Except that on this hypothesis of the value of any given cryptoasset operating as a currency (with Bitcoin being the standard bearer), the crypto is a commodified token overlay on top of fiat.
My point was rather that it gets more legitimacy with the big investors getting into the game and therefore has little chance of going away at this point.
Also in time we might find that Bitcoin becomes the standard upon which other cryptos are the commodified token overlay, especially considering its underlying issues as a transactional system.
I kind of see the USD converting to Bitcoin in one way or another and all the rest being offset against it much like we see today.
I don’t really see a one world currency happening, there is simply too much dissent, but if they are all backed by Bitcoin it’s kind of one and the same.
I am, however by no means an expert.
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I always find this chart fascinating and I wonder what will happen when it hits 1:1 and if that will be the major turning point.
usdsat.com
On the other hand, it’s just a silly chart.
I mean we’ve just had our first case of a soccer player contracting to he paid in Bitcoin. How far are we from being paid in BTC ourselves? Buying cars and groceries and such using crypto?
I mean the moment I’m getting paid in BTC what is the relevance of fiat currencies to me any longer?
Of course the volatility would need to settle down. But then again as South Africans in the last few years it’s almost a safer bet than the bloody Rand, even now.