Toot, yes, no question, you are correct. It is being used as a medium of exchange. But history is replete with examples of assets that have temporarily been used as a medium of exchange. It cannot last though because it is not legal tender and because it is fundamentally a valueless asset.
I see what you’re saying but would ask that if it can be exchanged “directly” for US$ bills, legal tender backed by the full credit and faith of the US Government, how then would it be different from, say, silver or gold or platinum, etc.?
Precious metals don’t have dedicated ATMs that I’m aware of.
I do agree that it is a medium of exchange and that is apparently happening as we speak.
Edited to add:
China is now in on the crypto market offering their RMB out on the world market.
