No one is arguing Bitcoin is going to become the Reserve...

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Gunslinger27

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26/11/20

20:22

Post #: 49176752
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Originally posted by Griffin007: ↑

To get direct exposure, I would probably buy bitcoin.

I own Ethereum and Ether light, bought it several years ago and just decided to keep it since then and it has dropped.

Bitcoin may well go up, similar to Gold, in the short term but it is highly unlikely it will replace currency.

Why would US government remove bretton woods so it could print itself out of all kinds of recessions only to replace gold with bitcoin?

Think about it, Bitcoin is a limited resource, if it replaced currency as we know it across the world, how would anyone stimulate economy in crashes the size of GFC or pandemic? how would you cater for different GDP in different countries and deal with disasters like when greece adopted euro as its currency? Basically what will happen is whoever owns the most bitcoin will get to govern the world. It just simply wont work.

The way I see it every couple of years or so, big investment houses stockpile on bitcoin, then you will see all kinds of youtube clips about the new world order and how the banks are leeches (this one being true) and how satoshi had to create bitcoin in secret so the lizard people wont go after him, world of mouth from people who have made tones of money (I wonder who funds these movements). People see it and they buy in, then after a few months of investment house selling bitcoin crashes hard. Wait for a few more years before you rinse and repeat.

This time however there is so much cash in the economy that the selling of bitcoin in order to separate the public from their money is that much more easier but the fundamentals have not changed.

Bitcoin, and block chain in general, are awesome technologies. Just not made for what they are intended initially.

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No one is arguing Bitcoin is going to become the Reserve Currency of the world. Central Banks are going to introduce their own Digital Currency. The clues to how all this would work and some of the implications are in the Raoul Pal clip above. I know its hard to conceive of a new system before it happens but it doesn't mean you shouldn't put aside cognitive dissonance and try.
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0 Great analysis

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