With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.
If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?
What's your opinion? Your input would be greatly appreciated. Thanks.
If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?
What's your opinion? Your input would be greatly appreciated. Thanks.
their collapse seems unlikely in the near term. Central banks play a crucial role in economic stability and have tools at their disposal to address various economic issues.
If hypothetically, trust in fiat currencies were to erode significantly, it could lead to increased interest to Bitcoin. However, for Bitcoin become the dominant global currency, several substantial hurdles need to be overcome. So while the role of digital currencies is likely to grow, the complete replacement of fiat by Bitcoin in the near future seems improbable.
Economic systems are intricate and usually change gradually over time rather than suddenly shifting all at once.