I see talks about 1M$ Bitcoin in 90 days. Does anyone even think before posting such a doomsday scenario? Do they even know what it would mean.
Be very careful what you wish for.
[781273]
Discussion
Yeah. It sounds nice, but what’s a million worth if a gallon of milk is $70 and a load of bread is $150.
I mean it’s a live bet that’s out there. He’s stuck with that.
The slow grind adoption is best, imo, for Bitcoin for plebs to build stacks and orange pill family and friends. Slow grind leaves less behind.
Aren't you going to say what it would mean?
In short, A $1M Bitcoin price could cause sudden inflation and weaken the fiat currency system especially in poor countries, leading to economic instability and a collapse in the value of local currencies. This could worsen wealth inequality and harm those who rely on fiat currencies as their primary means of exchange and store of value.
A gradual shift over years if not decades, not days, or we will all become forced sellers.
[781275]
Would lead to the rise of the Citadels.
But fiat is not a store of value. All the ppl you are concerned about are encouraged to “spent it all” and not save. If they do save it loses values. They are incentivized to buy the biggest house they can afford, because it is the only vehicle to kinda win… unless you remember they need to buy another house after they realize gains on a sale. The only ppl that win in this system are the ones that find a way to “opt out” by moving to a substantially lower COL area.
They should save in bitcoin, no matter how small. It is the only way forward regardless of the trajectory of the fiat currency system.
fiat is perceived as a store of value in countries that do not enjoy the privileges you are mentioning your narrative is correct seen from the lens of the "west". Location arbitrage allows you to plan in such a way but the majority of the world we live in would dream of the USD instead of their local currencies still, many have recognized the need to spread Bitcoin education and enable access in those parts of the world. This is where Bitcoin has the most opportunities to thrive.
[781279]
Saving still do not exist without losing value, right?
For the majority in the other 180+ countries, saving is a luxury. Inflation is the killer, today they would rather own USD than their own currency and USD is hard to come by, scarce, desirable to them. If they could save right now they would in USD. Bitcoin is still a very foreign concept. Risk tolerance is zero for these populations, it must first be an integral part of society before being remotely considered as an alternative.
[781283]
Keen to know why you think #Bitcoin to 1m in 90 days would be a doomsday scenario?
It would probably be good for you, such a sudden shift would mean a total collapse of the USD which is still the reserve currency of the world. Poor countries, the unbanked, 40% of the world having no access to internet to have access to Bitcoin, the 98% of the world who yet do not own Bitcoin will be left behind. The fiat system is doomed but it must remain on ICU until the world is ready for a $1M Bitcoin.
I also suspect that if this should happen you will have to sell your stack to survive such a scenario wherever you may be.
[781276]
What do you think needs to be done for the world to be ready for $1m #Bitcoin?
I can't possibly be qualified to know, this would be uncharted territory a decade or more from today.
[781313]
That, plus everyone with even a Commodore-64 will start mining and *actually suck up all energy*, because electricity is priced in fiat, which has just become worthless.
Your post is receiving a lot of attention.
Added to the https://member.cash/hot feed
I would say being a bitcoiner should mean one knows how the world works, especially when it comes to money, its nature, and how it moves currently.
Apparently not.
Why I’m glad for this platform.. seems the radicals are outnumbered on here.. logic prevails