transition might not occur in our lifetimes because of stablecoins, argues former Bitcoin Magazine Editor-in-Chief Mark Goodwin in The Bitcoin-Dollar: An Economic Monomyth. Bitcoin has increased in value in relation to the U.S. dollar by approximately 46,000 percent over the past decade, and this trend is likely to continue.
But stablecoins are emerging as the primary rail for acquiring bitcoin, which may allow the dollar to maintain its market power for generations. Services like Tether are cementing the dollar's place as the primary "infrastructural on-ramp to Satoshi's protocol," Goodwin argues, reminiscent of the petrodollar system of the 1970s, in which U.S. policymakers convinced OPEC members to mandate that oil be sold internationally only in dollars.
As demand for bitcoin grows, the stablecoin industry will grow in tandem, creating additional demand for U.S. Treasury debt and enabling the U.S. to continue borrowing on a massive scale to fund its expenditures. . . . "
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