China keeps devaluing their currency in order to increase their exports. How will Bitcoin solve this problem?
I'm trying to think if Bitcoin will be a good alternative currency for China, since they keep devaluing their currency (by buying US debt).
So how does using Bitcoin solve this problem for China? I mean, they obviously want a weaker currency, which they can't have if they using Bitcoin. Because Bitcoin only gets stronger (deflationary) over time.
One idea I had is that if both US and China use Bitcoin as their main currency, then it would work for China. Because they won't have a competing currency against the US, but rather use the same coin. So that means US citizens will keep buying exports from China, because there won't be a cheaper fiat alternative to use.
Do I have it right? Or is there a different angle to this thing? What do you guys think?
btw, people here who only care about BTC price and have no interest in economics, please don't comment and get out of this post. Thanks.
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from Bitcoin - The Currency of the Internet https://ift.tt/3b8AXVH
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