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What if Trump and Elon made Bitcoin and Dogecoin legal tender in the United States?
If Trump and Elon Musk succeed in making Bitcoin and Dogecoin legal tender in the United States, the global economic landscape will undergo profound changes.
First, this transfer could result in the US dollar losing its dominant status as a global reserve currency. This will cause panic among countries and corporations that hold dollars, creating global economic instability. Bitcoin and Dogecoin becoming mainstream currencies will come with major challenges in managing their value, as both currencies have demonstrated extreme price volatility, especially Bitcoin with its limited its fixed supply.
Second, a regulatory framework for cryptocurrency transactions will need to be clearly established to address issues such as taxes and illegal practices. Currently, the taxation of on-chain transactions is still unclear and could cause the government to lose control.
Finally, shocks from the cryptocurrency market could affect the US economy, making it difficult for people to adjust to drastic price fluctuations for everyday spending needs such as wages and prices. rent a house.
If Trump and Elon Musk succeed in making Bitcoin and Dogecoin legal tender in the United States, the global economic landscape will undergo profound changes.
First, this transfer could result in the US dollar losing its dominant status as a global reserve currency. This will cause panic among countries and corporations that hold dollars, creating global economic instability. Bitcoin and Dogecoin becoming mainstream currencies will come with major challenges in managing their value, as both currencies have demonstrated extreme price volatility, especially Bitcoin with its limited its fixed supply.
Second, a regulatory framework for cryptocurrency transactions will need to be clearly established to address issues such as taxes and illegal practices. Currently, the taxation of on-chain transactions is still unclear and could cause the government to lose control.
Finally, shocks from the cryptocurrency market could affect the US economy, making it difficult for people to adjust to drastic price fluctuations for everyday spending needs such as wages and prices. rent a house.
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