Whoever needs to price bitcoin.
Btc/hedge, as in one Btc for each unit of yuan perturbation by the PBOC. So we have a ledger system that records the amount of local currency held in escrow until the central banker reverses the play.
The central banker sets terms, the insiders know time to completion. We are, in essence, back to the Napier-Stokes flow problem. The central banker introduced unobservable mark to market when it sets rates. Bitcoin is the shortest path to market for insiders. Btc is likely to follow the shortest, unique path. Btc implicitly sets time to completion such that the index space subdivides with uniformly reducing bit error. Btc thus forces the central bank to stay within error bounds.
Because Btc is the shortest protocol, it become the ledger system for a set of central bank dark pools, balancing the expansion or contraction of dark pools kn a Nash equilibrium. Dynamically, the CVB makes a move. Btc responds first. The CB obseres Btc and marks to market using the Swift two step ledger.
From the CB point of view, Btc is a central baker bearer note, good around the world. So, Btc has won its niche, I keep saying. The niche is that balance between transaction size and congestion, the blockchain the miners and Btc found the sweet spot.
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