My 2 honest cents on this, due to the brilliant question you posed.
The short term answer is yes, they will stop overspending for a short period of time. The mid and long term answer is no, they will not.
All you have to do is look at the history of gold. 1971. That will happen again, especially if people don’t put a stop to it. Education is key, but it is not bullet proof.
To answer the second question: they will do the same thing they did for gold: make it a standard, realizing they can’t print more, they will confiscate bitcoin from everyone, then re issuing fiat currency once again. This happened so many times throughout history with gold. I’m damn sure they will do the same with bitcoin.
The game changes because, if many people starts using bitcoin as their standard (even if becomes “illegal”), the state will collapse. The state will be forced to treat citizens as clients instead of slaves.
This book is crazy scary and, even though it was released in 1997, it missed a small margin of what will happen in our currrent years.
The Sovereign Individual: Mastering the Transition to the Information Age https://www.amazon.de/dp/0684832720/ref=cm_sw_r_cp_apip_93bx8bFQQLzcr
Really interesting book, definitely I'll read it when I'm done with the current one.
I was thinking the same about what's gonna happened. But I have hope that people won't fall on the same error as before. Specially bc the easy that's to store value in BTC.
But people doesn't want to learn... So I suppose that we will end up on the same shit as before until the state falls...
We will see what happens. Interesting times ahead for sure!
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