I hear more about bitcoin scaling in the financial press then I hear about debt limit.
If scaling goes well, bitcoin market share rises toward that of gold. If it faces no competition, bitcoin becomes the FX trading platform. This puts its market share in the trillions. This is possible within a year, maybe not probable.
The debt limit is mostly about the Senate scrounging around for another 250 billion a year in increased interest charges going forward. Bitcoin could very well trounce the senate and we get regime change.
But it is worse. If bitcoin passes the Aug 1 test, then soon after we get a bitcoin denominated money market, using trusted network and custodial side chain. That means BitCard, a debit/credit card for bitcoin purchases which has no ledger congestion delay. We don't need full endpoint security, card not present losses are small enough for many markets in international trade.
If I am Janet, technology is on my mind, and bankers' coin increasingly on the mind of member banks.
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