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.)?
Any ideas? and any ideas on how bitcoin could be independant of the dollar, or other fiat?
I don't see a direct relationship between the dollar or fiat affecting bitcoin, because if this is a special reason then the dollar will have played a role in bitcoin so far, but even though the world is facing problems of economic stability such as during the Covid-19 incident bitcoin has even reached its newest ATH. Thus the notion that the dollar/fiat has any relation to the course of bitcoin is self-refuting, there is not a single case that can prove that bitcoin is directly influenced by the dollar/fiat so far.
The dollar is never limited in its creation and this is also part of the cause of recessions due to lack of stability. Moreover, a value that continues to depreciate will bring a level of instability and will affect economic stability in other sectors and even though other factors also have a role such as the value of food needs which is increasing and cannot be controlled in the market.
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? 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. 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?
In 2019 we were faced with major disasters around the world, Covid-19 killed all sectors of human life in the world, starting from the economy, food and industry, but try to see how bitcoin maintains its value and even in the following year bitcoin touched its highest ATH. There is a concept that was deliberately created by some world leaders, that bitcoin must continue to be issued following the dollar/fiat, so that the economic transition related to the dollar/fiat is not conditioned by anyone and they can divert the issue of fiat which continues to depreciate in value.
Honestly or not bitcoin has the same role as the journey of gold in its heyday, where the only way to dispel inflation or recession is by strengthening gold, because a value that never depreciates is a way to deal with inflation or recession, there is a lot of history in the heyday of gold that can be studied and I see the potential in bitcoin is almost equal to the level of speeding inflation and recession.