Bitcoin Reality
QUESTION: Mr. Armstrong : Since you have deep knowledge about coins and currencies going back to ancient times, it would be really helpful to get your view of what Bitcoin is or could be as a sort of World Currency. Is it a fad or something that should be taken seriously?
Thank you BH
https://www.armstrongeconomics.com/qa/bitcoin-reality/martin armstrong on Bitcoin
Nice catch.
I would agree with Armstrong that electronic "money" will NOT become any world currency
for a long time. There are NO local businesses that I know of (major US city: metro population over 2,000,000) that even take BTC. NO ONE in Peru takes it that I know of.
Bitcoin may catch on as a popular payment option, I hope so. But, I would expect that to happen in the USA and Europe first. If BTC cannot become widely used in the developed countries, I doubt that it would be worldwide.
TPTB also has raised the issue of Chinese dominance in mining of BTC, a mild negative to BTC IMO.
"world currency" is an insanely high bar. why not address the question of whether cryptocurrencies will find a niche and how big that niche could be? obviously bitcoin is not going to be made the sole "world currency." it's a dumb question to begin with. people are buying bitcoin with the idea that it is playing
some role in the global economy and will play a larger role in the coming years. larger than 6 or 10 billion dollars worth. there's a lot of space in between 10 billion and the world's total money supply. if there's a 100-bagger, i won't give a flying fuck about the fact that bitcoin didn't become the world currency or that some governments end up banning it.