Bitcoin Forum

We assume Governments will continue to oppose btc, but is there another possibility?

Take Chimerica for example!

So USA have paid and owe massive sums of US dollars to china. Possably more than can be paid back. And China have become massively dependent on the US$, as they have piles of it, and are owed bigger piles more. They're both locked in this position, headed for a date when USA looks likely to default on its loans. So what happens next? Well, everybody deserting the US dollar for btc makes the US$ worthless, and US dept to China basically evaporates like empty promises. The only thing China can do to fight this, is try to redeem something else of value with their US$ before US$ becomes completely worthless. and so the rush to Gold, Silver, and hopefully btc. China are already buying gold to reduce dependency on US$, so it's already started

Could this happen? Could governments have incentives to embrace btc as the financial system erodes? First they ignore it, then they fight it, then they embrace it whole heartily.

We assume Governments will always oppose btc because it undermines their control. But their own system has become a monster, which is out of its cage and out of their control. Btc might solve some of their economic problems. And solving economic problems will win a lot of those all important votes

The US will never default on its loans.  It can just print more money.

Furthermore your whole premise is based on the idea that people aren't idiots.  Any prediction that relies on the non-stupidity of people is unlikely to come true.

I like that. Great answer. Probably spot on, and charmingly cynical