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

[deisik]

maybe yes.
if bitcoin hit $10.000, maybe we must pay $100 for a cup of coffe 
in this case with 1BTC ($100.000) we can't buy home

Fiat will automaticaly worthless because of it's inflation, just wait until government print a lot of fiat. Probably the nominal is increase but the value is the same. I think bitcoin need to be used directly to make fiat worthless.

The USD has lost 95% of its value since 1913, but that hasn't made it worthless. In fact, even though that statistic is brandies about as evidence of how unstable the dollar is, or as evidence of how "evil" the fed is, the US economy is stable and inflation is reasonable. You have to use 100 year time periods to see the "drastic" devaluation cited, but nobody generally lives long enough to lose such a significant portion of their savings to inflation

There are three kinds of lies - lies, damned lies, and statistics

When someone says that the dollar has lost 95% of its value since 1913, this figure looks mind-boggling of course, but we should compare it with the income that might have been earned on this dollar. Since this is the American dollar, we should take the American bonds as the yardstick which have the same risk as the dollar itself since they are issued by the same US government. Since we are talking about long terms, we should obviously take the longest term US bonds, say, 10 or 30 year bonds, and when we calculate their income with interest compounded, we will see that bonds, which are basically the same dollars with interest paid on them, would well outperform inflation of the dollar as such

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[Sithara007]

Even if bitcoin is $10,000 or any amount,fiat will never be worthless as long as majority of the people will use it on a daily basis.  Fiat is easy to use and you can bring it anywhere.

It's not people using fiat that keeps it valuable. Plenty of people were using currencies that were undergoing hyperinflation in the past. In Germany, the German Mark was used by all German citizens, but that didn't save its value from the rapid devaluation brought on by the governments disasterous economic policies.

What happened to the Yugoslavian Dinar and the Zimbabwean Dollar in the past, and what is happening to the Venezuelan Bolivar right now are quite similar. The fiat currencies will remain valuable as long as the government is capable of removing the excess supply from the market.

[czvezda]

Fiat can never be worthless even if price of bitcoins goes that high as we know the fact that we cannot spend bitcoins directly and whenever we want to spend them we need to convert them to fiat first so till this scenario doesn't change I don't think fiat is going anywhere as people will need fiat to convert their bitcoins.

[jaysabi]

maybe yes.
if bitcoin hit $10.000, maybe we must pay $100 for a cup of coffe 
in this case with 1BTC ($100.000) we can't buy home

Fiat will automaticaly worthless because of it's inflation, just wait until government print a lot of fiat. Probably the nominal is increase but the value is the same. I think bitcoin need to be used directly to make fiat worthless.

The USD has lost 95% of its value since 1913, but that hasn't made it worthless. In fact, even though that statistic is brandies about as evidence of how unstable the dollar is, or as evidence of how "evil" the fed is, the US economy is stable and inflation is reasonable. You have to use 100 year time periods to see the "drastic" devaluation cited, but nobody generally lives long enough to lose such a significant portion of their savings to inflation

There are three kinds of lies - lies, damned lies, and statistics

When someone says that the dollar has lost 95% of its value since 1913, this figure looks mind-boggling of course, but we should compare it with the income that might have been earned on this dollar. Since this is the American dollar, we should take the American bonds as the yardstick which have the same risk as the dollar itself since they are issued by the same US government. Since we are talking about long terms, we should obviously take the longest term US bonds, say, 10 or 30 year bonds, and when we calculate their income with interest compounded, we will see that bonds, which are basically the same dollars with interest paid on them, would well outperform inflation of the dollar as such

Not only that, but there are also TIPS bonds, which are Treasury Inflation-Protected Securities. They pay a set interest rate, and then also pay an additional rate on top of that that is pegged to inflation, so as to negate the dilutive power of dollar creation over time. But you are correct that the 10, 20, and 30 year bond yields are currently above the rate of inflation, and have been for some time. You might have to go back to the 70s or 80s, when inflation was quite high, to find a time when inflation outpaced long term treasury yields.

[CloudStrife]

Bitcoin is an alternative mechanism of value transfer for a specific demographic of people.

It can never make fiat money worthless.

I am agree with you. Bitcoin can't make fiat worthless. But I think that with such huge price, 10000$ it's really big, bitcoin can easily be banned in some poor countries. So will such big price be good to us or not? That's the question.

i think bitcoin is not make for to make fiat worthless. bitcoin was created for online purpose and now we can also use it in local shops also but still bitcoin is not use by all the people and may be not more 1% people are using. it. but still its users are increasing from time to time.

Yeah, and I have to add that even if the value of most fiat currencies falls, what will make Bitcoin succeed in the long run is the amount of people adopting and using Bitcoin, as that is what will bring liquidity to the market, allowing the currency to gain more stability and making people feel safer using it.

[susila_bai]

Bitcoin is an alternative mechanism of value transfer for a specific demographic of people.

It can never make fiat money worthless.

I am agree with you. Bitcoin can't make fiat worthless. But I think that with such huge price, 10000$ it's really big, bitcoin can easily be banned in some poor countries. So will such big price be good to us or not? That's the question.

i think bitcoin is not make for to make fiat worthless. bitcoin was created for online purpose and now we can also use it in local shops also but still bitcoin is not use by all the people and may be not more 1% people are using. it. but still its users are increasing from time to time.

Yeah, and I have to add that even if the value of most fiat currencies falls, what will make Bitcoin succeed in the long run is the amount of people adopting and using Bitcoin, as that is what will bring liquidity to the market, allowing the currency to gain more stability and making people feel safer using it.

Fiat is a different way of currency which is following the whole world economy but bitcoin is online currency and it is more like a investment value coin just like gold and other precious metals. So i think both of them have their own value and no one can take another ones position

[gabmen]

Bitcoin is an alternative mechanism of value transfer for a specific demographic of people.

It can never make fiat money worthless.

I am agree with you. Bitcoin can't make fiat worthless. But I think that with such huge price, 10000$ it's really big, bitcoin can easily be banned in some poor countries. So will such big price be good to us or not? That's the question.

i think bitcoin is not make for to make fiat worthless. bitcoin was created for online purpose and now we can also use it in local shops also but still bitcoin is not use by all the people and may be not more 1% people are using. it. but still its users are increasing from time to time.

Yeah, and I have to add that even if the value of most fiat currencies falls, what will make Bitcoin succeed in the long run is the amount of people adopting and using Bitcoin, as that is what will bring liquidity to the market, allowing the currency to gain more stability and making people feel safer using it.

Fiat is a different way of currency which is following the whole world economy but bitcoin is online currency and it is more like a investment value coin just like gold and other precious metals. So i think both of them have their own value and no one can take another ones position

That's right. It won't matter what the price of bitcoin is as fiat doesnt rely on any digital currency. At this point, i don't see anything coming close to fiat when it comes to use so whether shoots up to that amount or become obsolete, i don't think fiat users would feel any effect

[funkenstein]

Fiat can never be worthless even if price of bitcoins goes that high as we know the fact that we cannot spend bitcoins directly and whenever we want to spend them we need to convert them to fiat first so till this scenario doesn't change I don't think fiat is going anywhere as people will need fiat to convert their bitcoins.

Lol, and the moon is made of fish eggs.  Balloons will never deflate and we know nobody ever eats without a spoon carved in the shape of Qetzlcoatl. 

[morgand]

I think, fiat will never be worthless, no matter how much bitcoin price is, there still be a fiat. Even bitcoin price really expensive, some 3rd world country still didnt know about what bitcoin is. They already confident with fiat, and trust it already.
For me, i trust bitcoin can be more expensive in the future but,in the end we have to agree that fiat is important, the role it has in day to day transactions is something bitcoin can't take over. But, who knows.. time will answer this, lets see.

[deisik]

maybe yes.
if bitcoin hit $10.000, maybe we must pay $100 for a cup of coffe 
in this case with 1BTC ($100.000) we can't buy home

Fiat will automaticaly worthless because of it's inflation, just wait until government print a lot of fiat. Probably the nominal is increase but the value is the same. I think bitcoin need to be used directly to make fiat worthless.

The USD has lost 95% of its value since 1913, but that hasn't made it worthless. In fact, even though that statistic is brandies about as evidence of how unstable the dollar is, or as evidence of how "evil" the fed is, the US economy is stable and inflation is reasonable. You have to use 100 year time periods to see the "drastic" devaluation cited, but nobody generally lives long enough to lose such a significant portion of their savings to inflation

There are three kinds of lies - lies, damned lies, and statistics

When someone says that the dollar has lost 95% of its value since 1913, this figure looks mind-boggling of course, but we should compare it with the income that might have been earned on this dollar. Since this is the American dollar, we should take the American bonds as the yardstick which have the same risk as the dollar itself since they are issued by the same US government. Since we are talking about long terms, we should obviously take the longest term US bonds, say, 10 or 30 year bonds, and when we calculate their income with interest compounded, we will see that bonds, which are basically the same dollars with interest paid on them, would well outperform inflation of the dollar as such

Not only that, but there are also TIPS bonds, which are Treasury Inflation-Protected Securities. They pay a set interest rate, and then also pay an additional rate on top of that that is pegged to inflation, so as to negate the dilutive power of dollar creation over time. But you are correct that the 10, 20, and 30 year bond yields are currently above the rate of inflation, and have been for some time. You might have to go back to the 70s or 80s, when inflation was quite high, to find a time when inflation outpaced long term treasury yields.

In fact, I meant TIPS as well

But I wasn't sure how long they have been in circulation so I decided not to mention them specifically. My point is that saving naked dollars is an exercise in futility when you can easily use financial tools which have absolutely the same amount of risk as the dollar itself and still protect you from inflation most of the time if not all the time (at least, so far). In any case, holding your wealth in paper is not a very good idea overall since governments may default too ("all paper will burn") 

[pinkpanther03]

No matter how high the price of bitcoin will get if there are not enough merchants that will accept it then the answer is no. Fiat will still remain as the main currency that will revolve in markets so it will never be worthless. Also if btc price will remain unstable then fiat will still be the best option to hold your funds into. You wouldn't want to wake up one day that all your money has suddenly dropped it's value.

Indeed, fiat also has been stand for a years. therefore people around the world are quite familiar with it. moreover, fiat is being used in different country too, so I don't think it will become worthless, though bitcoin for now is not that as stable like fiat but later it will become like fiat also.

[freedomgo]

No matter how high the price of bitcoin will get if there are not enough merchants that will accept it then the answer is no. Fiat will still remain as the main currency that will revolve in markets so it will never be worthless. Also if btc price will remain unstable then fiat will still be the best option to hold your funds into. You wouldn't want to wake up one day that all your money has suddenly dropped it's value.

Indeed, fiat also has been stand for a years. therefore people around the world are quite familiar with it. moreover, fiat is being used in different country too, so I don't think it will become worthless, though bitcoin for now is not that as stable like fiat but later it will become like fiat also.

I am currently using fiat despite the popularity of bitcoin, although I choose not to but I cannot do it. The price of bitcoin is solely based on how fiat perform on your certain country. Using it to spend for your daily needs will not be good but as investment you will be satisfied.

Fiat will stay while bitcoin will progress and that is what I want to see, I could earn bitcoins and convert it direct to fiat.
I have my investment with bitcoin and I am gonna make sure I will hold longer and only sell once we can hit that amount as the title says.
I don't care how many years I have to wait, I don't put all the money I need to spend, this is purely for investment in bitcoin only.

[Zadicar]

No matter how high the price of bitcoin will get if there are not enough merchants that will accept it then the answer is no. Fiat will still remain as the main currency that will revolve in markets so it will never be worthless. Also if btc price will remain unstable then fiat will still be the best option to hold your funds into. You wouldn't want to wake up one day that all your money has suddenly dropped it's value.

Indeed, fiat also has been stand for a years. therefore people around the world are quite familiar with it. moreover, fiat is being used in different country too, so I don't think it will become worthless, though bitcoin for now is not that as stable like fiat but later it will become like fiat also.

I am currently using fiat despite the popularity of bitcoin, although I choose not to but I cannot do it. The price of bitcoin is solely based on how fiat perform on your certain country. Using it to spend for your daily needs will not be good but as investment you will be satisfied.

Fiat will stay while bitcoin will progress and that is what I want to see, I could earn bitcoins and convert it direct to fiat.
I have my investment with bitcoin and I am gonna make sure I will hold longer and only sell once we can hit that amount as the title says.
I don't care how many years I have to wait, I don't put all the money I need to spend, this is purely for investment in bitcoin only.

This is true no matter how bitcoin would be a good investment it would remain still on that place and theres no other place to go but only in fiat. We are all dependent on fiat itself because we do use it on everyday living without it then we cant survive on everyday.Bitcoin still not usable globally and its still dependent to fiat too regarding to its value.

[fikihafana]

Fiat can never be worthless even if price of bitcoins goes that high as we know the fact that we cannot spend bitcoins directly and whenever we want to spend them we need to convert them to fiat first so till this scenario doesn't change I don't think fiat is going anywhere as people will need fiat to convert their bitcoins.

I agree, fiat never worthless because of regulation. Fiat will be worthless if all people around the world use digital currency, but it will become rare maybe $1 fiat be 100 BTC

[Golftech]

Fiat can never be worthless even if price of bitcoins goes that high as we know the fact that we cannot spend bitcoins directly and whenever we want to spend them we need to convert them to fiat first so till this scenario doesn't change I don't think fiat is going anywhere as people will need fiat to convert their bitcoins.

I agree, fiat never worthless because of regulation. Fiat will be worthless if all people around the world use digital currency, but it will become rare maybe $1 fiat be 100 BTC

How long this things can happen? For sure fiat will not be worthless because digital currency will be limited especially feom those countries which have government controlling financial matters and until now even we are already in a digital era they still refusing to recognized the system.

[olushakes]

Fiat cannot be worthless, it will only depreciate and its because of the support and the fact that if you want to know how worthless a country is, check the strength of its Fiat and if bitcoin should go as high as that, then I see government coming with decisions such as redominating the currency we have now or even changing the currency all together. Sometimes they can even go the extreme measure by overhauling the whole financial system of the country.

[Fatanut]

Fiat can never be worthless even if price of bitcoins goes that high as we know the fact that we cannot spend bitcoins directly and whenever we want to spend them we need to convert them to fiat first so till this scenario doesn't change I don't think fiat is going anywhere as people will need fiat to convert their bitcoins.

No matter what happens fiat will never be worthless. It is the foundation of the financial system for each country [1]even bitcoin is going to reach up to million dollar it will not affect the worth and usage of fiat. Because it's decentralize government cannot trust bitcoin [2]but they can just collect tax from it from the goods and services we consume upon using it.

[1] How sure are you of that? Bitcoin reaching a million dollar would mean the mass adoption is happening and it's affecting the world's economy since billions of fiat money are already converted to bitcoins. The usage of fiat would surely not be affected at that time even though, since most people are using bitcoins, most establishments are already accepting bitcoins as payment.

[2] How, though? The whole point of bitcoin isn't being free from the government and that includes being free from paying taxes. If the government would somehow successfully be able to get tax from us, a lot of us would be disappointed.

[bestluck]

Fiat can never be worthless even if price of bitcoins goes that high as we know the fact that we cannot spend bitcoins directly and whenever we want to spend them we need to convert them to fiat first so till this scenario doesn't change I don't think fiat is going anywhere as people will need fiat to convert their bitcoins.

I agree, fiat never worthless because of regulation. Fiat will be worthless if all people around the world use digital currency, but it will become rare maybe $1 fiat be 100 BTC

How long this things can happen? For sure fiat will not be worthless because digital currency will be limited especially feom those countries which have government controlling financial matters and until now even we are already in a digital era they still refusing to recognized the system.

The price of bitcoin will increase in value to that much value but it will not mean that fiat will remain worthless but the price of fiat will remain the same as it has but only people will leave its use it will only remain as the wealth of government of the nation and will be used to calculate the treasure of a nation in the banks.

[jaysabi]

Fiat can never be worthless even if price of bitcoins goes that high as we know the fact that we cannot spend bitcoins directly and whenever we want to spend them we need to convert them to fiat first so till this scenario doesn't change I don't think fiat is going anywhere as people will need fiat to convert their bitcoins.

No matter what happens fiat will never be worthless. It is the foundation of the financial system for each country [1]even bitcoin is going to reach up to million dollar it will not affect the worth and usage of fiat. Because it's decentralize government cannot trust bitcoin [2]but they can just collect tax from it from the goods and services we consume upon using it.

[1] How sure are you of that? Bitcoin reaching a million dollar would mean the mass adoption is happening and it's affecting the world's economy since billions of fiat money are already converted to bitcoins. The usage of fiat would surely not be affected at that time even though, since most people are using bitcoins, most establishments are already accepting bitcoins as payment.

[2] How, though? The whole point of bitcoin isn't being free from the government and that includes being free from paying taxes. If the government would somehow successfully be able to get tax from us, a lot of us would be disappointed.

In regards to [2], look at how income taxes are levied. The onus is on businesses to report and withhold taxes for employees. It would be exactly the same under a bitcoin economy. If you think that businesses are suddenly going to start disobeying the law, where they have every opportunity to do so now as well, just because bitcoin is used... well, that sounds overly naive to me. Businesses could pay everyone in cash currently, but they don't because there are laws on the books about income and FICA taxes that they are required to withhold. There's no reason to expect you're going to be an effective tax dodger in a bitcoin-denominated economy.

[bncbnc]

Fiat can never be worthless even if price of bitcoins goes that high as we know the fact that we cannot spend bitcoins directly and whenever we want to spend them we need to convert them to fiat first so till this scenario doesn't change I don't think fiat is going anywhere as people will need fiat to convert their bitcoins.

I agree, fiat never worthless because of regulation. Fiat will be worthless if all people around the world use digital currency, but it will become rare maybe $1 fiat be 100 BTC

How long this things can happen? For sure fiat will not be worthless because digital currency will be limited especially feom those countries which have government controlling financial matters and until now even we are already in a digital era they still refusing to recognized the system.

The price of bitcoin will increase in value to that much value but it will not mean that fiat will remain worthless but the price of fiat will remain the same as it has but only people will leave its use it will only remain as the wealth of government of the nation and will be used to calculate the treasure of a nation in the banks.

in fact it is not depending on the price but it depend on the mass adoption, as soon as all the people of the world will start using bitcoin unless then fiat  is not going to worthless. it will even stay there and people will be using it.