Listen, Bitcoin had a horrible year. Why do I think it happened. But we had a $9 billion seller and I had a friend that wanted to buy a sports team. So, we sold some Bitcoin to buy a sports team or to buy a boat or everyone took a few chips off the table.And I think we put a low in at 60. I'm not 100% convinced, but I'm pretty convinced. And so, yes, I've been buying some Bitcoin recently.And I think one of the reasons why crypto's not going away is it all right. Um, I like this desk. >> It's nice, right.Yo ...

either you believe btc is eternally topped or this is an incredibly deep value spot that will be erased with a few months of uptrendspîro ♠️ (@comfortablylong):with dollar hegemony falling, i realized (late) that gold rallying was not a risk off signal. very clear now, the metals trade is risk on, with an unusual driver. the reserve currency cat is not going back in the bag, so how will the Emperor enrich his burgers? what asset do they https://t.co/I4T6S2LGzr ...

I think that um right now we are at a decisionmaking point and very close to a recession and I'm worried about something worse than a recession if this isn't handled well. A recession is two negative quarters of GDP and whether it goes slightly there. We always have those things. We have something that's much more profound. We have a breaking down of the monetary order. we are going to change the monetary order because we cannot spend the amounts of money. So we have that problem and when we talk about the ...

Dollar Dominance - The dollar's dominance is being chipped away, but there is no question about its overall strength [1] - No viable alternative to the dollar exists in the short term as a reserve currency [2] - Alternatives like the Japanese yen, the euro, precious metals (gold), and Bitcoin each have their own problems [2] US Economic Strength - The US is backed by the world's largest economy with deep, liquid capital markets and military strength [3] - The US remains the world's number one economy [3] - Despite global debate, the dollar is not expected to be dethroned at this stage [3]

Is the world moving away from the US dollar as the main reserve currency? And is there a viable alternative?@Ruth_Liew10 explains the consensus on the ground on de-dollarization at the Bloomberg #NewEconomyForum: https://t.co/r78fnAXJwY https://t.co/xA8WkAG0QF ...

Asset Classification - Gold is considered the state's reserve currency [1] - Digital gold serves as the network's reserve currency [1] - Fiat currency is the reserve currency for failing states [1]

Core Viewpoint - Bitcoin is emerging as a potential competitor to the U.S. dollar as the world's reserve currency, posing a significant threat according to Jeremy Siegel, a Wharton Business School professor and chief economist at WisdomTree [1][2]. Group 1: Bitcoin as a Threat to Traditional Currency - Siegel emphasizes that Bitcoin could rival not only the U.S. dollar but also the euro, indicating a shift in the landscape of reserve currencies [2]. - The GENIUS Act, which was enacted with bipartisan support, aims to establish a comprehensive regulatory framework for stablecoins, which Siegel believes could serve as important catalysts for the cryptocurrency industry [1][2]. Group 2: Global Financial Dynamics - Siegel notes that while there has been speculation about BRICS countries creating a rival financial system, he does not see them as a direct threat to the dollar [3][4]. - He highlights that the current global financial system has been stagnant, with international transfers being inefficient, and suggests that crypto-based systems could enhance efficiency in this area [4]. Group 3: Bitcoin's Role in the Economy - Bitcoin is increasingly viewed as "digital gold," serving as a hedge against inflation due to its limited supply of 21 million coins, which has remained unchanged for a decade [6][7]. - The cryptocurrency's performance during periods of aggressive central bank easing, such as the pandemic stimulus era, has led investors to consider it a viable store of value [7][9]. Group 4: Institutional Perspectives - Michael Sonnenshein from Grayscale points out that the significant fiscal stimulus injected into the economy has prompted investors to reevaluate what constitutes a store of value and an inflation hedge [9].

Dollar's Decline and Economic Impact - The US dollar has experienced a significant decline, losing over 10% of its value against other major currencies in the past 6 months, a drop not seen since 1973 [6] - A weaker dollar leads to more expensive imports, driving up prices for consumers at grocery stores, gas pumps, and for everyday products, reducing purchasing power [7][8] - While a cheaper dollar can boost certain American exports, the primary concern is the loss of confidence in the US economy by foreign investors [9] Factors Contributing to Dollar's Weakness - Ballooning debt, political dysfunction, and economic uncertainty caused by unpredictable tariff threats are fueling the loss of faith in the US economy [10] - Major global investors, including countries and sovereign wealth funds, are starting to seek investment opportunities elsewhere [11] - Foreign investors have begun selling off US treasuries, signaling a potential crack in the trust of the US government's ability to pay its debt [16][17] Geopolitical Implications - The US dollar's status as the world's reserve currency provides significant geopolitical power, allowing the US to exert influence through financial leverage [12][13] - A weakening dollar could lead to other currencies, like China's RMB, challenging its dominance, potentially diminishing America's influence [14] - If global investors lose confidence in America's ability to honor its financial obligations, it could erode soft power and make it harder for the government to pay its bills [20][21]

Dollar's Status and Diversification - Bank of America's survey indicates decreasing demand for US assets and investors holding the largest underweight position on the dollar in two decades [1] - While the US dollar is unlikely to lose its reserve currency status entirely, further diversification in its use by central banks is expected [2] - The dollar's share of foreign central bank reserves has decreased from 70% twenty-five years ago to approximately 58% currently, with a potential further decline to 50% [3][4] - An increase in global transactions using currencies other than the dollar is a noteworthy trend [4] US Treasuries and Foreign Demand - Foreigners have been reducing their allocation to US Treasuries for over 10 years, decreasing their ownership from 50% to 30% of the US Treasury market [6] - Despite still buying treasuries, foreign entities are purchasing less relative to the increasing amount being issued, which is concerning given the US's $2 trillion budget deficits [6] Currency Crosses and Market Focus - The yen is a key currency to watch, as its movement is linked to JGB yields, which in turn can influence US Treasuries [8] - The euro is also gaining prominence, with the European Central Bank (ECB) aiming for it to compete with the dollar as a reserve currency [9] Gold as a Reserve Asset - Central banks have significantly increased their gold holdings since the Biden administration restricted Russia's access to US dollars [10] - Gold has become the second-largest foreign central bank reserve holding in terms of value, surpassing the euro [11] - Gold is viewed as an important global reserve asset with further upside potential, beyond just being an inflation hedge or anti-dollar trade [12]

Market Trends & Potential Risks - Bitcoin could become the world's reserve currency due to the US debt situation [1] - All-time highs in US debt are coinciding with all-time highs in Bitcoin [4] - US government needs to control spending to preserve the American experiment [6] Coinbase Products & Services - Coinbase is moving into financial services like payments, borrowing, and lending, aiming to replace people's bank accounts [10] - Coinbase Business was announced for startups and medium-sized businesses to manage finances and payments [14][15] - Partnership with Shopify to power USDC payments for Shopify merchants and an AMEX Bitcoin card were announced [16] - Coinbase has launched a credit card with AMEX and a debit card with Visa [18] Regulatory Landscape - Regulation will be a huge boon for crypto, and Coinbase is actively working to get legislation passed [26] - The Stablecoin Act, the Genius Act, and the Clarity Act need to be passed into law [27] Partnerships & Investments - Coinbase is an equity holder and the largest distribution partner for Circle (USDC) with a substantial economic arrangement [19][20] - Coinbase would consider buying Circle if they were interested [22] Company Performance & Strategy - S&P 500 index inclusion has made Coinbase's stock less volatile [23][24] - Coinbase is shipping product at a startup pace [17]