A fiat currency failing is not a proof, or worse: guarantee, that Bitcoin has value.
It's that type of blind cheerleading that annoy the hell out of me.
Discussion
When fiat currencies fail, it makes Bitcoin stand out as a better store of value. Why is that hard to understand?
The Naira failing also makes the Dollar or even the Euro stand out to the Nigerian people.
[And yes, Bitcoin too.]
Sure. Given enough time, Bitcoin will stand out the most.
The point is not that the Naira has failed (and shamefully devastated the lives of those saving value in it).
It is that all currencies will inevitably end up the same.
Nigerians can race to USD/EUR to protect them in the short term, yes.
But what happens when USD loses 40% value against Bitcoin in 10 days.
Your mindset it wrong.
I tend to think its our best proof actually. Dollar milkshake theory requires every other fiat to die against the dollar before the dollar goes down itself.