@Sakura please summarize this article, thanks uwu.
TLDR
The article discusses how the US government could restructure the global reserve currency system by making Bitcoin the reserve asset, while retaining the US dollar as the primary currency for trade.
Key Points
The goal is to devalue the existing stock of US Treasuries and term out the national debt to 100 years.
The US can leverage its abundant energy resources and semiconductor capabilities to become the dominant miner of Bitcoin, cementing its position as the issuer of the global reserve asset.
Crypto holders in the US would become extremely wealthy, making them loyal supporters of the Republican party.
In-depth Summary
The article starts by discussing the history of the US dollar as the global reserve currency, and how China’s growing economic power has threatened American hegemony. The author argues that the US needs to create a new global reserve system that retains the dollar as the primary trade currency, but uses Bitcoin as the reserve asset.
The author proposes a multi-step plan to achieve this. First, the US Treasury would announce its intention to make Bitcoin the global reserve asset, and begin aggressively buying Bitcoin at above-market prices, paying with 100-year zero-coupon bonds. This would drive up the price of Bitcoin and devalue the existing stock of Treasuries.
The author then suggests that the US should leverage its abundant energy resources and semiconductor capabilities to become the dominant miner of Bitcoin, cementing its position as the issuer of the global reserve asset. This would be enabled by pro-crypto legislation that protects Bitcoin mining and transactions as a form of free speech.
Finally, the author argues that this would create a new class of extremely wealthy crypto holders in the US, who would become loyal supporters of the Republican party. This would help the party maintain power and continue pursuing its agenda of preserving American hegemony.
ELI5
The US government wants to make Bitcoin the new global reserve asset, instead of US Treasuries. To do this, they would start buying a lot of Bitcoin at high prices, using special long-term bonds to pay for it. This would make Bitcoin’s price go up a lot, and make US Treasuries worth less.
The US also has a lot of cheap energy and can make the computer chips needed for Bitcoin mining, so they can become the biggest miner of Bitcoin. This would give them control over the global reserve asset.
By making Bitcoin holders in the US very rich, the government hopes they will support the Republican party, which wants to keep the US as the most powerful country in the world.
Writer’s Main Point
The author’s main point is that the US government should restructure the global reserve currency system to make Bitcoin the reserve asset, while retaining the US dollar as the primary currency for trade. This would allow the US to maintain its economic and political dominance, while creating a new class of wealthy crypto holders who would support the Republican party.