Day Trader’s Aftermarket Lounge 18 Nov 2020, page-32

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Gunslinger27

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18/11/20

18:06

Post #: 48967851
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Originally posted by Griffin007: ↑

Very interesting argument and one I have pondered over for a few years now.

I believe Bitcoin has now become another asset class in trading and I personally believe it is highly unlikely that in the near future they will find a use for it. Certainly wont replace currency.

Now we may live in a future that cars fly and they might find a use for Crypto in general due to the math that has gone into it but I dont see that happening any time soon.

I say this for a number of reasons.

Firstly and foremost while it will make some people very rich, it is next to impossible to replace normal currency with Crypto due to various complexities of the existing global banking and finance system an underlying production and GDP.

In 2001 the Greeks cooked their books and fudged their numbers and adopted Euro currency. Their yogurt based economy changed literally overnight without any attention paid to what it will do both to their economy as well as the rest of the world.

It wasnt until the GFC hit that the real problem became very evident and austerity came in and they realized both sides would have been far better off not doing what they did.

The way I see it, Crypto will be by 10k folds more complex, it simply wont happen and if it does it will lead into a monumental economic breakdown. We have had gold ever since human existed and today most of the gold owned by people mainly exists on digital space, if we were ever going to replace money with something IMO it will be gold.

Besides, Bitcoin just happens to be one of the first ones with good PR, otherwise there are countless Cryptos some with better features as well so its a matter of taking your pick.

Bitcoin has fallen significantly previously, so I would be very hesitant to invest. Just my opinion.

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"it is next to impossible to replace normal currency with Crypto due to various complexities of the existing global banking and finance system an underlying production and GDP " .

Hmm wouldnt be so sure about that one

The Federal Reserve is already far advanced in developing their own crypto currency. Upcoming stimulus payments direct to the US population will be delivered via central bank digital currency which will mark the beggining of the move to
a new currency system.

https://www.bis.org/publ/othp33_summary.pdf

Last edited by Gunslinger27: 18/11/20
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