Shifting the goal posts: Bitcoin's purpose just shrunk from buying anything to just buying "high quality" stuff. Next step: "Oh well it actually has no purpose at all".
Discussion
When your money is worth more into the future, you start to only want to spend it on high quality products.
Yeah nah if my money was worth more in the future I wouldn't spend it at all.
You'd die then...
I'm not a bitcoin person, but I kind of get the logic there.
If you had two stashes, one of money that was going to be worth more in the future and one of money that was going to be worth less in the future, wouldn't you take from the stash that was going to be worth less to spend on household things?
I guess you could spend the money that was going to be worth less to buy some money that was going to be worth more, and then immediately spend the money that was going to be worth more (before it *is* worth more) on household things—but then isn't that just adding steps and fees?
The way you're putting it makes it sound like holding money that's going to be worth less in the future is the extra step you're taking.
What's the point of doing that?
I think most people's spending money in dollars or euros or whatever isn't enough to be considered a 'holding'. It's spent soon after it's acquired.
You don't think people really save in fiat?
Sure but then it’s, well, savings. My point is I can see why people would be hesitant to spend any Bitcoin they hold on everyday things because they’ll see that Bitcoin as savings (due to the fact that it’s, well, Bitcoin). If they have savings in fiat they won’t be likely to spend that on everyday things either.
Don't get me wrong, I like the idea of people spending Bitcoin on everyday things. My view is that Jack is right, it’ll become largely irrelevant if it doesn’t become an everyday currency.
But human psychology being what it is, as long as Bitcoin is seen to have this upside then I can’t see most people who hold it spending more than a token (or performative) amount on everyday things.