A New Bretton Woods
The world appears to be on the verge of replacing the dollar as the world’s reserve currency. Texas Governor Greg Abbott, Treasury Secretary Janet Yellen, and US President Joe Biden are all making claims that lead to this conclusion. Will bitcoin be the new dollar or will gold become the standard again?
On March 29, Texas Governor Greg Abbot tweeted that bitcoin will be used in trade, and that he wants Texas to lead the way like they did with their gold depository in 2016 .[1][2]
On April 5, Treasury Secretary Janet Yellen tweeted that she was thinking about the Bretton Woods agreement (1944) that made the dollar the world’s reserve currency as a consequence of WWII. She also put out a statement detailing,[3][4]
“As I prepare to meet with my colleagues from around the world this week at the IMF and World Bank Spring Meetings, I find myself thinking back to the policymakers who gathered in Bretton Woods a year before I was born to define our post-war order. Though it was a different time, I empathize with the enormous weight they faced; the pressure to come together after a global catastrophe in building an enduring and interconnected system aimed at promoting peace and prosperity throughout the world. Our current juncture is no less significant—what we do in the coming months and years will have profound impacts on the trajectory of our country and on the global economic order.”
On April 12, US President Joe Biden pointed out that computer chips are in short supply and need to be manufactured in the USA. They are made out of gold and silver and are necessary for bitcoin to exist.[5]
The world appears to be on the verge of replacing the dollar as the world’s reserve currency. Texas Governor Greg Abbott, Treasury Secretary Janet Yellen, and US President Joe Biden are all making claims that point to that conclusion. Bitcoin may replace the dollar, but unless computer chips are made out of bitcoin, then bitcoin will not replace gold and silver.[6][7][8]
[1]https://twitter.com/gregabbott_tx/status/1376408028875001868?lang=en
[2]https://twitter.com/gregabbott_tx/status/759244366766567424?lang=ca
[3]https://mobile.twitter.com/SecYellen/status/1379095778220777472
[4]https://home.treasury.gov/news/press-releases/jy0101