The right for people to choose whatever money they would like to hold on to has never been more exercised than after the 2008 market crash.
That was when Bitcoin ushered in the age of unleashed monetary competition.
But everybody needs a chance to make their own mistakes in life until they finally listen to grandpa. And so everybody deserves a chance to speculate on the value of the U.S. dollar, USDT, yen, rainbow currency, et al. Gallivant with all forms of speculation until they’ve had their fill, to finally settle down and marry bitcoin. Maybe plus some index funds and a few precious metals like gold.
The U.S. dollar is especially alluring because:
a) The U.S. is ready to back its currency with all its guns (including its Americacentric cultural-hegemony gun). It’s actually not too shabby a bet.
b) Because human beings, like any animal really, just hate changing anything that is too damn entrenched. Because that is painful.
So on that note, once upon a time, after the world had gone off the gold standard, the ability to speculate on currencies was finally unbounded.
You could now bet you would have more monetary wealth than can fit on Earth, and no equation in the new economic literature (of fiat dollars, remember?) would stop you.
A way to digitally track and trade the U.S. dollar on the global market, courtesy of the U.S. Federal Reserve. And now, DXY Breakout is a running hashtag on Twitter that has lately been getting the Twitter-bot’s attention.
DXY Breakout means “the dollar is soon going over a nasty little value it has been stuck at for the past six months, to be profitable enough to be held once again.”
The hype is, in other words, “We might once again be able to live better off our dollars than crypto!”
It is a true cause for celebration.
Because paper U.S. dollar money is more secure and sensible than an altcoin, that the U.S. dollar is gaining enough muscle to actually be worth lugging around is good news.
Paper is immune to hacking, paper is known world over (unlike the 100k+ clickbait cryptos in cyberspace. Goodness).
Paper demands physical meeting to exchange value, which is how humans meet other humans they can trust enough to call business partners, friends, romantic partners.
The U.S. Federal Reserve may have its faults (of having a printing machine), but the fact that we can all speculate on the U.S. dollar as we please is most welcome. This helps test its value-claims really quickly.
If it is based on shaky physics the final crash is not far off because we are trading it, hence stress testing it, all over the place. A thousand times every second. Just like Bitcoin.
Keep hoping for a DXY breakout though. You could use a little more hope.