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.
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.
Governments are always seeking control/power over the people. And Bitcoin takes that away from them. Don't expect governments to ditch Fiat in favor of something they can't control. Even if El Salvador adopted BTC as legal tender, it still hasn't abandoned the USD. Even Venezuela's been using the Tether/USDT stablecoin to avoid sanctions (which is a digital equivalent to the USD). Not Bitcoin or even Gold.
I guess the decentralization of the world's economy will remain a long and distant dream. Central banks will only get bigger and stronger over time. I fear a "global reset" is approaching with the launch of CBDCs. Who knows what the future of our society will be?
