> The US dollar is useful to countries like china is because the US government acts as a debtor of last resort

Which ultimately derives from our mammoth consumption. If Chinese consumption eclipses America's and their economy rebalances, they will have lots of Chinese consumers buying goods with renmimbi, leaving sellers offshore with boatloads of the currency to find investments for. (I consider this to be a moderate risk, and not one which would supplant the U.S. dollar but instead cause it to share the world stage.)

TL; DR Bitcoin is not a serious threat to the U.S. dollar. It promises huge profits to banks, which is why they're salivating over it.

Parking money in cash isn’t feasible, which is why much of the USD’s worth is in treasuries, the dollar is just incredibly liquid and easy to borrow/lend.

The Chinese government is not interested in filling this same role, even if now anemic Chinese consumption somehow picks up, they will probably still want to maintain absolute control over the exchange rate.

I agree that the renminbi is not presently a threat. Just that it has the potential of becoming one. That potential flows from the potential of China's consumers. A native base of consumers Bitcoin lacks. My point is that if the renminbi is a long shot for challenging the dollar's hegemony, Bitcoin is out past Pluto.

Our mammoth consumption helps, but the USD is also baked in as the unit used by the World Bank.

https://datahelpdesk.worldbank.org/knowledgebase/articles/11...