If bitcoin price is $10.000, will fiat be worthless?

[Ziskinberg]

It will depend on the reason for bitcoin to reach 10k if this was because bitcoin reached wide adoption around the world then I don't think fiat is going to be worthless however if this is because there is wild hyperinflation and you cannot buy anything with a dollar bill then that means that the dollar is in the process of becoming a second rate currency.

We might reach that level in the future but the journey would not be easy, it's the adoption that is necessary that is very hard since we are not yet fully supported by the government. Big businesses can really help to fast track the adoption stage but in their mind they have to protect their business and since bitcoin is a risky currency it will be hard for them to invest a bigger part of their assets.

[boyptc]

It won't. Bitcoin has not yet received the necessary adoption it needs to replace Fiat currency. You can't buy groceries yet with bitcoins. Unless the world goes completely digital, this might not happen even if the price rises to $10,000 each. Even if it does rise that high, I think the governments will just create their own monetary system which shall also be digital to replace the fiat currency right now.

We may say that it won't today, but for the next days adoption will occur. But regardless the value of bitcoin, fiat will remain and will be used by the people because the government says so. And only if the government will implement total dump up for fiat money then fiat will be worthless at all, but I can't see that it will happen.

[mirakal]

It won't. Bitcoin has not yet received the necessary adoption it needs to replace Fiat currency. You can't buy groceries yet with bitcoins. Unless the world goes completely digital, this might not happen even if the price rises to $10,000 each. Even if it does rise that high, I think the governments will just create their own monetary system which shall also be digital to replace the fiat currency right now.

We may say that it won't today, but for the next days adoption will occur. But regardless the value of bitcoin, fiat will remain and will be used by the people because the government says so. And only if the government will implement total dump up for fiat money then fiat will be worthless at all, but I can't see that it will happen.

Government would not do that since it's there money, they will always want to have that money in the circulation as with paper money they will be able to monitor the total money in circulation and every transaction if possible will be tax. And as long as bitcoin will not dominate in the world, it will not replace fiat.

[Liad.Services]

It won't. Bitcoin has not yet received the necessary adoption it needs to replace Fiat currency. You can't buy groceries yet with bitcoins. Unless the world goes completely digital, this might not happen even if the price rises to $10,000 each. Even if it does rise that high, I think the governments will just create their own monetary system which shall also be digital to replace the fiat currency right now.

We may say that it won't today, but for the next days adoption will occur. But regardless the value of bitcoin, fiat will remain and will be used by the people because the government says so. And only if the government will implement total dump up for fiat money then fiat will be worthless at all, but I can't see that it will happen.

Government would not do that since it's there money, they will always want to have that money in the circulation as with paper money they will be able to monitor the total money in circulation and every transaction if possible will be tax. And as long as bitcoin will not dominate in the world, it will not replace fiat.

I do not think that fiat is going to be worthless if bitcoin reaches 10000 USD, as there are only 21 million to ever be produced(excluding lost bitcoins that will never be recoverable),we will need somthing around 5 millions USD per bitcoin in order to make fiat useless.

[xIIImaL]

It won't. Bitcoin has not yet received the necessary adoption it needs to replace Fiat currency. You can't buy groceries yet with bitcoins. Unless the world goes completely digital, this might not happen even if the price rises to $10,000 each. Even if it does rise that high, I think the governments will just create their own monetary system which shall also be digital to replace the fiat currency right now.

Yeah there will not be change in value of fiat of worthless. It would be use I think. As of now bitcoins is not widely use all the people. Still bitcoin has its potential and its own value. This how the day changes for bitcoins. Fiat will be with its quality and value.

[coin-investor]

In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?

Looks like No wins by a wide margin,it will be worthless to those who are in the first class city and bitcoin is the popular payment,but in remote areas where there  are no internet connection it's impossible to use Bitcoin,we use fiat and in our daily activities whether we like it or not Fiat will never become worthless.

[deisik]

It won't. Bitcoin has not yet received the necessary adoption it needs to replace Fiat currency. You can't buy groceries yet with bitcoins. Unless the world goes completely digital, this might not happen even if the price rises to $10,000 each. Even if it does rise that high, I think the governments will just create their own monetary system which shall also be digital to replace the fiat currency right now.

We may say that it won't today, but for the next days adoption will occur. But regardless the value of bitcoin, fiat will remain and will be used by the people because the government says so. And only if the government will implement total dump up for fiat money then fiat will be worthless at all, but I can't see that it will happen.

Government would not do that since it's there money, they will always want to have that money in the circulation as with paper money they will be able to monitor the total money in circulation and every transaction if possible will be tax. And as long as bitcoin will not dominate in the world, it will not replace fiat.

I do not think that fiat is going to be worthless if bitcoin reaches 10000 USD, as there are only 21 million to ever be produced(excluding lost bitcoins that will never be recoverable),we will need somthing around 5 millions USD per bitcoin in order to make fiat useless.

Nothing could be farther from truth than that

Fiat, say, the US dollar will be useless when and only when people are no longer accepting dollars as a payment for their goods and services. As long as they accept them, dollars are neither worthless nor useless. How much one bitcoin might cost is totally inconsequential to that. If most people stop selling their bitcoins (for whatever reason), the Bitcoin price can be insanely high, but this would have nothing to do with the value of the dollar in terms of goods

[South Park]

It will depend on the reason for bitcoin to reach 10k if this was because bitcoin reached wide adoption around the world then I don't think fiat is going to be worthless however if this is because there is wild hyperinflation and you cannot buy anything with a dollar bill then that means that the dollar is in the process of becoming a second rate currency.

We might reach that level in the future but the journey would not be easy, it's the adoption that is necessary that is very hard since we are not yet fully supported by the government. Big businesses can really help to fast track the adoption stage but in their mind they have to protect their business and since bitcoin is a risky currency it will be hard for them to invest a bigger part of their assets.

Personally I think is the average person the one that needs to do the heavy lifting here, since bitcoin is a way to give back the power of currency to the people, if the average person adopted bitcoin, then business will follow because they will want to obtain profits from it.

[Japinat]

It will depend on the reason for bitcoin to reach 10k if this was because bitcoin reached wide adoption around the world then I don't think fiat is going to be worthless however if this is because there is wild hyperinflation and you cannot buy anything with a dollar bill then that means that the dollar is in the process of becoming a second rate currency.

We might reach that level in the future but the journey would not be easy, it's the adoption that is necessary that is very hard since we are not yet fully supported by the government. Big businesses can really help to fast track the adoption stage but in their mind they have to protect their business and since bitcoin is a risky currency it will be hard for them to invest a bigger part of their assets.

Personally I think is the average person the one that needs to do the heavy lifting here, since bitcoin is a way to give back the power of currency to the people, if the average person adopted bitcoin, then business will follow because they will want to obtain profits from it.

What is your specific about an average person, I guess most of the adopters of bitcoin are average persons while those whales are extraordinary people since they have proven to be profitable on it. Businesses should make a way to adopt bitcoin as we are increasing in good figures and it should help them to achieve a great market.

[Hanacerty]

It will depend on the reason for bitcoin to reach 10k if this was because bitcoin reached wide adoption around the world then I don't think fiat is going to be worthless however if this is because there is wild hyperinflation and you cannot buy anything with a dollar bill then that means that the dollar is in the process of becoming a second rate currency.

We might reach that level in the future but the journey would not be easy, it's the adoption that is necessary that is very hard since we are not yet fully supported by the government. Big businesses can really help to fast track the adoption stage but in their mind they have to protect their business and since bitcoin is a risky currency it will be hard for them to invest a bigger part of their assets.

Personally I think is the average person the one that needs to do the heavy lifting here, since bitcoin is a way to give back the power of currency to the people, if the average person adopted bitcoin, then business will follow because they will want to obtain profits from it.

What is your specific about an average person, I guess most of the adopters of bitcoin are average persons while those whales are extraordinary people since they have proven to be profitable on it. Businesses should make a way to adopt bitcoin as we are increasing in good figures and it should help them to achieve a great market.

For the bitcoin, it is quite easy for the ordinary people to beat the whales. You can just buy and hold and make profit.

[boyptc]

It won't. Bitcoin has not yet received the necessary adoption it needs to replace Fiat currency. You can't buy groceries yet with bitcoins. Unless the world goes completely digital, this might not happen even if the price rises to $10,000 each. Even if it does rise that high, I think the governments will just create their own monetary system which shall also be digital to replace the fiat currency right now.

We may say that it won't today, but for the next days adoption will occur. But regardless the value of bitcoin, fiat will remain and will be used by the people because the government says so. And only if the government will implement total dump up for fiat money then fiat will be worthless at all, but I can't see that it will happen.

Government would not do that since it's there money, they will always want to have that money in the circulation as with paper money they will be able to monitor the total money in circulation and every transaction if possible will be tax. And as long as bitcoin will not dominate in the world, it will not replace fiat.

I do not think that fiat is going to be worthless if bitcoin reaches 10000 USD, as there are only 21 million to ever be produced(excluding lost bitcoins that will never be recoverable),we will need somthing around 5 millions USD per bitcoin in order to make fiat useless.

Nothing could be farther from truth than that

Fiat, say, the US dollar will be useless when and only when people are no longer accepting dollars as a payment for their goods and services. As long as they accept them, dollars are neither worthless nor useless. How much one bitcoin might cost is totally inconsequential to that. If most people stop selling their bitcoins (for whatever reason), the Bitcoin price can be insanely high, but this would have nothing to do with the value of the dollar in terms of goods

Yes value of dollar in terms of goods will remain constant. I really can't see that fiat will be totally worthless at all, just like what you have said if people who are offering services and goods will dump fiat then it will surely dumped easily but since they are law abiding businesses as the government told it has monetary value, it will remain.

[deisik]

It won't. Bitcoin has not yet received the necessary adoption it needs to replace Fiat currency. You can't buy groceries yet with bitcoins. Unless the world goes completely digital, this might not happen even if the price rises to $10,000 each. Even if it does rise that high, I think the governments will just create their own monetary system which shall also be digital to replace the fiat currency right now.

We may say that it won't today, but for the next days adoption will occur. But regardless the value of bitcoin, fiat will remain and will be used by the people because the government says so. And only if the government will implement total dump up for fiat money then fiat will be worthless at all, but I can't see that it will happen.

Government would not do that since it's there money, they will always want to have that money in the circulation as with paper money they will be able to monitor the total money in circulation and every transaction if possible will be tax. And as long as bitcoin will not dominate in the world, it will not replace fiat.

I do not think that fiat is going to be worthless if bitcoin reaches 10000 USD, as there are only 21 million to ever be produced(excluding lost bitcoins that will never be recoverable),we will need somthing around 5 millions USD per bitcoin in order to make fiat useless.

Nothing could be farther from truth than that

Fiat, say, the US dollar will be useless when and only when people are no longer accepting dollars as a payment for their goods and services. As long as they accept them, dollars are neither worthless nor useless. How much one bitcoin might cost is totally inconsequential to that. If most people stop selling their bitcoins (for whatever reason), the Bitcoin price can be insanely high, but this would have nothing to do with the value of the dollar in terms of goods

Yes value of dollar in terms of goods will remain constant. I really can't see that fiat will be totally worthless at all, just like what you have said if people who are offering services and goods will dump fiat then it will surely dumped easily but since they are law abiding businesses as the government told it has monetary value, it will remain.

It can be and quite easily at that



Hyperinflation is not something totally unseen before. It reflects the weakness of the state behind such a currency. In fact, by inflating its currency, governments may try to postpone their own collapse or to win some time, say, in a war. Warring countries usually deliberately devalue their currencies to grab more resources from population for warfare. And it makes perfect sense since if they lose (like the Third Reich), no one will give a fuck about their currency...

But if they win, they can always demand hefty reparations or just openly rob the defeated nation

[dothebeats]

A very far-fetched event to happen, but even if bitcoin rose to an absurdly high price of $10000, fiat would still be dominant over bitcoin due to the latter being dependent to the former. Also, I doubt that it would climb that high without some major events--we've seen major companies accept bitcoin but still we haven't see a major price push.

[s1ng]

I think it will not affect on fiat instead people will start noticing bitcoin.
Imagine if people around the world start accepting bitcoin it mean that there will be bitcoin ATM, supermarket or public service such like restaurant , hotel etc also bitcoin as well

If this happen then bitcoin become more valuable than ever

[Luterwish]

Fiat will never be worthless, even when bitcoin price reaches $10k still fiat will be used, because of the transaction time of bitcoin network, it will never be used for day to day life.

[angaper]

Of course, there will always be some people with no access to digital resources that can help them to use altcoins as a regular currency, so it will be indispensable for them and many other economic agencies to use fiat for ordinary transactions, even I could say fiat will remain as a valid option for several decades.

[clickerz]

Fiat will never be worthless, even when bitcoin price reaches $10k still fiat will be used, because of the transaction time of bitcoin network, it will never be used for day to day life.

Indeed, fiat will be fiat and never be worthless. Now dollar to fiat is at $763+ and still its here and continue to grow. Both have different market to serve and go hand in hand.

[richmcrich]

Fiat will never be worthless, even when bitcoin price reaches $10k still fiat will be used, because of the transaction time of bitcoin network, it will never be used for day to day life.

Indeed, fiat will be fiat and never be worthless. Now dollar to fiat is at $763+ and still its here and continue to grow. Both have different market to serve and go hand in hand.

No. I have already stopped using fiat currencies even when I go shopping physically. I do use only my bank cards for my shopping purposes and for online I'm using only bitcoin payments. Literally I am completely stopped using currencies.

Yes, I do get my salary in bank account and I am using them with my cards then why a need to get them in my hand.

[serjent05]

As long as bitcoin is not accepted by a government as their country's official currency, fiat will never be worthless no matter how much bitcoin is.  Another thing that make fiat money worth is that it can be used over the counter in any local markets while bitcoin cannot be used the same way to pay good over the counter.

[virasog]

Fiat will never be worthless, even when bitcoin price reaches $10k still fiat will be used, because of the transaction time of bitcoin network, it will never be used for day to day life.

I have similar opinion. I feel bitcoin will remain as an asset, investment or trading commodity and it will not replace fiat currencies even if bitcoin reaches 10,000$ mark value. More people will get into bitcoin bandwagon if it appreciates to 10,000$ levels and it will be good for all the bitcoin early adopters. And yes, reaching 10,000$ is possible in future.