Insiders, outsiders and experimenters, revisited

Key Points

1. America's political shift towards crypto adoption has been driven by increasing public interest, regulatory adjustments, and key legal rulings, such as the approval of spot Bitcoin ETFs.

2. China has aggressively retreated from crypto, banning activities and promoting its digital yuan, but its efforts have not yet challenged the dollar's dominance.

3. El Salvador has emerged as a 'sovereign innovator' by adopting Bitcoin as legal tender, amassing BTC reserves, and pioneering geothermal-powered mining.

4. Other countries like Bhutan, Pakistan, and Argentina are following El Salvador's lead, exploring sovereign crypto reserves and digital finance ecosystems.

5. Regulatory frameworks globally are evolving, with the EU, Japan, and Switzerland implementing stricter rules, while some developing nations adopt more flexible approaches.