The mere fact this conversation is even happening has to be disturbing to some extremely powerful global interests. BTC volatility appears to be the only major obstacle to the cryptocurrency’s widespread international adoption at this point. If it trends downwards, a switch point will be suggested on the horizon. In the interim, the BTC option sets implicit limits to USD devaluation — the cost of volatility isn’t infinite.
The article expects China to oppose any move to price oil in BTC in global markets, based on ambitions for an expanded international use of the RMB. Given what Chinese monetary authorities know about the Triffin dilemma, this is an argument that can very easily be over-stretched.