Safe haven

[tabnloz]

Been a definite change in the msm narrative as this last spike occurred, many of these outlets are now labelling bitcoin as the new global safe haven. I don't trust a thing they say, however their headlines do start to inform a public perspective.

The evolution from worthless > ponzi > drug dealer toy > chinese manipulation > global safe haven, is interesting.

Lets say we see significant sovereign deterioration and accelerating inflation. Putting the blocksize debate aside, is it possible bitcoin finds critical mass as a haven before becoming an all inclusive currency? I say this because if SHTF and bitcoins market cap grows exponentially it would then be under pressure to provide transaction capability for those looking to exit fiat.

edit: this may be a better phrasing of the question (from another thread)

We all want more merchant adoption but what leads to more of it and more consumer interest? Seems to be in places where SHTF, right? As has been mentioned frequently, Average Joe in the west doesn't have too many incentives to use bitcoin. His cash / card work perfectly well and the fees / minor dramas with paypal or ebay etc are mostly just inconveniences. He also only really hears about bitcoin during pumps, dumps or crimes / hacks.

Yet we look around the world and see where interest in bitcoin is surging: countries with hyperinflation, bans on cash or crippling remittance fees. This suggests that bitcoin will catch on when it offers protection from something. From this I've been thinking that bitcoin will become a safe haven before merchant / consumer adoption picks up. I've always considered bitcoin a crisis asset & hodling was always my plan but I assumed we needed Amazon or someone to accept it to reach critical mass. Maybe not?

[The Sceptical Chymist]

"Global safe haven"?  You've got to be joking!  There's no way any rational person would consider a new digital asset with the crazy volatility that bitcoin has, as anything close to being a safe haven.  That sort of thing needs to be stable.  Or at least that's how I see it.

I agree, the MSM isn't to be trusted with anything.  Every time they cover anything with pharmaceuticals, I see all the mistakes they make, and I have no doubt they make many mistakes about things I know little about.  It's crazy.

[tabnloz]

"Global safe haven"?  You've got to be joking!  There's no way any rational person would consider a new digital asset with the crazy volatility that bitcoin has, as anything close to being a safe haven.  That sort of thing needs to be stable.  Or at least that's how I see it.

I agree, the MSM isn't to be trusted with anything.  Every time they cover anything with pharmaceuticals, I see all the mistakes they make, and I have no doubt they make many mistakes about things I know little about.  It's crazy.

I'm noting the change in tone regarding bitcoin and while it may seem outrageous, lets imagine the scenario of globally deteriorating economic conditions and rising inflation - does a non government controlled currency become a safe haven before becoming a consumer led transacted currency (which is what many have been thinking)?