earlier this year. Dogecoin? It’s gone up 152%, now sitting pretty at around $0.30.
Elon’s tweets aren’t just memes anymore, they’re policy teasers. I mean, I have his notifications on for the first time ever. Everyone’s watching this guy like a hawk right now.
With DOGE as the face of a government efficiency department, speculators have poured billions into Dogecoin futures. Open interest jumped from 7 billion to 8.3 billion tokens in just weeks.
But it’s not all fun and games. Crypto markets are chaos on steroids. Bitcoin prices alone have been whiplashing harder than Wall Street in 2009. A single sentence from Fed chair Jerome Powell took Bitcoin from around $106k all the way to $95k as of press time.
Imagine if crypto actually becomes legal tender in America – Just imagine
You know what? Imagine with us. Let’s say they do it — Bitcoin and Dogecoin officially replace the U.S. dollar. Well for sure, it’d flip the global economy on its head. But the U.S. dollar, the world’s go-to reserve currency and America’s strongest weapon, would lose its throne.
Countries and corporations holding dollars would then panic-sell, destabilizing entire economies. Bitcoin and Dogecoin, meanwhile, would have to shoulder responsibilities they’re wildly unprepared for. Their prices would need to stabilize. Good luck with that when Bitcoin swings by thousands of dollars in hours.
Inflation as we know it would change. Traditional economics would be almost obsolete. We know that Bitcoin has a hard cap of 21 million coins, meaning it can’t be printed into oblivion like fiat. Dogecoin, on the other hand, keeps adding coins, but its rate is kind of predictable.
These mechanics would rewrite inflation rates, but at what cost? The average American would struggle to keep up with volatile swings, and businesses might demand clearer frameworks for pricing goods and services.
Speaking of frameworks, how do you tax people in crypto anyway? Trump hasn’t said anything about that. On-chain transactions are decentralized, meaning the government loses some (okay all) of its grip.
And what about hacking? Or haven’t you heard? The North Koreans stole more crypto than ever before this year, according to recent reports.
And let’s not pretend this transition would be smooth. For starters, cryptocurrencies are terrible for everyday spending. Picture buying a coffee in Dogecoin—its value swings so wildly that the price might double or half before you even take a sip.
Salaries, rent, groceries—all of it would turn into a nightmare of conversions. People might still use the dollar as a shadow currency to make sense of prices, much like how unstable economies rely on the dollar unofficially. How sad is that?
But then again, this isn’t about convenience, is it? Revolutions never are.
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