What do you think the ultimate test for Bitcoin will be? And how close are we to facing it?
The future is unpredictable, so pinpointing Bitcoin's biggest challenge will be difficult. Since Trump joined the Presidential race, Bitcoin has been politicised in many countries. The proposal for the establishment of Bitcoin reserves has become popular. If the same people who are promoting Bitcoin now start attacking it, it will be a big test. The FUD will be massive which might lead to massive attacks. But as usual Bitcoin will survive it.
It might not even come but if the entire world goes through a crisis and all countries collectively go through an economic decline where inflation hits everyone hard, that will be the ultimate test for bitcoin. How can bitcoin serve in such a crisis should it happen?
The world has gone through several economic crises since the creation of Bitcoin. During the COVID-19 crisis, Bitcoin served as a viable hedge against inflation.