What happens to the value of bitcoin if the dollar goes to 0? Will bitcoin also loose value because the dollar is worthless? yes, there would probably be other things to mind like world war, full panic, no internett and so on. But set these things aside. How much would a sack of potatoes cost, and with what could I buy these potatous witth(gold/bitcoin/chickens/etc.)?
The value of the dollar can't really get to 0, it can infinitely devalue itself against other currencies and commodities based on rapid supply expansion (inflation) and abandonment. Bitcoin would theoretically strengthen relatively to the dollar weakening.
The reason for this thread is to explore if there are some other ways to value bitcoin. Like many of you said, it would probably just hop over to the next largest currency. But do we want the bitcoin to allways be dependant on another currency and its inflatory politics?
Bitcoin is less dependent than ever on other currency and politics/media is having less and less of an effect on its value, especially during 2023. At this stage it is safe to say that the demise of fiat money is directly correlated with the strength of Bitcoin.
Many of you also said that the dollar will never go to 0 and there is no reason to worry about this. But every currency in the world is loosing value everyday. Therefore bitcoin is also loosing its value.
Th dollar won't ever be worth 0 of itself. 1 dollar is always 1 dollar (just like 1 Bitcoin is always 1 Bitcoin). The purchasing power of that 1 dollar and its value against other currencies, like Bitcoin, is what will be effected. Bitcoin does not lose value when the purchasing power of the dollar reduces. Bitcoin strengthens.
it may be a stupid question, but would it not be better to have another way to value bitcoin so you could allways buy 1 sack of potatoes for 1 satoshi for exampel?
Right now, Bitcoin's purchasing power is not a huge highlight because the dollar still satisfies this need and because Bitcoin is not yet adopted to a stage where there is enough data to measure its purchasing power from a local to global scale. I could safely predict however that in the near future, this will become a focal point as the dollar and other fiat currencies become too unstable or invaluable to use for products.