Bitcoin Forum

According to Cointelegraph:

UBS: Bitcoin Must Hit $213,000 to Replace US Money Supply

Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U.S. money supply, Bloomberg reported August 2.

According to Bloomberg, a new report by UBS suggests that BTC cannot currently be considered money or a viable asset as its versatility is stymied by the capacity constraints of the BTC network.

Read more here: https://cointelegraph.com/news/ubs-bitcoin-must-hit-213-000-to-replace-us-money-supply

If the goal of bitcoin is to replace fiat, that is. However, it has been discussed multiple times that bitcoin wouldn't be ultimately replacing any fiat in existence due to its deflationary nature. Aside from that, no central authority could ever handle bitcoin due to its decentralized network; if one nation is to assume control of bitcoin, this nation would ultimately break the integrity of all coins in existence, resulting into the fall of bitcoin. Assuming that bitcoin reaches $213,000 as reported by UBS, it only comes on par with the total money supply of the US, but will not be able to replace it.

I dont think so, bitcoin will not replace any currency. Bitcoin will only become an alternative currency for online transaction. Although bitcoin is getting popular but its only popular among rich people, geeks, smart people, open minded people and speculative investors, so not among ordinary people, they afraid about loss money in bitcoin so they leave it.

My guess is that the word "replace" was used in comparison context.
If Bitcoin hits $213K, its CAP will reach about $3.6T, which makes Bitcoin comparable to other world fiat currencies, like USD, EUR or CNY.
And probably some day one of existing coins will join the world currencies.

it still wont have social acceptance, it doenst even has a lot beyond the bitcoin sect.

stupid banksters are just calculating stupid fantasies, no way bitcoin can replace the entire fiat system. most it can become is a media hoax. i doubt it will be used daily a lot.

I think you quoted the wrong article.  ::) This is the article you should have quoted :

https://www.bloomberg.com/news/articles/2018-08-02/bitcoin-needs-to-hit-213-000-to-replace-money-supply-ubs-says

Also, look at what needs to be replaced for it to need to be worth $213,000 per bitcoin... I quote :

" For Bitcoin to replace U.S. money supply -- paper bills, coins, travelers’ checks and the like -- its price could need to hit nearly

 $213,000, or its network’s processing capabilities would need to dramatically improve, a new report by UBS found."

This is strong news and very interesting but I think that bitcoin serovno not remove Fiat money from the world, and in fact it is unsafe !

The idea of algorithmically finding what the bitcoin should be to replace the dollar is not in the interest of fiat and world users. The provide of bitxoin alone is not and cannot be the sole and single reason to what must be before the dollar disappears. Matter of factly, the bitcoin even above the stated price will not remove the dollar. The high price of bit coin may not be realistic as that money equivalent in dollars will make many stupendously rich and create a reverse effect on the economy.

How is bitcoin reaching a certain price "replacing" the US dollar? The only way for bitcoin to replace the US dollar is if significantly more people are using BTC compared to USD or if the United States government declares BTC as the United States' official currency(which we know is extremely unlikely). BTC can be $5 million dollars each and still not replace USD. Or am I missing something here?

Heh, thank you! Just updated original post. ;D

there will be a very good price if it costs so much! many investors are waiting for the upkeep of bitcoins above 100,000! if you look at the graphs, you can see how bitcoin always grows up, just as there are corrections! already many analysts talk about the price above 100,000! we have only to wait, and then take your profit!

Those guys from the UBS are thinking too much about Bitcoin. If Bitcoin hits $200k just to break even with USD that's just one thing there's more that needs to be done before Bitcoin starts replacing any fiat. I agree with mjglqw I too don't think the government would allow this to happen. The price of Bitcoin can be anywhere high or low if it's not going to be used or accepted by the majority then it's not going to replace anything.

Well, speculations are not prohibited, and as we experienced a number of times, work pretty well on unstable crypto markets.
We need to keep in mind that Bitcoin is more a digital asset than a currency, so it's same as if someone says that shares or derivatives will replace fiat one day. ::)

I can not, Bitcoin can not replace the USD!
Bitcoin and altcoin need more time to become money!

I can wait for this to happen. Besides Thats like a 3000% increase frm now

In my opinion, Bitcoin will never ever hit this price. Bitcoin is not a replacement. it's a complement.

The point of Bitcoin is that they cannot do any of the above. How are they going to "extremely regulate bitcoin"? and what constant government interference are you talking about?

Again, why people seem to be mistaking exchanges like Coinbase and other things that aren't bitcoin as something that is part of Bitcoin?

As long as you can send money from A to B without asking anyone about it, Bitcoin is working regardless of what your favorite jurisdiction had to say about the fact. As long as this is the case, Bitcoin is undervalued compared to your favorite fiat currency.

It will take some much time and lot of regulations for bitcoin to hit $213,000 let alone reply fiat currency. It wouldn't be an easy task at all. But then I've come to understand that in Cryproworld, anything is possible.

No matter how much bitcoin will cost it already can be counted as world changing invention. Add to that I guess replacement of fiat wasn't the target of Satoshi Nakamoto, the main idea of bitcoin is to give people an alternative way of monetary system, without the influence from the side of bank and government.

Bitcoin Must Hit $213,000 to Replace US Money Supply

~ Not even could, would or should then ... guessing we have already passed the difficult bit folks.

We should know from the beginning the goals of the founder of bitcoin satoshi nakamoto bitcoin become world class currency replace different kind of fiat, the goals bitcoin is only one currency use by the worldwide.

I believe this because the new technology become upgraded and to support of countries adoptin bitcoin as currency not possible to achieve the goal, but i think need to learn how to control bitcoin as volatile.

  BTC does not need to takeover USD's place to chase its dream for now.  A day will come when everything can be exchanged with Cryptocurrencies, specially BTC. Bitcoin's blockchain technology will sooner be applied in every sector of life and people will be more comfortable with crypto-currencies than fiat money.

well, no matter what bitcoin price, for those who can use it, I think its own use has exceeded the use of US money. but for the Supply, I think the price is too high to achieve at this time. and you're right, another function of bitcoin is just an alternative.

I never imagine bitcoin as the main currency. It can be the main alternative currency or digital currency. But i think bitcoin can never replace USD.

I think that this can happen, and that after a few years, bitcoin will really reach such a price, but we must understand that the money will not disappear, it's simply a great convenience of electronic money.

I think bitcoin already popular in this market.But it work in a different. It can’t replace us currency but it develop digital currency. So in future people use both of this.

For me bitcoin is not in any competition with any fiat. We aren't competing with USD and the rest. Bitcoin is on it own and does not need to hit $213 K before we realize it value and worth.

For anyone who has been around for a few years you might remember that the internet was also "never going to usurp traditional media. It too had capacity constraints and growing pains and was "always in danger of collapsing".

Never say never. I dont know how this will play out or if BTC will hit 200K but I am not betting against it.

I don't see the need to replace USD, Bitcoin is a alternative to fiat currencies which offers flexibility of carrying in anywhere, security and faster transaction. Hopefully, people will accept it as it is right now rather than making others believe that bitcoin is here to replace fiat.

Damn ,would you please stop comparing dollars into bitcoin and stop thinking that bitcoin is created to take over the value of dollars because this is not fair

Bitcoin is a virtual money while dollar is physical,they have own functions and don't even interfere with each other so stop wasting time for this kind of thread because seems li nonsense

To state a fact that fiat is fiat a paper and a coin in the real world, the reality and bitcoin itself and a coin, an electronic coin that has value and power to be exchange in fiat but not take over.

It can surpass bitcoin but it can't sorround fiat and smash it for for bitcoin to rise.

Also a fact that bitcoin  is the internet by using bitcoin as an fiat and an everyday use we may experience an error and problems that is bad as hacking and viruse. So if your rich (let us say no fiat just cryptocurrency) and people with high skills who can hack, now let us say good bye money. Poop!

Basically it is impossible now because of the market actually Bitcoin users are increasing day by day but in case of Fiat currency it is difficult to replace because of govt. also btc is fully decentralized so it is not possible to handle but soon this price will increase.

I am a believer of bitcoin but I didn't actually really believed in this article that bitcoin will reach that kind of price and will replace with USD, Bitcoin is good but it takes a long time for it to take part the position of USD and I agree that bitcoin will surely be the secondary monetary and many people will use this too as well.

I don't fully understand the purpose of that article either. I think they are trying to say that the price would be around $213k if everyone in America was using it for commerce? Maybe? Either way, the price doesn't matter for something like this, and I'm certain that if everyone in America was using Bitcoin the price would be higher than $213k, considering how many Bitcoin are deemed to be lost forever, which was nearly 4 million last I checked. I doubt this article was taking that into account.

Not to mention, the countless hodlers out there that have many BTC stored on cold storage. The true circulating supply of Bitcoin is much smaller than a lot of people realize.

How can a decentralized currency replace a fiat currency? This is not the vision of bitcoin. Besides i don't think bitcoin is acceptable to people who are not properly educated about it.

One of the main characteristics of bitcoin is volatility. It will take a long time to be stable or maybe it won't be stable. So i think it will not accepted globally instead of fiat money.

Why would we want Bitcoin to replace US money supply. Both are different and goal of Bitcoin is not to replace any kind of fiat.

This was never the goal of bitcoin, neither it is now. I think the motive of this report was to compare BTC with present standard USD values but we don't think it will ever happen in the long run. BTC is way good as it is now as a decentralized currency.

I don’t think bitcoin can ever replace any fiat money because of its deflationary nature. It can be very popular or it can be used as alternative currency but it never can replace fiat currency.

I think it impossible for bitcoin can hit $213,000, and it crazy if they think bitcoin can change the US money. ???

No matter how high the price become BTC cannot replace fiat I think. One day maybe it can be used as alternative currency. And another thing is its popular among rich people but not among ordinary people because they won’t take risk on their money.