Quote from: serjent05 on September 20, 2016, 05:14:31 PM

Quote from: chaser15 on September 20, 2016, 04:54:06 PM

Quote from: chaosknight on September 20, 2016, 02:37:15 PM

Yeah and even if bitcoin touches that price people will still prefer to sell them and convert to fiat so I don't think that fiat is going anywhere and the first choice of people will always be fiat.

Yes and if ever bitcoin will reached that price, it will just make fiat much worth. Since people care for the bitcoin price, they are happy for that kind of achievement of bitcoin and eventually they will sold their coins to take profit.

What is the sense of having a high price value for bitcoin if fiat will be worthless.

I agree, and if in that time that bitcoin is worth 10,000 usd and bitcoin adoption stay in what it is right now, then i really think if fiat is worthless, then bitcoin will be worthless too. Since you need to convert your bitcoin to fiat in order to buy things that is needed in our daily lives and other stuff that is used for luxury purpose.

If all other things remain the same (except fiat inflation expanding like a supernova), you will buy with your bitcoins the same amount of daily things as you do today. It is the price measured in dollars that will change (grow) proportionally. In real life, though, the dramatic devaluation of fiat will almost certainly lead to an increase in the purchasing power of Bitcoin, i.e. you will be able to buy more than today with the same amount of bitcoins...

Since people will run into safe havens from fiat, and Bitcoin may well be one such haven