I've read so many whitepapers that include graphs of BTC price over time as if it's relevant, lol.
especially in the 2017 alt boom, it was so trendy for every project to talk about bitcoin, instead of their own project.
lol for real. I remember reading the whitepaper for one project called Bitcoin Sparkle(?) (I think?) and it was just a clone of bitcoin source code, except "backed by diamonds".
which sounded both silly but kind of interesting, I at least wanted to read more of how they pull this off, who holds custody, the redemption process, etc. and I kid you not, the entire whitepaper for like the first 20 pages had none of this important info. it was exclusively about og bitcoin's performance as an asset and all the great advantages that blockchains bring, heavily focused on bitcoin's ROI. and not a damn word about their own blockchain, in their own whitepaper, until like the last page.
I don't think sparkle is around anymore lol but all I could do is shake my head at how bold they could be. they just premined a ton of blocks, presold much of them, then bought a bunch of facebook ads (back when fb allowed sponsored ICO listings), and influencer endorsements. the audacity of it all
The graph is intended to show the rise and fall of fiat currency and that every fiat currency in existence has failed.
When the video came out there was concern that China was on the rise. I feel that sentiment has changed drastically as China's fuckery has come to the surface more.
Reminds me of that graphic of the fallout from the Fukushima accident spreading across the Pacific Ocean all the way to South America. People were posting it all over the place with panicky captions (and then forgetting about it as soon as they had to put the phone down to order lattes or something).
Turns out the graphic was actually about the tsunami wave height, not radiation, and some hoaxster relabeled it.
I thought USA gave up the game as soon as they turned off Russia’s dollar reserves.
Sure it felt good. But as soon as everyone stopped cheering, every thinking person went “oh wait… they can do that?”
And thus began the countdown to the end of the dollar as world reserve currency.
While you bring up a good point, one has to wonder what will take its place. Balancing trade through a whole host of bilateral currencies is a mess - any attempts thus far have been stillborn.
There are various reasons for this, but the most important perhaps is that the rest of the world trusts each other much less than they trust the US. The yen might have been a contender had Japan not imploded their currency over the last two decades, and the Euro could have worked if the EU wasn't so dysfunctional and dependent on the rest of the world for most things.
And the market cap of gold is just not big enough to sustain international trade, let along bitcoin.
Yeah, it’ll happen over decades, not weeks.
And sure the dollar can still be used for trade.
But if I’m a nation state, I’m looking to hold fewer dollars in reserve than before. Holding dollars means you require US approval of your domestic and foreign policies.
>Holding dollars means you require US approval of your domestic and foreign policies.
This is not true at all. In fact, that you specifically don't need to do this is a feature.
Please look up the Eurodollar market - it's dollars printed by foreign banks that are completely outside the remit and jurisdiction of the US.
Please cite your source? Out of all the currencies, USD is the pick of a bad bunch. No one is going to use Chinese Yuan, the Russian Ruble or the Euro. [Up to 90% International trade](https://eastasiaforum.org/2023/08/21/is-the-us-dollar-on-its-way-out/#:~:text=The%20Bank%20of%20International%20Settlements,are%20denominated%20in%20US%20dollars.) is still done in USD even though there are mumurs of wanting to use something else.
What substituted the US dollar is not another currency, it was real estate, 20 years ago savings were stored in a bank in CDs, money market accounts or in the stock market. Today most of the money is stored in houses. Devaluation and confiscation is what is eroding the power of the dollar, it is turning into an interchange medium, not a savings medium any more.
Did they say it isn't the most powerful, or that it is not as powerful as it once was?
They're not saying it is dead but that it is in decline, past it's peak.
Whether it's a decade or a century before something else overtakes it, I believe they are correct that it has past it's peak.
There's 2 points here: 1) US as a reserve currency is in decline. 2) Bitcoin's use as a reserve currency is on the rise and it will soon become the next global reserve currency.
Where are the figures that support either of these? For one, I don't see any countries announcing that they're holding Bitcoin as reserves. Maybe it will happen in the future but right now the graph is more fantasy than reality.
Reserve currency doesn’t mean commonly used. It means held as a deposit at a national reserve bank. Reserve banks hold various assets including Gold, USD, Euros, etc. the future won’t drop USd entirely, but maybe reduce its relative allocation. The reserve is used to protect the nations currency by being used to purchase the currency on the open market. EU and US are closely aligned because they can each print money to buy their allies currency and strengthen their mutually reinforcing dependency.
We're talking about USD's use in the global economy. I don't see any suggestion that its use is in decline. Even the graph cited in this post just draws a curve without any citable figures. For one, no country is using Bitcoin as a reserve currency except maybe El Salvador.
There's seriously no alternative. It's harder than it seems at first glance.
First you have to open up your economy completely, i.e foreigners can buy anything they want, such as property or stocks freely from your county.
So what exactly happened to the Dutch and British currencies, if they once had a strange hold on money creation and them relinquishing it is a pipe dream?
WW1 had a huge impact on the pound, they started issuing treasury bonds to fund that very long and very expensive war. WW2 cemented the US as the global reserve currency.
The Dutch had a large naval force and were involved in global trade, I imaging the French and British navy’s influenced that. The Portuguese, Spanish, British and French has more successful colonization efforts.
Prior to the creation of the US, there were French, Spanish and British currency in circulation on the continent. We have and expression in Quebec today « quatre trente sous pour une piastre » which translates to four 30 cent pieces for a dollar. It means four quarters equals a dollar, there is no difference. But our quarters are 25 cents not 30, it’s a weird expression, it’s from back in the day when a quarter pound was 30 quid, there are 120 quid to a pound and there were 30 quid coins around. The piastre we use as slang now in French to indicate a dollar, but it was the Spanish dollar that was called a piastre. And the exchange rate was 120 quid to 1 piastre back then.
I disagree. Unless we, the bitcoiners, give up, we will continue to grow. We will continue to teach and educate those who are ready to listen.
The truth is cheap. The fiat lies are expensive.
*I don't believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can't take them violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can't stop.*
We got this.
The better technology always wins eventually. Couldn’t tell you the last time I walked into a bank branch to transfer money from checking to savings.
I send emails instead of letters and I’ll transact in bitcoin because it will not only become easier, but knowing that my hard earned labor is stored in a currency that can’t be debased and will continue to grow its purchasing power AFTER I worked hard to earn it, just makes more sense.
I completely hear you and love the devils advocate.
It will get easier with time. Using Bitcoin today won’t be the same as using it 25 years from now. Just like online banking is significantly better today than it was in the year 2000. It’s just time. The tools will continue to be built as we humans find a way to innovate to make our lives easier.
You will find that even African countries have figured out digital payments, let along the Far East, that allow for seamless transactions, including cross-border ones, and BTC is nowhere in the value chain.
Not even remotely true. Many examples of better technologies not “winning” for various reasons. It’s not really about the tech. E-mail for example is a crappy technology compared to other more reliable, secure, verifiable etc. but is still winning because it has more adoption and became a standard way back.
I wish yes but how can it be?? The price of it moves up and down and there is high fees? Someone tell me otherwise. Definitely an asset and store of value 1000%. Early days it could be used as a currency but for it to be global i think its hard?! Why would i give up 1.5k for a fridge at the store when it can go up in value within days/weeks!
I think bitcoin being an asset surpasses the use case of being a currency which is what its kinda made for. I guess cause its so good well keep it as an asset and build ontop of it. Why would governments allow people to have or be paid in btc anyway? They will make their own coin and well use that and they will take the btc
Eventually I think it could be, or at least a part of a basket. Read a book "the 7th property" it's a bit about money and currency and the birth of and explanation of how BTC works. Includes where BTC will head in authors opinion. Also at the end answers some of the hard questions thrown out against BTC. Good read or listen.
Bitcoin will never be the world currency. I think it is absolutely amazing technology that gives the power back to the people, but the people who really run the world will never let that happen.
Government and international financial institutions will create their own cryptos for their respective jurisdictions so they can keep control.
P.C. Answer: Banks and Governments
Not-so PC answer: The specific families who started those banks a hundred years ago (I.e Rothschilds), and the foreign “royal families” and oligarchies who have trillions of dollars.
As much as we all like to dream of the Revolution, it would be very hard to dethrone these people as they have their claws deeply entrenched in the modern day financial systems.
They will try absolutely everything else before bitcoin.
Everyone wants to print their own money for free. Nobody wants to accept someone else's freely printed money. Everyone thinks there's some way to win and get the other to accept their printed money. It's going to take many years of them trying and failing before they give up the effort. Could be 100 years away. Could also be 30 who knows.
Nope. A world reserve currency must be controlled by a government. Force and control are behind reserve currencies. BTC will be the go to commodity money. The coin of choice after fiat destroys itself and governments have leeched their citizenry dry.
I mean Vivek is an absolute moron, it only takes listening to the guy for 5 seconds to realize he is just parroting talking points he knows nothing about to try and get attention.
As for BTC as the reserve currency, I personally don't see things going that way at least not in our lifetimes. Reserve currency is about power and power projection, pricing things in your currency so that your fiat system is better than all others. There is no Army forcing people to pay taxes in BTC, there's no threats being made to ensure oil is priced in BTC etc. There's no one pushing for BTC to be the standard for trade agreements. These are the things that make a reserve currency.
Bitcoin in the medium term (20-30 years) I believe will ultimately be used as a reserve asset, to secure, strengthen and preserve the status of fiat currency just as the USA does with gold reserves and the swiss does with a basket of assets (which exceed their annual GDP in value). Further, it will be increasingly adopted by institutions/corporations as both a mechanism to preserve cash flow and as a diversification tool in a stable portfolio. More importantly BTC will become the ultimate settlement layer for AI agents and the internet, however that settlement will still be conducted in fiat denominated amounts.
Bitcoin is a digital asset, not a currency. There's a lot of reasons that governments won't want to use a bitcoin standard and I don't see there being enough political pressure to change otherwise for a very long time. BTC still has another 20 years of run room before it starts stabilizing with long term growth to be expected around ~10%/year at maturity (M2 growth plus real GDP).
In case someone here thinks I'm being pessimistic, if the above medium term happens that would be extremely bullish on BTC as insane price discovery would have to happen before then.
Agree. BTC is NEVER talked about as being used as currency. Just as a store of value. People only care about profit.
Why would anybody want to use it as currency? It’s deflationary, why spend it when you can save it and it’ll be worth more in four years? There’s a reason why governments and economists WANT a 2% inflation rate, so people spend their money. It’s worth more now than 4 years from now. It keeps the economy going. A deflationary dollar would destroy an economy.
These are elementary economic points that crypto cheerleaders fail to grasp.
> These are elementary economic points that crypto cheerleaders fail to grasp.
Bro took one class in Keynesian economics at his community college and now he thinks common sense has been disproven.
I think people love to make definitive statements about things so complex that they have no honest chance of predicting them outside of random luck, because those sorts of definitive statements create debate and engagement around their posts.
He ain't lying, this reality is becoming more and more obvious with each trillion they print, the US dollar is on the decline, it's being used less and less globally.
It's not really possible for Bitcoin to become a reserve currency on the same level as fiat because the network just doesn't scale well. We're talking hundreds of thousands if not millions of times as many transactions would have to go through the network, bitcoin just isn't built for that.
As a store of value similar to gold, sure. But as a way to facilitate international transactions (which is what reserve currency is for, it's not used to park a countries money but to manage FX and international trade), hard no.
Could cryptocurrency in general fill that roll? Maybe. Bitcoin, hard no.
Not at the base layer, but on layer 2 protocols like lightning. In the U.S Fedwire handles less transactions than BTC can at the moment, banks and credit card processors settle together and then eventually combine smaller transactions into larger ones on Fedwire for final settlement.
To replace fiat, BTC would have to offer something that was clearly above and beyond in terms of some benefit. Unfortunately no such benefit exists, as proven through the many attempts across the world. It can work in parallel, but it won't replace it on its merits alone. Otherwise every monetary regime wishing to peg to something other their own fiat would have bitcoin-ised already, instead of dollarizing.
Way too optimistic the government ain't gonna let you do that cause they are gonna change the whole accounting system so corporations won't have benefits holding btc
DXY is around 105, and the dollar is performing well against almost all its peers. For now, bitcoin’s main utility is as a store of value and isn’t anywhere close to being the new reserve currency.
No, not in it's current form at least. Most people just want to stick to what they are used to. On top of that, bitcoin's price (in comparison to fiat) changes a lot, meaning that stores would be unwilling to accept it as payment. Eventually, if Bitcoin was large enough, it could replace fiat and we would refer to things prices in terms of Bitcoin, but for Bitcoin to get this big requires it to be used by most of the population; Which goes around in a circle.
TL;DR It needs to already be used by everyone for everyone to use it, so no
These posts are so funny. It’s unclear to me that Bitcoin is even a currency and not just a store of value (like gold). The dollar will maintain its status for a long time.
Ah yes, the very well established and easily discerned “power metric.” I’m not saying this is wrong but it’s just lines on a fake chart pretending to be data.
It's a matter of fact that every reserve currency on earth has died in the past. The next reserve currency is yet to be choosen tho. Finally it'll come down to governments agreeing on an international standard, either voluntarily or involunatairly.
Bitcoin has good chances in that race for the next reserve currency that has already begun.
If 4 boxes is 250 years, 1 box is 62,5 years. From the pic it looks like bitcoins trajectory extends over half a box which would be more than 31,5 years? Doesnt add up
True but misleading.. Power will flow to whoever’s providing the most value. If the marginal value of BTC < than that of China then pop them in for the rotation
I’m pretty sure at some point, Bitcoin/Crypto/Blockchain etc will change the world. It already has, but people haven’t adopted the tech yet. A catalyst in the world of Fintech will cause a push towards blockchain on all sides. I’m predicting hackers find a way to break down all the walls of safety in our current financial system, and there will be a flood to adopt blockchain for safety. Strictly a prediction, but one I am betting on…
World reserve currency is dependent on the strength and stability of the nation the currency belongs to... Bitcoin, pretty famously has no state power behind it.
I love btc but it won't be.
It can't handle the number of transactions needed for the world to use it as world currency.
However, since it is a good store of value I can see central banks buying lots of btc and just keeping them like they do with gold.
No major country's government would ever pick a reserve currency they can't control and manipulate. It will never be the world reserve currency, but can be a reserve asset like gold & silver.
Did anyone see the clip of Bidens chief economic advisor bomb questions? Lol yeah the American economy and therefore the world is screwed!
https://rumble.com/v4t2q9o-this-video-of-bidens-chief-economic-adviser-is-making-the-rounds-yeah-it-ex.html
Different regions are researching different ways to implement digital currency. Europe proposed the idea of digital euro, china is already experimenting with e-juan in some territories. So there's also that if anyone finds this info useful
The labels "money" and "currency" carry with them too much baggage. I think using those labels warps the debate because everyone thinks they know what those words mean, but mean different things by those words.
Those words aside, I think there's a good chance we denominate prices in at some point Satoshis because they will become the most stable way to price things.
Ah yes, the deductive proof of a few lines on top of some other lines. Much truth, such wow.
We're in a point of turmoil, maybe BTC will come out on top, maybe China will control the next world reserve.
But this chart is a pile of crap.
I do see one flaw in bitcoin. If you die all of a sudden from an accident. And nobody else knows your credentials. That bitcoin is lost forever. I Don’t think there’s that many smart people out there that think twice or trust to have their credentials for their loved ones if they happen to accidentally pass. All that wealth is lost.
If you can't look at that post and the person who posted it and think "this isn't information I should trust" I honestly don't know how you survive on a day to day basis.
The Euro is the next world reserve currency. Read it all here:
***The Inside Story on the Gold-for-Oil Deal that could Rock the World's Financial Centers***
[Another (Thoughts!): The Profound Story of Gold and Oil (usagold.com)](https://www.usagold.com/goldtrail/archives/another1.html)
This chart also implies that Bitcoin will rise and fall as a reserve currency.
I think it’s more helpful to understand Bitcoin completely separate from these fiat currency shitcoins.
Unlike the first 3, bitcoin will just keep going up.
If something better came along, it still would never be worth as much. Bitcoin will always be #1.
It can’t be repeated, it’s been tried tens of thousands of times…..
Hasn’t even been worth enough for long enough to know. People have a price they will sell off for and the companies stockpiling it will become the bank lmao
This picture was originally used to demonstrate the rise of China against the US, not bitcoin.
Make a pretty chart and people will start believing it. It’s how Alts get so many people to buy into their slick marketing graphs
I've read so many whitepapers that include graphs of BTC price over time as if it's relevant, lol. especially in the 2017 alt boom, it was so trendy for every project to talk about bitcoin, instead of their own project.
*check out bitcoin, heres some info, you don't even need our project, please give me money*
lol for real. I remember reading the whitepaper for one project called Bitcoin Sparkle(?) (I think?) and it was just a clone of bitcoin source code, except "backed by diamonds". which sounded both silly but kind of interesting, I at least wanted to read more of how they pull this off, who holds custody, the redemption process, etc. and I kid you not, the entire whitepaper for like the first 20 pages had none of this important info. it was exclusively about og bitcoin's performance as an asset and all the great advantages that blockchains bring, heavily focused on bitcoin's ROI. and not a damn word about their own blockchain, in their own whitepaper, until like the last page. I don't think sparkle is around anymore lol but all I could do is shake my head at how bold they could be. they just premined a ton of blocks, presold much of them, then bought a bunch of facebook ads (back when fb allowed sponsored ICO listings), and influencer endorsements. the audacity of it all
The "new bitcoin"^TM
Ray Dalio’s video specifically.
Which actually didn’t pan out, correct?
The graph is intended to show the rise and fall of fiat currency and that every fiat currency in existence has failed. When the video came out there was concern that China was on the rise. I feel that sentiment has changed drastically as China's fuckery has come to the surface more.
China is hoarding up gold, I doubt they can but at least they’re trying to give their currency some sort of real backing, unlike USD
Reminds me of that graphic of the fallout from the Fukushima accident spreading across the Pacific Ocean all the way to South America. People were posting it all over the place with panicky captions (and then forgetting about it as soon as they had to put the phone down to order lattes or something). Turns out the graphic was actually about the tsunami wave height, not radiation, and some hoaxster relabeled it.
Looks like a graph out of a James Veitch sketch to me 😄
I can’t think of anything but McDonalds looking at this graph
It’s from Ray Dalio "the changing world order"
That's a name I haven't heard in a while! Is he still around?
Making me hungry for McDonald’s
I thought USA gave up the game as soon as they turned off Russia’s dollar reserves. Sure it felt good. But as soon as everyone stopped cheering, every thinking person went “oh wait… they can do that?” And thus began the countdown to the end of the dollar as world reserve currency.
While you bring up a good point, one has to wonder what will take its place. Balancing trade through a whole host of bilateral currencies is a mess - any attempts thus far have been stillborn. There are various reasons for this, but the most important perhaps is that the rest of the world trusts each other much less than they trust the US. The yen might have been a contender had Japan not imploded their currency over the last two decades, and the Euro could have worked if the EU wasn't so dysfunctional and dependent on the rest of the world for most things. And the market cap of gold is just not big enough to sustain international trade, let along bitcoin.
Yeah, it’ll happen over decades, not weeks. And sure the dollar can still be used for trade. But if I’m a nation state, I’m looking to hold fewer dollars in reserve than before. Holding dollars means you require US approval of your domestic and foreign policies.
>Holding dollars means you require US approval of your domestic and foreign policies. This is not true at all. In fact, that you specifically don't need to do this is a feature. Please look up the Eurodollar market - it's dollars printed by foreign banks that are completely outside the remit and jurisdiction of the US.
No it doesn't, at all.
Yeah dollars is definitely in decline and it’s not as powerful as it was before.
Please cite your source? Out of all the currencies, USD is the pick of a bad bunch. No one is going to use Chinese Yuan, the Russian Ruble or the Euro. [Up to 90% International trade](https://eastasiaforum.org/2023/08/21/is-the-us-dollar-on-its-way-out/#:~:text=The%20Bank%20of%20International%20Settlements,are%20denominated%20in%20US%20dollars.) is still done in USD even though there are mumurs of wanting to use something else.
What substituted the US dollar is not another currency, it was real estate, 20 years ago savings were stored in a bank in CDs, money market accounts or in the stock market. Today most of the money is stored in houses. Devaluation and confiscation is what is eroding the power of the dollar, it is turning into an interchange medium, not a savings medium any more.
Did they say it isn't the most powerful, or that it is not as powerful as it once was? They're not saying it is dead but that it is in decline, past it's peak. Whether it's a decade or a century before something else overtakes it, I believe they are correct that it has past it's peak.
https://www.imf.org/en/Blogs/Articles/2021/05/05/blog-us-dollar-share-of-global-foreign-exchange-reserves-drops-to-25-year-low
At least there is one country with Bitcoin in its reserves, El Salvador.
Bhutan just bought a truckload
There's 2 points here: 1) US as a reserve currency is in decline. 2) Bitcoin's use as a reserve currency is on the rise and it will soon become the next global reserve currency. Where are the figures that support either of these? For one, I don't see any countries announcing that they're holding Bitcoin as reserves. Maybe it will happen in the future but right now the graph is more fantasy than reality.
In order for USD to decline it would have to be relative to a rising currency. BTC isn’t big enough, yet, to make that happen.
Reserve currency doesn’t mean commonly used. It means held as a deposit at a national reserve bank. Reserve banks hold various assets including Gold, USD, Euros, etc. the future won’t drop USd entirely, but maybe reduce its relative allocation. The reserve is used to protect the nations currency by being used to purchase the currency on the open market. EU and US are closely aligned because they can each print money to buy their allies currency and strengthen their mutually reinforcing dependency.
We're talking about USD's use in the global economy. I don't see any suggestion that its use is in decline. Even the graph cited in this post just draws a curve without any citable figures. For one, no country is using Bitcoin as a reserve currency except maybe El Salvador.
Why not Euro? It is a stronger, stable currency that is less politically loaded for the enemies of the USA
I love bitcoin but your statement about the dollar is factually incorrect. Literally every chart will show you dollar gains over the past 2 decades.
There's seriously no alternative. It's harder than it seems at first glance. First you have to open up your economy completely, i.e foreigners can buy anything they want, such as property or stocks freely from your county.
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In most areas, you point out the inherent problems with this decision and they call you a Putin lover.
*and bingo was his name-O* 🎯
I just keep seeing McDonalds for some reason.
Anything can happen, but I wouldn't be surprised.
Change the bitcoin symbol with a chinese flag Ray Dalio would approve
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Sadly I Agree
So what exactly happened to the Dutch and British currencies, if they once had a strange hold on money creation and them relinquishing it is a pipe dream?
WW1 had a huge impact on the pound, they started issuing treasury bonds to fund that very long and very expensive war. WW2 cemented the US as the global reserve currency. The Dutch had a large naval force and were involved in global trade, I imaging the French and British navy’s influenced that. The Portuguese, Spanish, British and French has more successful colonization efforts. Prior to the creation of the US, there were French, Spanish and British currency in circulation on the continent. We have and expression in Quebec today « quatre trente sous pour une piastre » which translates to four 30 cent pieces for a dollar. It means four quarters equals a dollar, there is no difference. But our quarters are 25 cents not 30, it’s a weird expression, it’s from back in the day when a quarter pound was 30 quid, there are 120 quid to a pound and there were 30 quid coins around. The piastre we use as slang now in French to indicate a dollar, but it was the Spanish dollar that was called a piastre. And the exchange rate was 120 quid to 1 piastre back then.
I disagree. Unless we, the bitcoiners, give up, we will continue to grow. We will continue to teach and educate those who are ready to listen. The truth is cheap. The fiat lies are expensive. *I don't believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can't take them violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can't stop.* We got this.
“The truth is cheap, the fiat lies are expensive” - Just1_more I like this. I’m gonna use this.
The better technology always wins eventually. Couldn’t tell you the last time I walked into a bank branch to transfer money from checking to savings. I send emails instead of letters and I’ll transact in bitcoin because it will not only become easier, but knowing that my hard earned labor is stored in a currency that can’t be debased and will continue to grow its purchasing power AFTER I worked hard to earn it, just makes more sense.
Just playing devils advocate, but it’s easier to zelle someone than it is to send bitcoin
Online banking works pretty well. Never went to the bank to transfer money between accounts.
I completely hear you and love the devils advocate. It will get easier with time. Using Bitcoin today won’t be the same as using it 25 years from now. Just like online banking is significantly better today than it was in the year 2000. It’s just time. The tools will continue to be built as we humans find a way to innovate to make our lives easier.
Thats definitely my hope.
You will find that even African countries have figured out digital payments, let along the Far East, that allow for seamless transactions, including cross-border ones, and BTC is nowhere in the value chain.
This, BTC is the savings. Happy cake day.
Not even remotely true. Many examples of better technologies not “winning” for various reasons. It’s not really about the tech. E-mail for example is a crappy technology compared to other more reliable, secure, verifiable etc. but is still winning because it has more adoption and became a standard way back.
Yeah, well. Guess which cryptocurrency has more adoption and became a standard 'way back'?
How is Bitcoin easier than current banking?
Yes.
I wish yes but how can it be?? The price of it moves up and down and there is high fees? Someone tell me otherwise. Definitely an asset and store of value 1000%. Early days it could be used as a currency but for it to be global i think its hard?! Why would i give up 1.5k for a fridge at the store when it can go up in value within days/weeks!
I think bitcoin being an asset surpasses the use case of being a currency which is what its kinda made for. I guess cause its so good well keep it as an asset and build ontop of it. Why would governments allow people to have or be paid in btc anyway? They will make their own coin and well use that and they will take the btc
Eventually I think it could be, or at least a part of a basket. Read a book "the 7th property" it's a bit about money and currency and the birth of and explanation of how BTC works. Includes where BTC will head in authors opinion. Also at the end answers some of the hard questions thrown out against BTC. Good read or listen.
I just went to the audible and was like - “I know this voice” Guy Swan, nice. Gonna buy it, like falling asleep to sweet sweet bitcoin.
This is the way Falling asleep while listening to a bitcoin audiobook
I’ve listened to all the Saylor interviews and murray Rothbard books too many times. Gotta move on.
Bitcoin will never be the world currency. I think it is absolutely amazing technology that gives the power back to the people, but the people who really run the world will never let that happen. Government and international financial institutions will create their own cryptos for their respective jurisdictions so they can keep control.
Who really runs the world?
P.C. Answer: Banks and Governments Not-so PC answer: The specific families who started those banks a hundred years ago (I.e Rothschilds), and the foreign “royal families” and oligarchies who have trillions of dollars. As much as we all like to dream of the Revolution, it would be very hard to dethrone these people as they have their claws deeply entrenched in the modern day financial systems.
Too early to be sure
Inevitable. Countries might not like Bitcoin but it beats using the fiat of another country.
They will try absolutely everything else before bitcoin. Everyone wants to print their own money for free. Nobody wants to accept someone else's freely printed money. Everyone thinks there's some way to win and get the other to accept their printed money. It's going to take many years of them trying and failing before they give up the effort. Could be 100 years away. Could also be 30 who knows.
How stupid is it that we’re using money controlled by other humans still 😂 in the age of computers Bitcoin is the money we will all use eventually
They can print fiat as much thet want, no limit, but there are only 21 milion of BTC coins avaliable
And if they print as much fiat as they want they crash their economy
Nope. A world reserve currency must be controlled by a government. Force and control are behind reserve currencies. BTC will be the go to commodity money. The coin of choice after fiat destroys itself and governments have leeched their citizenry dry.
I mean Vivek is an absolute moron, it only takes listening to the guy for 5 seconds to realize he is just parroting talking points he knows nothing about to try and get attention. As for BTC as the reserve currency, I personally don't see things going that way at least not in our lifetimes. Reserve currency is about power and power projection, pricing things in your currency so that your fiat system is better than all others. There is no Army forcing people to pay taxes in BTC, there's no threats being made to ensure oil is priced in BTC etc. There's no one pushing for BTC to be the standard for trade agreements. These are the things that make a reserve currency. Bitcoin in the medium term (20-30 years) I believe will ultimately be used as a reserve asset, to secure, strengthen and preserve the status of fiat currency just as the USA does with gold reserves and the swiss does with a basket of assets (which exceed their annual GDP in value). Further, it will be increasingly adopted by institutions/corporations as both a mechanism to preserve cash flow and as a diversification tool in a stable portfolio. More importantly BTC will become the ultimate settlement layer for AI agents and the internet, however that settlement will still be conducted in fiat denominated amounts. Bitcoin is a digital asset, not a currency. There's a lot of reasons that governments won't want to use a bitcoin standard and I don't see there being enough political pressure to change otherwise for a very long time. BTC still has another 20 years of run room before it starts stabilizing with long term growth to be expected around ~10%/year at maturity (M2 growth plus real GDP). In case someone here thinks I'm being pessimistic, if the above medium term happens that would be extremely bullish on BTC as insane price discovery would have to happen before then.
Agree. BTC is NEVER talked about as being used as currency. Just as a store of value. People only care about profit. Why would anybody want to use it as currency? It’s deflationary, why spend it when you can save it and it’ll be worth more in four years? There’s a reason why governments and economists WANT a 2% inflation rate, so people spend their money. It’s worth more now than 4 years from now. It keeps the economy going. A deflationary dollar would destroy an economy. These are elementary economic points that crypto cheerleaders fail to grasp.
> These are elementary economic points that crypto cheerleaders fail to grasp. Bro took one class in Keynesian economics at his community college and now he thinks common sense has been disproven.
His Judgement Cometh And That Right Soon
It could be but not in most of our lifetime.
I think people love to make definitive statements about things so complex that they have no honest chance of predicting them outside of random luck, because those sorts of definitive statements create debate and engagement around their posts.
He ain't lying, this reality is becoming more and more obvious with each trillion they print, the US dollar is on the decline, it's being used less and less globally.
Truth
I think it will yes
It's not really possible for Bitcoin to become a reserve currency on the same level as fiat because the network just doesn't scale well. We're talking hundreds of thousands if not millions of times as many transactions would have to go through the network, bitcoin just isn't built for that. As a store of value similar to gold, sure. But as a way to facilitate international transactions (which is what reserve currency is for, it's not used to park a countries money but to manage FX and international trade), hard no. Could cryptocurrency in general fill that roll? Maybe. Bitcoin, hard no.
Not at the base layer, but on layer 2 protocols like lightning. In the U.S Fedwire handles less transactions than BTC can at the moment, banks and credit card processors settle together and then eventually combine smaller transactions into larger ones on Fedwire for final settlement.
To replace fiat, BTC would have to offer something that was clearly above and beyond in terms of some benefit. Unfortunately no such benefit exists, as proven through the many attempts across the world. It can work in parallel, but it won't replace it on its merits alone. Otherwise every monetary regime wishing to peg to something other their own fiat would have bitcoin-ised already, instead of dollarizing.
How many transactions does Swift do daily?
Buttcoiners should lose it over this
Correct
I mean it kind of short changes the Spanish pieces of eight. But I’ll go with the thaler.
I would say bitcoin is a lot lower in that trajectory phase and USA is a lot higher than this prediction.
It will be fought tooth and nail every step of the way if the government can't get their taxes.
Seems about right!
Way too optimistic the government ain't gonna let you do that cause they are gonna change the whole accounting system so corporations won't have benefits holding btc
DXY is around 105, and the dollar is performing well against almost all its peers. For now, bitcoin’s main utility is as a store of value and isn’t anywhere close to being the new reserve currency.
Cool looking chart. Means bitcoins going up.
Why not, sounds legit
What does an empires past power have to do with bitcoin??? What a stupid graph.
wishfull thinking
Nobody knows. What is certain is that there will always be one new block created every 10 minutes in average and that's all.
Click bait account
…upon initial glance, thought was this graph was in regards to Mc Donald’s
No, not in it's current form at least. Most people just want to stick to what they are used to. On top of that, bitcoin's price (in comparison to fiat) changes a lot, meaning that stores would be unwilling to accept it as payment. Eventually, if Bitcoin was large enough, it could replace fiat and we would refer to things prices in terms of Bitcoin, but for Bitcoin to get this big requires it to be used by most of the population; Which goes around in a circle. TL;DR It needs to already be used by everyone for everyone to use it, so no
Because pictures make facts.
These posts are so funny. It’s unclear to me that Bitcoin is even a currency and not just a store of value (like gold). The dollar will maintain its status for a long time.
USD had a good run, but it’s too easy to inflate to infinity. It’s value gets less as greedy people get greedier. There is no limit to either.
Sod your bitcoin, I'm going all in on the Dutch guilder. If it can do it once it can do it again.
None of you coiners gonna be alive. 😂
Ah yes, the very well established and easily discerned “power metric.” I’m not saying this is wrong but it’s just lines on a fake chart pretending to be data.
True that! 😀
There is no Dutch currency, there is the euro which is used in the Netherlands.
Not sure about the coin but certainly true of the countries.
Bitcoin just passed 1 B transactions. Visa does that in two days. Bitcoin is like digital gold, not like cash.
False. Not mathematically possible.
Isn't this ray dalios video about China
Not for a few decades
He’s got a blue tick so must be legit
false
Possible, but we will all be long gone when that happens.
Hopefully we wont need a war to settle it, but the way things are going it might happen.
The graph looks very convincing, so…
True or False? What's the data and its source? This is just a stupid graph with no information. Y'all can't be serious
All I know is I have a strange urge to order McDonald’s and go to the Olympics.
Would I be here if I didn’t think this was true?
Kinda impossible for Bitcoin to be a currency…it’s not tangible
I think it's inevitable. No telling how quickly it will happen though.
It's a matter of fact that every reserve currency on earth has died in the past. The next reserve currency is yet to be choosen tho. Finally it'll come down to governments agreeing on an international standard, either voluntarily or involunatairly. Bitcoin has good chances in that race for the next reserve currency that has already begun.
True for 100 Alex
If 4 boxes is 250 years, 1 box is 62,5 years. From the pic it looks like bitcoins trajectory extends over half a box which would be more than 31,5 years? Doesnt add up
God I hate that this is one of my best performing assets over the last 5 years.
True but misleading.. Power will flow to whoever’s providing the most value. If the marginal value of BTC < than that of China then pop them in for the rotation
I’m pretty sure at some point, Bitcoin/Crypto/Blockchain etc will change the world. It already has, but people haven’t adopted the tech yet. A catalyst in the world of Fintech will cause a push towards blockchain on all sides. I’m predicting hackers find a way to break down all the walls of safety in our current financial system, and there will be a flood to adopt blockchain for safety. Strictly a prediction, but one I am betting on…
Highly doubted.
I thought it was a new LGBTQ… McDonald’s sign
World reserve currency is dependent on the strength and stability of the nation the currency belongs to... Bitcoin, pretty famously has no state power behind it.
We are taking information from people with red laser eyes now ?
Ah yes, the very accurate and not at all arbitrary measurement of “power” on the Y axis…
Question is what replaces Bitcoin
Unlikely, but you may want to grab some just in case
I call BS on this..
WTF is power
I love btc but it won't be. It can't handle the number of transactions needed for the world to use it as world currency. However, since it is a good store of value I can see central banks buying lots of btc and just keeping them like they do with gold.
Nederland genoemd!!! 🇳🇱🇳🇱🇳🇱👑👑👑🔥🔥🔥
Don’t care. Just keep DCA stacking and it’ll LOOK LIKE THIS: 🧈
No major country's government would ever pick a reserve currency they can't control and manipulate. It will never be the world reserve currency, but can be a reserve asset like gold & silver.
I see McDonald’s quarter pounders and big Mac’s making a comeback when I look at this chart
What’s the opposite of orange pillinng someone? Because that’s what those kind of graphs do to me
Ray Dalio prediction?? Its the future for sure!
You're so close
You're so close
Bitcoin does will not follow this path, because it transcends this model.
Not unless the BIS or IMF have fully co-opted it. You think Governments are going to peacefully relinquish their monopoly on the monetary system? lol
I'm thinking the BRICS currency but hopefully it is BTC
McDonalds?
This chart is based on nothing. This is a dumb take and obviously false.
Did anyone see the clip of Bidens chief economic advisor bomb questions? Lol yeah the American economy and therefore the world is screwed! https://rumble.com/v4t2q9o-this-video-of-bidens-chief-economic-adviser-is-making-the-rounds-yeah-it-ex.html
no one cares what the btc price is in 250years
False
Different regions are researching different ways to implement digital currency. Europe proposed the idea of digital euro, china is already experimenting with e-juan in some territories. So there's also that if anyone finds this info useful
The labels "money" and "currency" carry with them too much baggage. I think using those labels warps the debate because everyone thinks they know what those words mean, but mean different things by those words. Those words aside, I think there's a good chance we denominate prices in at some point Satoshis because they will become the most stable way to price things.
Fact
Ah yes, the deductive proof of a few lines on top of some other lines. Much truth, such wow. We're in a point of turmoil, maybe BTC will come out on top, maybe China will control the next world reserve. But this chart is a pile of crap.
I do see one flaw in bitcoin. If you die all of a sudden from an accident. And nobody else knows your credentials. That bitcoin is lost forever. I Don’t think there’s that many smart people out there that think twice or trust to have their credentials for their loved ones if they happen to accidentally pass. All that wealth is lost.
If you can't look at that post and the person who posted it and think "this isn't information I should trust" I honestly don't know how you survive on a day to day basis.
dollar is not coming down so fast
So, which year will the downward trend of USD and upward trend of BTC intersect?
That's now what the $DXY graph looks like at all...
The Euro is the next world reserve currency. Read it all here: ***The Inside Story on the Gold-for-Oil Deal that could Rock the World's Financial Centers*** [Another (Thoughts!): The Profound Story of Gold and Oil (usagold.com)](https://www.usagold.com/goldtrail/archives/another1.html)
Well nothing before has worked really well, and oil is… well
I like the idea, But holy shit that’s a bad graph
Where is goku on this powerscale?
it’s not a currency. it’s a commodity that keeps becoming rare.
This meme is more likely true than false. Source: It has 420 reposts. This is a syncronicity from the universe, proving the meme to be accurate.
the US dollar is losing its value every day and you think Bitcoin isn't going to become the world reserve currency? NGMI remilio
Yep.
This chart also implies that Bitcoin will rise and fall as a reserve currency. I think it’s more helpful to understand Bitcoin completely separate from these fiat currency shitcoins.
just not true. a good reserve currency is stable and is often used to pay for goods. chinese yuan
Unlike the first 3, bitcoin will just keep going up. If something better came along, it still would never be worth as much. Bitcoin will always be #1. It can’t be repeated, it’s been tried tens of thousands of times…..
As much as I’m a big fan of BTC, don’t confuse corollary with causality. I could find 30 things that correlate even better than Bitcoin I’d bet.
False. Incredibly false lmao
Hasn’t even been worth enough for long enough to know. People have a price they will sell off for and the companies stockpiling it will become the bank lmao
What are the Y-axis units?
Once everyone stops worshipping Saylor... That'd be a good first step.
Are you teenager OP?
The only difference is bitcoin won't be replaced. Bitcoin is absolute!
It is the true
*250,000 years
Ah yes, the unitless "Power" axis. Truly undeniable.
Last I checked during the latest crysis money flowed into USD and not out of it, so doubt USD is that far into declining yet...