Ever since I wrote about PayPal USD (PYUSD) just 3 DAYS ago, it has grown a whopping 9.6% in total market cap, from $791m to $867m, so I expect this to hit the $1bn mark by the end of this month, August 2024.
Tether's (USDT) total market cap has grown from $91bn to $117bn, a rise of 28.57% year-to-date.
Circle USDC's total market cap has grown from $24.49bn to $34.91bn, a rise of 42.45% year-to-date.
That's about $37bn worth of stables rolling into our market Listen to the Episode named "The Bitcoin Dollar & Crypto-Colonialism" by investigative journalist Whitney Webb and Mark Goodwin from Bitcoin Magazine: https://rokfin.com/post/137274. It will blow your mind. It's 2.5 hours, sure, but you can speed it up to finish in under 2.
I will be sharing a good deal of my thoughts on this matter here on Cyrator as well.
Essentially the premise is to release the hounds on the world, in this case, dollar-debt-backed stablecoins, whether too big to fail in the case of Tether, or state sponsored as in the case of USDC and PYUSD. These stablecoin-hounds have helluva more bite than your average "hound" coin (sorry Dogecoin maxis), because they have full Proof-of-Weapons backing of the United States of America.
The Bitcoin Dollar phenomenon states that now that the petrodollar is somewhat destabilized by geopolitics and U.S. planting itself as an oil exporter, the dollar virus needs another host to infect to continue its hegemony of the world, especially with the rise of the BRICS alliance.
As Bitcoin cements itself in the membership of world asset classes, naturally, the dollar is being pushed to "tether" itself to it.
Want Bitcoin? Get some, with your friendly neighborhood dollar. Want dollars? Bow to the all-powerful America.
My fellow Web3 brethren, we need to try our best to avoid falling in this trap, to avoid having to use the devil's currency to get what's pure, otherwise that pure Bitcoin nectar will be tainted with a history of blood and destruction. Show Less
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