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The dollar (or any fiat currency) could never be pegged to #Bitcoin.

Even if a government was dumb enough to attempt it, the peg would quickly break.

Numerous fiat currencies tried--and failed--to stay pegged to #gold... which is only a stable store of value!

#Bitcoin is an appreciating store of value and is therefore incompatible with a fiat peg, as fiat is always and everywhere a depreciating store of value over time.

Jordan Eskovitz 2y ago

I'm not interested in defending a fiat peg, but as a point of curiosity: were a government to attempt it, wouldn't the currency by definition not be fiat any longer? And, therefore, when pegged to btc, it would no longer be endlessly depreciating?

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Discussion

less 2y ago

The issue is the debt payments, which would quickly become insurmountable, forcing the peg to break.

Jordan Eskovitz 2y ago

Ah, I see, so because all fiat regimes are in so much debt, the actual act of pegging a currency is impossible. Interesting.