U.Today - Max Keiser, Bitcoin maximalist and former financial journalist, has advised the United States government. The recommendations come from macroeconomic factors and the global financial landscape.
Risks of losing dollar dominance
In a post on X, Keiser's message highlights his perspective regarding the likely impact of a shift from fiat currency dominance. He noted that a move from the U.S. dollar to a Bitcoin standard could significantly affect the country’s fiat.Notably, it could lead to an erosion of confidence in the U.S. dollar as people seek an alternative to the once-dominant currency. Keiser explained that such a development could lead to a massive decline in the demand for U.S. dollar reserves.
The Bitcoin maximalist said this disadvantage will impact the United States due to its high debt burden. He says, " Fiat (BIT:STLAM) money imperialists die under a global Bitcoin standard."
Keiser criticized the current monetary system, where the U.S. dollar is backed by trust and government policy rather than tangible assets like gold. Keiser’s reference to "debt imperialism" implies the U.S. could issue debt in dollars as a tool for economic control and global influence on other countries.
Russia’s strategic advantage
However, Keiser maintains that under a global Bitcoin standard, such an influence could collapse. A primary reason lies in Bitcoin’s fixed supply and decentralized nature. This factor alone limits any country’s ability to wield economic power via the printing of money or debt accumulation.In the global space, Keiser considers Russia as being well positioned for a shift to Bitcoin standard. He believes Russia has a lesser national debt than the United States and other Western countries. This gives it an advantage, as it is less vulnerable to financial shocks.
Other factors that lean in Russia’s favor include the country’s abundant energy, which could support Bitcoin mining, which has become increasingly difficult. Additionally, Russia, a commodity-producing nation, has assets with intrinsic value, which aligns well with a Bitcoin-backed system.