Post
Topic
Board Economics
Re: If bitcoin price is $10.000, will fiat be worthless?
by
South Park
on 30/03/2017, 20:00:02 UTC
Much mlre votes for NO, and little contradiction how can bitcoin worth 10 000 dollars when dollar is worthless, how you imagine that to happen?
Fiat will be present for many more years, just some world revolution can end dollar domination, and bitcoin is good start for that revolution, but many more things has to be done to come to that.
It is not precisely a contradiction I think the OP meant that if bitcoin was worth 10k dollars then that will probably mean that the dollar is under hyperinflation but the truth is that bitcoin could reach that value by just reaching more adoption.

Anything is possible with bitcoins in future but to see that high price we have to wait for so many years and if it reaches there I don't think that people will stop using fiat as even at that time there will be many people who will not be aware about bitcoins.

Yes time will tell and also if people who are supporting it can take all the risk that it gives considering many would want to fight that number 1 spot or take over bitcoin.
We can see it happening now, and as long as it is on the top more will come. This test to how much we will have faith into making bitcoin the prior currency will be the final act when it reaches that very large price.

Price is the major factor that will draw attention of many people in future and will attract them to get into the bitcoin world and if price crashes in future then I doubt that there will be many people who will show interest in bitcoins in fact many existing users will also quit bitcoins.
The problem with price being the major attractor to people is that they will invest in bitcoin just to speculate with the price instead of believing in the technology and that will open way for another bubble to form, we can benefit of that in the short term but like every other bubble it will eventually burst and that will be bad for us in the long term.