What happens when us and millionaires get to the top? Normal food prices go sky

[philip2000uk]

So if rich people that we try to reach the same money as them put their money in now to get to 1 mill per btc.  that's a lot of people that are really rich and us too but then will that affect food prices.

[philip2000uk]

I don't think you understand economics at all. If Bitcoin goes to 1million per coin, the only people who have any more wealth are those who have purchased and held bitcoins. That's 21 trillion dollars marketcap, let's be fair though and remove Satoshi's coins so a 20 trillion market cap. How many people own 1 bitcoin? Well currently it is a lot less than 21 million people, maybe 1 million. So let's say the wealth of 1 million people increases worldwide that is a 0.014 % of the population increasing their wealth. So no food won't change.


Also remember that the money isn't just being created someones currency had to already be their and worth the value of 1million USD to buy a Bitcoin at 1mm USD.

I didn't say that i know economics, why would you say the obvious if i dont know then i dont know which is why i was asking.

Thanks for the explanation though

I guess also if it's millionaires already that are jumping on the bandwagon then they just get richer and still won't really spend so much to change food prices

[webtricks]

So if rich people that we try to reach the same money as them put their money in now to get to 1 mill per btc.  that's a lot of people that are really rich and us too but then will that affect food prices.

I don't believe so. People using BTC at present are very limited. So when more people start buying BTC, prices will rise gradually. This means person who buy year later may buy at higher than $4000 as one doing today. So richs from Bitcoin even if it touch 1M will be limited to those who bought in past and not future.
So it will not going to impact economy large enough that food prices rise.

[bamboylee]

I do not see how bitcoin price is related to food price. Food is affected by climate change, gas price, demand. If bitcoin price goes up, you can just buy more food but it will not jack up the price of gas or food. And the one's only affected by bitcoin price are the hodlers not 8 billion people in the world.

[RedditMaster]

THe irony of this post is it probably will have some effect on food prices (although very small), but not for the reasons you propose.

[dragonusa9]

its not like fiat crushed making bitcoin the only way of transaction right?
so normal food price wont go sky because fiat still holding their own position. its different story if all people on world already have some of bitcoin though

[Razick]

There will always be people working for minimum wage. That is how life works. Some rise high, some fall low. Some stay high, some stay low. Just because you or a bunch of people become millionaires with Bitcoin does not mean in any way food prices will be greatly affected.

[Fatunad]

So if rich people that we try to reach the same money as them put their money in now to get to 1 mill per btc.  that's a lot of people that are really rich and us too but then will that affect food prices.

That wont happen knowing that theres no equality in this world when it comes to finances or state of living.There would be always people on the top, middle and to the bottom which means this situation cant really be easily removed to a level considered as equal.Think of it if all people are rich who would be the one to work? Farming,industrial and so on. No one right? because all people do have the money already they dont need to work.