Bitcoin does not threaten the US dollar as reserve currency
[The dollar] is backed by "nothing" other than the trifling matter of tens of trillions of dollars in private credit, the rule of law and the power of the state, itself inserted into a state system. In other words, the entire structure of global macrofinance.
Since bitcoin cannot be used to issue debt products, denominate contracts or scale to act as a medium of exchange for commerce it lacks any of the properties of money that a reserve currency would have to fulfil. Bitcoin cannot upend the entire structure of global macrofinance any more than tulip bulbs could.
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