Bullish? Bankers Issue ‘Seismic’ Warning: crypto could replace USD in 5 years

[wxa7115]

The big red flag there is when they say crypto they are including centralized digital currency, since the dollar is already digital and centralized we wouldn't be doing anything different.   People have been anticipating the Dollar not being the primary global reserve currency since Nixon shock of '71 and its still here.  
   What happens next will only be a surprisingly 'seismic' if we are no longer relying on FIAT or centralized authorities to dictate value and policy.   So the IMF will likely release a 'crypto' as well as many other agencies private and public, that wont move us on especially apart from lessening dollar influence; it will still be politics not capitalism or people in control of economic value.

The agreement of Bretton woods lasted about 25 years before 'sort' defaulting and its been 50 years nearly twice as long since then in a steady decline that has made the common working man worse off every day.   I dont know what happens next but we arent getting a proper crypto ( ie. non fiat)  system easily or in a rush I expect

Probably the next step is a world currency, after all it is difficult to believe that we are going to use for international trade the currency of a single country as we have seen the huge incentive this gives to that country to keep printing that currency and keep exporting their inflation to other countries while they exchange useless pieces of paper over real products and services.

However at this point in time I do not really care what is going to happen as long as I can keep using my bitcoin, as it will be a mistake to keep most of your wealth in an asset that can steal your wealth through inflation.

[justdimin]

I put a question mark in the title because I don't trust the banks, and I don't know if this is a way of telling the public authorities to put more restrictions on cryptocurrencies. Or I don't know if it is a way of surrendering to the evidence, and in the same way that for many years they ignored Bitocoin and cryptocurrencies, but now they are going to offer custody services, etc., they now recognize that this is unstoppable.

I do not think that bitcoin would ever replace fiat, it is not just not possible, bitcoin is pegged to USD and that is why it can't do that. The reality is that we are already using bitcoin a lot to move money around, someone from USA sending bitcoins to someone in Pakistan for the work they did etc etc is still being done and has been a thing for a long time, but USD is much more than that, USD is not a way to send money away to other nations, it is not just an international money transfer method, do not consider dollars like that, that's paypal that you are thinking about, bitcoin is taking over paypal type of business and all will be gone in the future because of bitcoin but that's it.

Fiat is way too important to give up, especially in a nation, international it may change but within the nation it will always keep its power because of the governments.

[freedomgo]

I put a question mark in the title because I don't trust the banks, and I don't know if this is a way of telling the public authorities to put more restrictions on cryptocurrencies. Or I don't know if it is a way of surrendering to the evidence, and in the same way that for many years they ignored Bitocoin and cryptocurrencies, but now they are going to offer custody services, etc., they now recognize that this is unstoppable.

I do not think that bitcoin would ever replace fiat, it is not just not possible, bitcoin is pegged to USD and that is why it can't do that. The reality is that we are already using bitcoin a lot to move money around, someone from USA sending bitcoins to someone in Pakistan for the work they did etc etc is still being done and has been a thing for a long time, but USD is much more than that, USD is not a way to send money away to other nations, it is not just an international money transfer method, do not consider dollars like that, that's paypal that you are thinking about, bitcoin is taking over paypal type of business and all will be gone in the future because of bitcoin but that's it.

Fiat is way too important to give up, especially in a nation, international it may change but within the nation it will always keep its power because of the governments.

Fiat is more secured than bitcoin because it does not change its value, unlike bitcoin which is very volatile. For now, it's only popular because people treat it as an investment and we have not seen big adoption yet on bitcoin that it could compete with fiat. The hype on the crypto space happens where big companies or popular personalitiesy holds or accumulates bitcoin, but so far, we have not seen them accept bitcoin and become bitcoin as their biggest transactions, except for the crypto gambling sites which obviously crypto are solely used.

[CaVO32]

I put a question mark in the title because I don't trust the banks, and I don't know if this is a way of telling the public authorities to put more restrictions on cryptocurrencies. Or I don't know if it is a way of surrendering to the evidence, and in the same way that for many years they ignored Bitocoin and cryptocurrencies, but now they are going to offer custody services, etc., they now recognize that this is unstoppable.

I do not think that bitcoin would ever replace fiat, it is not just not possible, bitcoin is pegged to USD and that is why it can't do that. The reality is that we are already using bitcoin a lot to move money around, someone from USA sending bitcoins to someone in Pakistan for the work they did etc etc is still being done and has been a thing for a long time, but USD is much more than that, USD is not a way to send money away to other nations, it is not just an international money transfer method, do not consider dollars like that, that's paypal that you are thinking about, bitcoin is taking over paypal type of business and all will be gone in the future because of bitcoin but that's it.

Fiat is way too important to give up, especially in a nation, international it may change but within the nation it will always keep its power because of the governments.

Fiat is more secured than bitcoin because it does not change its value, unlike bitcoin which is very volatile. For now, it's only popular because people treat it as an investment and we have not seen big adoption yet on bitcoin that it could compete with fiat. The hype on the crypto space happens where big companies or popular personalitiesy holds or accumulates bitcoin, but so far, we have not seen them accept bitcoin and become bitcoin as their biggest transactions, except for the crypto gambling sites which obviously crypto are solely used.

I don't think crypto will replace USD in 5 years. Fiat has been established for decades and replacing it would mean big change in the banking system. And that I believe, would not happen in 5 years. I think, let us aim for higher adoption of crypto rather than aim for replacing the traditional fiat system. Because more likely, the more plausible to happen is increase in crypto adoption rather than replace the traditional banking system. I don't know why people are really thinking that crypto can easily replace a long established financial system.

[shield132]

This is just a nonsense article that aims to attract some attention. You know what that mens when you say that crypto replaces the USD? This means that you will see the prices in BTC instead of USD in supermarkets, you'll pay taxes in BTC, the government will calculate it's budget in BTC and so on. You can replace word BTC with any word that you wish that's connected with cryptocurrencies but I don't think such a huge alternations will happen in so near future.
Also, keep in mind that we need to digitalize the world at first and at the moment the whole society doesn't have access on internet.

[LUCKMCFLY]

I think that the warnings are issued to be able to take forecasts, I think that in 5 years we will still have movement with FIAT money, the cryptocurrency boom will probably grow a lot, so governments worldwide may implement their FIAT currency using Blockchain technology, Of course those who can now buy Bitcoin to protect their finances is something great, it would be something unique from now on to be able to have that type of safe haven, of course what is closest in the near future is everything at the digital level, China already has its own stablecoin, and that already means a lot.

[wxa7115]

This is just a nonsense article that aims to attract some attention. You know what that mens when you say that crypto replaces the USD? This means that you will see the prices in BTC instead of USD in supermarkets, you'll pay taxes in BTC, the government will calculate it's budget in BTC and so on. You can replace word BTC with any word that you wish that's connected with cryptocurrencies but I don't think such a huge alternations will happen in so near future.
Also, keep in mind that we need to digitalize the world at first and at the moment the whole society doesn't have access on internet.

You nailed it, this was done in order to bring attention to a problem that is scaring bankers all around the world, obviously they do not think this can happen during the next five year but they see the potential of this happening over the long term.

So this is a warning to the government so they do something, unfortunately for them bitcoin cannot be stopped and despite their best efforts bitcoin is still here, so there is nothing they can do to stop the worldwide adoption that is coming.