Have you ever thought that Bitcoin may be more suitable for international trade than any other currency?!
Yes, I understand, "bitcoin in the service of the state" from such a prospect Satoshi would spin in his grave thoroughly. But think about it, it really does make sense.
And the first reason is its decentralization. That is, no country can just create new coins by itself. Unlike the dollar. And this is a great option for reaching such a compromise.
The USA has repeatedly used dollar pressure on countries that refused to conduct foreign or even domestic policies not in their interests. And during the pandemic, they completely exceeded all possible limits on the issuance of this currency to stabilize the crisis in their country.
Whether this is good or bad is another question.
But Russia, for example, like other countries, is moving towards alternative settlements, yuan, ruble. But China, in theory, can also set its own conditions. So what to do in that case?!
To agree to conduct transactions in money that none of the participants can produce.
And here comes Bitcoin to the rescue!
Why exactly it, and not any other cryptocurrency?! Because the Bitcoin market has formed quite well. There will ALWAYS be demand for it, no matter what happens. Almost all crypto users hold Bitcoin. It is much more reliable than the issuance of a new cryptocurrency, as the question of how it will be distributed arises. And Bitcoin, voila, already didn't need to do anything. And such coins like Solana, DeFi, Ethereum, and others are actually centralized and are not suitable for this role. So, only Bitcoin remains, unconditionally.
I think the country that first starts using Bitcoin for transactions will be in a strong position.
But still, there are huge downsides to this whole idea.
Decentralization means an uncontrollable rate. Although I live in Russia, you are unlikely to scare me with that.
A banal overspending of electricity. A very high Bitcoin rate will provoke a new wave of mining. And as we know, Bitcoin is not renowned for its energy efficiency.
The world switched to the dollar because it is easier than gold, and countries ran out of gold reserves. And these advantages of the dollar haven't gone anywhere. Bitcoin, unlike the dollar, is not backed by oil. But this issue can be resolved by Russia and Iran if they switch to trading in bitcoins. They can compete with the Saudis for a new global currency.
And of course, the most severe downside. A political and economic disaster in such a scenario. It would be complete chaos. And gradually, the USA will not allow anyone to switch to such a scenario for obvious reasons.