Quote from: MarjorieZimmermanGinger on August 24, 2023, 03:29:15 AM

Quote from: virasog on August 20, 2023, 07:05:44 PM

Due to the current economic situation and the BRICS, the crash of the dollar seems obvious. Although it will not happen instantly as the US Government will bail out packages in order to maintain the dollar value, however, the question is for how long?

The United States is not going to let its currency fall for long because if it did they would be in big trouble. So the potential to provide bailouts to make their currency exchange rate stable is definitely a must. I don't see the long process of the dollar's decline because there is a way for them to recover and that happens in decades, unless there is a full-blown crisis that may take time to stabilize.

Quote from: virasog on August 20, 2023, 07:05:44 PM

Some people are of the view that if there is an economic crash, then the stock market and the commodities market will crash and so will the bitcoin price will tremble. This may happen but I think the bitcoin will recover quickly and people will invest in the bitcoin. And who knows bitcoin may not fall at all if all this happens in a slow and steady fashion.

I haven't found a $1 million markup for bitcoin in the near future or this year. But it is possible that if a world economic crash were to cause a spike in the price caused by a few people trying to buy bitcoins, thus beating the average purchase price would allow bitcoins to exceed its predicted price as the laws of supply and demand apply. Vice versa if bitcoin experiences a downward or sideways blow and there will definitely be a moment that makes it recover.

We can see as an example when Covid-19 occurred and even though it was initially corrected, in the end bitcoin also got a new ATH moment the following year. This is the power of bitcoin that can give people a great deal of confidence to hold onto and there is always a way for bitcoin to arrive at a four-year process. So there is a conclusion why people will continue to invest their money in bitcoin even though the world economy is experiencing big problems.

The currency collapse of USD isn't voluntary. Why would it be? Has any country ever willingly let their currency fail? The central banks and government will try to do what they can, but once confidence is lost, it's not as if that confidence can be reestablished. Bailouts involve money creation, and the central banks can only create new dollars that are proportional to future GDP. Given that the U.S. government has already spent so much and the debt to GDP ratio is so utterly disproportionate, there isn't much more than they can do.

That being said, an economic crash is most likely imminent within the next 1-2 years, and for Bitcoin to hit 1M, there would be need to be some major currency collapse. An economic crash isn't enough. The post COVID Bitcoin ATM was not sustainable growth and it was a speculative bubble, which is why it crashed.