Quote from: Russlenat on June 13, 2024, 11:57:22 PM

There’s no reason that bitcoin will be backed by USD as both have opposite currency feature. While USD is solely controlled by the government, bitcoin is never controlled by any third party except of its user or hodler. If ever the time comes that will be possible, maybe we are not talking anymore about bitcoin but USD in the form of its digital currency.

Backing Bitcoin with USD is almost impossible. Especially when the US national debt exceed BTC's market cap. How will the US be able to settle its debt with BTC's current market price? Besides, the FED can't manipulate the economy when BTC has a fixed supply. Its deflationary rate will favor people more than the central bank itself.

Don't get me wrong. Bitcoin will get better (in technical terms). But it will never replace Fiat currencies. The Blockchain can't scale to everyone on Earth. Even if it did, governments won't allow BTC to displace Fiat. At least, Bitcoin is open source and decentralized. I'm confident it will become bigger and stronger than ever with the rollout of subsequent network upgrades. As long as it remains a useful Fiat alternative, there should be nothing to worry about. Cheesy