Will Cryptocurrency Replace The Dollar

[gab13by13]

What a radical headline for me to post, needed to get your attention.

3 Cryptocurrency Bills are scheduled to be voted on today, the Genius Act being the worst of the 3. It will allow the creation of a central bank digital currency.

Krasnov has made billions in crypto since taking office, crypto is the choice for drug dealers and arms traffickers since it is nearly impossible to trace.

These 3 bills are supposed to regulate crypto but that is a smoke screen, there is no enforcement mechanism. These 3 bills are going to give a huge boost to cryptocurrency and many Congressional Democrats are on board.

Krasnov has been doing everything he can to weaken the dollar, the latest inflation uptick will pour cold water on his efforts to get the Fed to cut interest rates.

It would be hard, but not impossible, for the dollar to lose its status as the world's currency. The 8 BRIC countries are working on a basket currency that would replace the dollar.

I expect all 3 bills to pass. The autocracy rolls on, but keep asking me for money for drapes for our house when it is on fire.

[LymphocyteLover]

1. it's possible but not anytime soon... BRICs is still a joke and there's too much uncertainty

in crypto to make it a central benchmark currency

[PJMcK]

2. Crypto is Krytonite

It is dangerous with far too much potential for corruption.

My opinion, of course.

[Scrivener7]

4. It's also horrible for the environment. Also, what the hell is it, actually?

[Scrivener7]

3. Democrats should not be voting for this.

[Fiendish Thingy]

20. Too late

16 Dem senators already voted for a crypto bill last month.

Rueben Gallego took $10 million from a crypto PAC.

Others who voted yes include:

Schiff
Padilla
Gillibrand
Rosen
Ossoff

[Scrivener7]

21. I know.

[no_hypocrisy]

5. It can't, simply because the value of the currency is constantly fluctuating.

Last edited Wed Jul 16, 2025, 08:28 AM - Edit history (1)

The American Dollar is dependable because a dollar is a dollar is a dollar, minute by minute. The VALUE of a dollar changes according to inflation, not by its sale. That's why we don't trade and do transactions in precious metals, such as gold and silver.

Could Bitcoin Replace the Dollar and Become the Global Reserve Currency?

Given the concerns over tariffs and a potential global trade war, a growing number of investors have suggested that Bitcoin (BTC 1.53%) might eventually replace the U.S. dollar and become the global reserve currency. Is this likely to happen? The answer, of course, is no.

Does Bitcoin meet the criteria of a reserve currency?
First of all, it's debatable whether Bitcoin has the right characteristics to be a true reserve currency. According to the Federal Reserve, money must serve three critical functions. It must be a store of value. It must be a medium of exchange. And it must be a unit of account. Bitcoin does not yet meet all three of these essential criteria.

https://www.fool.com/investing/2025/06/23/could-bitcoin-replace-the-dollar-and-become-the-gl/#:~:text=Given%20the%20concerns%20over%20tariffs,%2C%20of%20course%2C%20is%20no.

[gab13by13]

9. Keep an eye on the bond market,

As you say, the dollar has been rock solid because the United States has the largest economy and foreign investors bought our bonds.
People never worried about our high debt because our debt to GDP ratio meant we had the money to back up our debt. Not any more, we have reached the point where our GDP is not covering our debt and will people, countries be willing to invest in America?

Watch the bond market.

[OC375]

6. War

Good place for stashing wealth (and stolen wealth) during wartime - your value isn’t pegged to any side winning. Maybe war of some sort is expected?

[Cloudhopper]

7. How will we know what it's worth? It's always boggled me that

bitcoin is supposed to be independent, yet is always measured against the dollar. It seems more like buying stock in a black hole. Though, I'll admit, it's probably my lack of interest in bitcoin that fuels my lack of understanding how it works.

[gab13by13]

11. "They" are talking about

creating a central bank digital currency. I have no idea how it would work but it sounds ominous.

[cadoman]

13. anything can be measured against anything, and most financial dashboards allow you to set your reference

And yes USD is definitely the most frequent, but some folks find it comfortable to set a different reference point if they're dealing with a lot of a given thing. Things are "worth" something when a lot of people are willing to give something else of "worth" for them, with "real worth" ultimately boiling down to products/commodities/services. Currencies are generally inherently worthless absent the history/infrastructure around them, and BTC does have both, so it's silly to ignore it. The mathematical and computational infrastructure of crypto makes it a compelling competition to human-managed infrastructure.

Anyway, you'll have:

BTC-USD -- Bitcoin in USD
LTC-USD -- Litecoin in USD
XMR-USD -- Monero in USD
SOL-USD -- Solana in USD

And when a thing gets popular enough, they add pairs for it:

XMR-BTC
LTC-BTC
SOL-BTC

You'll notice that less popular coins don't have pairs, e.g.:

XMR-SOL

You can try them yourself if you're curious, just plug them in like you would any ticker (MSFT, DELL, etc.)

https://finance.yahoo.com

[Cloudhopper]

17. Thank you for that, I appreciate it.

There's just so much I don't understand about this. I'll get there.

[Blue Full Moon]

8. That's the goal

[FalloutShelter]

10. Magic beans... er... crypto is for criming.

[bif]

12. It's a bunch of smoke and mirrors

[cadoman]

15. it's math, computation, and a public ledger

https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_Bitcoin_Crypto.pdf

https://www.blockchain.com/explorer/assets/btc

How can a system where every transaction in history is part of the public record, and which quantity is mathematically controlled, be "smoke and mirrors"?

However, I will grant you one point: the creator of BTC is unknown. It would not shock me if it's associated w/NSA or a similar mathematical power.

[Johonny]

14. No, because the younger generations use digital

Currency that is dollar based already. From Venmo to direct deposit, many people never see real cash. The bitcoins don't add anything most people need, so it feels doubtful they will be anything but a speculative thing. Gold still exists so bitcoin cam certainly fill part of gold and silvers roll. But if the dollar collapses, look out!

[DFW]

16. I get that some people like it, for various reasons

I’m just too conservative (the English word, not the meaning as in Republicanese).

For a currency to be viable, it should be backed by something. The days when a country’s currency was completely backed by gold and silver are long gone, but other factors play a role. Does the issuing authority have desirable assets? Desirable real estate? Food? Water? Security? Are they available to anyone able to pay in the local currency?

For me, a currency needs to be tangible, as well. I even hate credit cards. Mine have been hacked often enough. Crypto comes across to me—and I freely admit that this is because I don’t understand it—as a phantom, created out of nowhere, and only negotiable under limited terms. I can’t go to the grocery store and buy $200 worth of food and hand the cashier one sixth of a bitcoin. The cashier wouldn’t take it, and I wouldn’t know where to get it.

Maybe it would work in a fully cashless society, but a cashless society seems to me to be an entity most vulnerable to hackers as well as government abuse. I remember what the government of Cyprus did a few years back. They had a budget crisis, so they just electronically raided the bank accounts of the people of Cyprus. *poof* crisis solved, not even a need to say efharisto poli.

I understand that to some, the fact that cryptocurrency is beholden to no nation is part of its attraction. But if, for any reason, from a power outage to more sophisticated threats, access should be denied, to whom does one go for redress? Some central bank in Cyber City?

I find a currency that is not accessible whatsoever without a computer hooked up to the internet to be one very elite currency indeed. But, again, that’s my cautious conservative nature. If I see some street musician playing a lively Irish reel on a street corner, if I could even figure out how to toss her or him a few bytes into their hat in five seconds, can they buy lunch with that? At least, if I toss in a $10 bill, they can go buy a sandwich.

[Swede]

18. Trump saves Johnson again.

Speaker Mike Johnson is trying again to pass landmark cryptocurrency legislation this week after Tuesday’s failed rule vote. This time, President Donald Trump says he has the votes.

After 12 hard-liners tanked the procedural vote setting up debate on three cryptocurrency bills, the president announced he flipped the holdouts after a meeting with them in the Oval Office on Tuesday night.

https://www.politico.com/live-updates/2025/07/16/congress/trump-crypto-house-johnson-rule-vote-genius-clarity-act-00455701?_sp_pass_consent=true

[Fiendish Thingy]

19. Cryptocurrency is measured in US dollars

If the dollar collapses, how would one measure the value of cryptocurrency?

If it remains valued in US dollars, the value could skyrocket numerically if the dollar collapses, but that would be meaningless, especially if hyperinflation takes hold.

You could be a crypto-millionaire, but couldn’t buy a loaf of bread.

I think the goal is to buy enough senators and congress persons to pass the bills, so the cryptobros can add more layers to the Ponzi Pyramid to reap billions more from the rubes at the bottom so they can buy more politicians to do their bidding on anything they want, and not face any consequences.

Cryptobros don’t give a fuck about the Epstein files, and they welcome the distraction.

I don’t see another currency replacing the dollar anytime soon.