I know it sounds like an impossible question but just imagine for a moment if Bitcoin suddenly stopped existing What would happen to the markets the people who invested their savings and the businesses built around it Would another cryptocurrency quickly take its place or would the whole idea of decentralized money lose trust
Another cryptocurrency will not quickly take its place because when Bitcoin goes down, every other cryptocurrency will lost their relevance, everyone will distrust them and sell everything. The idea of decentralization will really be a question of thought to many even if an idea like that is been pitched in the future again.
Thinking about this makes me realize how much Bitcoin has become a part of our financial world and how many people depend on it now I am curious what you all think Would the world adapt quickly or would it cause a major shock to the global economy
The world is already lingering towards Bitcoin and it has become a part of the financial market that its impact and market capitalization holds a stronghold in the global economy market, so it will be a shock and a shook up will happen in the global economy to some extent. Wait until Bitcoin reserve is up by many countries, you’ll see the effect it could cause to the global economy if such happens.