The funny thing is, crypto is actually good for the dollar.
USDT/USDC are far easier to acquire than actual USD in third world countries. There’s a separate economy built up in Africa, Phillippines, etc. that operates entirely on USDT.
You can see this in the price of USDT vs USD in these countries - USDT commands a premium.
Crypto via coins like USDT means that Nigerians increasingly want to work for USDT, not Naira. Bad for Naira, good for the USD
Tether has to be backed by USD-denominated reserves for that to work. If it's actually backed by something else (or nothing) then all that value is going somewhere other than the dollar
USDT/USDC are far easier to acquire than actual USD in third world countries. There’s a separate economy built up in Africa, Phillippines, etc. that operates entirely on USDT.
You can see this in the price of USDT vs USD in these countries - USDT commands a premium.
Crypto via coins like USDT means that Nigerians increasingly want to work for USDT, not Naira. Bad for Naira, good for the USD