One of my unemployed friends just told me he's putting everything into bitcoin.
Tether would account for 7.8% of all Bitcoin.
Not sure if that would count as being propped up. It's significant but not entirely propped up, there is a ton of real money in there too.
If the tiny chunk goes, it all goes tumbling down?
stay far away from bitcoin.
If I create 100 billion FakeCoins and sell one to my grandmother for $10, suddenly FakeCoin has a 1 trillion dollar market cap. It doesn’t mean there’s anywhere near that much money actually in the market to support that valuation.
There is zero money "in there" market cap for a non-backed currency is meaningless value. No amount of bitcoin buying will ever put money "into" anything. The money goes to whoever sells its just a trade.
The us is still the world's reserve currency. If the us keeps circling the drain economically and financially and especially politically, we have so much power and raw capability to come back. The big problem is covid-19, where the world can leave us behind as we slowly kill ourselves off. Hmm, I'm almost convincing myself that even us $ could eventually not last. So, I'll just take one of those job offers on hacker news that says we'll get you a visa to come to Amsterdam?
You realize that the world economy is inexorably linked to the US right? If there was such a devastating crash what makes you think the Eurozone would be stable? The UK left the EU and France nearly did, a massive wave of unrest could easily break the union up and the euro would be worse off than the dollar.
Not sure this says what you think. Simple GDP growth math has India and China passing the US in a few decades so that's not even controversial. If you are suggesting some major calamity/collapse in the US that somehow doesn't impact the rest of the world, I would find that highly unlikely.