If feds or blackrock dumped bitcoin, could the dollar exchange drop low and long enough that, though temporary, it chills usage enough to break the system?
Bitcoin relies on concensus, and that concensus relies on a conversion from real world value to representation of value via btc. That conversion as of now relies on fiat being converted into btc in an economical way.
IMO few people are going to stick it out for principle when they barely got on board for profit.
#armchairmusing
#ignorant
They wouldn't dump to a retail market, they'd sell in the same way they acquired it, OTC. Markets would move based on the news only, like when Tesla (didn't) sold their BTC.
But assuming they did, and the price dumped completely, we know the fanatics among us would literally dump every spare cent they had and could acquire back into BTC. Bitcoin, as a system, wouldn't break. The value of it is stored in the future anyway, where goods would be denominated in sats, and conversion to fiat would not make sense.
Sats are the future unit of value, not fiat. Understand a price dump would temporarily set that "consensus progress" back, and I'm sure CBDC proponents will want to dump BTC one day to force a shift in that consensus, but BTC's finiteness remains intact. The horrors of CBDC's will bring everyone back.
