I think most people still trust the USD more than Bitcoin

[nullama]

Every time there's a problem with the debt-ceiling in the US since 2011 there has been talks about the possibility of minting a one trillion-dollar platinum coin out of thin air.

Although the current US Treasury Secretary is opposed to this idea, there are people out there that are pushing to make this happen.

On the other hand, most people think that Bitcoin reaching one million dollars is ludicrous.

Combining these two ideas, I get the impression that most people still believe more in the USD than Bitcoin.

Although things might change in the future when Bitcoin reaches $100k at some point. That will probably be an important mental milestone for the average person.

[jackg]

Of course people trust more in usd than bitcoin, it has an expensive advertising campaign behind it like all other fiat does.

I could also imagine that walking up to most people and offering them $1m or 1k btc, how many are going to pick the btc (probably only a few)?

There are differences here though:
   The US economy is one of the highest performing economies now and minting the coin now or "soon" would probably not make a difference to that.
   Bitcoin acts as a global asset, is it tied to a specific economy yet?

[Reid]

No doubt. Traditional people are still out there and it will passed along with their kids.
My take, why wait for $100k to start believing. What's in that number that makes it more important than the lower amounts? It's better purchasing at a cheaper price. They will all just feel the same regret as most of us when they witness 6 digits.
I just don't get it. I am glad though that most of my friends believe Bitcoin first as an investment before any altcoin or even fiat.

[KrispyKrypto]

they're are so many old farts that have spent their day in government / politics . I cannot wait for the next generation to move into government. These old politicians are too old and stuck in the system to change the system. And once people start to understand that bitcoin is inevitable, and to accept it with both arms instead of fighting it, the world will become a better place. And I would imagine it would happen pretty fast too ... relatively speaking .


I guess everybody will have to get orange pilled sooner or later... Im just glad it happened to me already

[traderethereum]

People have already used USD from a long time ago for many things and still prefer to use USD rather than knowing a new thing such as Bitcoin that can be a new way to make money.
They still underestimate the power of bitcoin until they realize it by themselves, which is too late to join or involve in bitcoin.
Besides that, people prefer something that they can see, touch, and have a form that they can know so they still do not think to trust Bitcoin besides USD.
Once Bitcoin prices start moving and hit the high price, they will regret it.

[enhu]

It circulated in social media about that 1 trillion-dollar platinum coin. But I'm not sure how it's going to change something, it's still printing 1T. It's not going to circulate but it's printed.

USD government-backed and its the world reserve currency, people will use it even in other countries. Although its value is currently declining because of inflation, it's still used. It may take years for things to change. When every store is going to accept BTC, it's going to change.

[mk4]

Can’t really blame them despite them being really wrong in my opinion. If you’ve grown up to use the USD since you were old enough to slightly understand the concept of money on a surface level, then you’ve simply grown up to trust it.

I think it somewhat would be the same with Bitcoin. Though Bitcoin is already 10+ years old, most people have only heard of it for like 1-3 years. While they might not trust it now, chances are they would; it just takes time(or education to speed it up). This is nothing really that much special, just human nature.

[Jawhead999]

Because they've used USD since he was a child until now, that's why they think USD it's safe even they know it will got inflated every year and not all merchants already accept Bitcoin as the payment. USD exist since 1792 while Bitcoin exist since 2009, it's not wrong why they still trust USD.

Many people treat Bitcoin is for investment not a currency, even Bitcoin can be used for payment option... but it's not worth due to high fees if you transact small money. Other reason is people are paranoid, not confident and so on.

[KrispyKrypto]

It circulated in social media about that 1 trillion-dollar platinum coin. But I'm not sure how it's going to change something, it's still printing 1T. It's not going to circulate but it's printed.

USD government-backed and its the world reserve currency, people will use it even in other countries. Although its value is currently declining because of inflation, it's still used. It may take years for things to change. When every store is going to accept BTC, it's going to change.

yeah if that ever passed (I doubt it ever will) it'd basically be USD suicide.

[avikz]

Every time there's a problem with the debt-ceiling in the US since 2011 there has been talks about the possibility of minting a one trillion-dollar platinum coin out of thin air.

Although the current US Treasury Secretary is opposed to this idea, there are people out there that are pushing to make this happen.

On the other hand, most people think that Bitcoin reaching one million dollars is ludicrous.

Combining these two ideas, I get the impression that most people still believe more in the USD than Bitcoin.

Although things might change in the future when Bitcoin reaches $100k at some point. That will probably be an important mental milestone for the average person.

That's quite obvious! People do trust in USD more than bitcoin. Majority of the world population didn't hear the name bitcoin till date. But they all know about USD. USD is dominating the world trade since a log time time. Majority of the world trade is settled in SUD only rather than the local currency of the importer/exporter. So it's not a rocket science to understand that USD gathers more trust that bitcoin.

This might never change even after bitcoin reaching hundred thousand dollars price point. because then people new to bitcoin will have another fear of collapsing. So that might become metal barrier for them to enter into bitcoin market. In a nutshell, where trust matters the most, bitcoin may never be able to compete with USD in reality.

[Wexnident]

And that's obvious. Why do you think people still use it? USD has been a global medium of transaction since a long time ago. No matter the issues behind it, it still stands to be a fiat used globally in almost all (if not all) transactions that can involve it. Even if Bitcoin was the better option that some people believe, it still stands that it's in the minority, Bitcoin hasn't spread it's usability as a medium compared to how fiat or USD has, not to mention that well, it's fiat. It's an "official" medium.

[Poker Player]

Once we all agree that it is normal for people to trust the USD more than Bitcoin, another question arises: can you imagine some time in the future where people start trusting Bitcoin more? It would be like a trustflippening. I hope to see it someday but I think it's a long way off.

[iv4n]

Once we all agree that it is normal for people to trust the USD more than Bitcoin, another question arises: can you imagine some time in the future where people start trusting Bitcoin more? It would be like a trustflippening. I hope to see it someday but I think it's a long way off.

I can imagine a future where people will have more trust in Bitcoin and crypto than in dollar and other fiat! Like you, I think it will not happen any time soon... it's a long way, but I am confident, what crypto did in the last 10 years is amazing, and I am sure the next decades will also be amazing!
Also, this shows how much room for growth there is...  "trustflippening" is happening (nice word by the way!), and slowly the numbers are changing in favor of crypto!

[im posible]

Of course, apart from the fact that the USD was used first but the people behind the development of the USD are the people who have great influence in the world system. One example is the Rothschild family.
However, I think that in the future where more people buy things online, btc will definitely be the king of cryptocurrencies and will be accepted by everyone.

[Findingnemo]

Still bitcoin is new so it will eventually takes time to fade away the influence of fiat which exists here for few centuries but the bitcoin and cryptocurrencies made an impact already that is why we all are talking about it and government is trying to suppress the bitcoin with the ban of exchanges, huge taxes, high regulation, deanonymizing via exchange KYC procedures.

[batang_bitcoin]

Every time there's a problem with the debt-ceiling in the US since 2011 there has been talks about the possibility of minting a one trillion-dollar platinum coin out of thin air.

Although the current US Treasury Secretary is opposed to this idea, there are people out there that are pushing to make this happen.

On the other hand, most people think that Bitcoin reaching one million dollars is ludicrous.

Combining these two ideas, I get the impression that most people still believe more in the USD than Bitcoin.

Although things might change in the future when Bitcoin reaches $100k at some point. That will probably be an important mental milestone for the average person.

It's okay if that's what most people think. Not everyone has already been engaged in bitcoin and that's why people are still into USD. Even I and the others here needed to make use of USD and their local fiats since many still didn't adopted bitcoin.
There's nothing wrong if most people trust usd than bitcoin. And we just have to be glad that we're part of the few that believes and trust bitcoin than any other fiat.

[Juse14]

this is actually a normal thing for now because most people still believe in everything that is issued by the government compared to something whose regulations are still questionable.
bitcoin still has not gained full trust among the government and this is a stumbling block for people it is very difficult to trust bitcoin compared to USD.

[magneto]

I think so too.

Whether this trust is well placed or not becomes a completely different matter.

People are conditioned from birth to trust the government and the central bank's currency without any good reasons for doing so. It's irrational in every sense of the word given that fiat currency is backed by nothing.

[Hydrogen]

Every time there's a problem with the debt-ceiling in the US since 2011 there has been talks about the possibility of minting a one trillion-dollar platinum coin out of thin air.

Although the current US Treasury Secretary is opposed to this idea, there are people out there that are pushing to make this happen.

On the other hand, most people think that Bitcoin reaching one million dollars is ludicrous.

Combining these two ideas, I get the impression that most people still believe more in the USD than Bitcoin.

....


If $1 trillion dollars worth of platinum, could be molded into a coin. A cube. Or another geometric shape. It would only be useful so much as it could be divided into individual sums to pay liabilities and cover debt.

If the united states owed the EU $200 billion, japan $100 billion and china $700 billion. A trillion dollar chunk of platinum could not easily be divided into $200, $100 and $700 billion dollar chunks. It would be useful as collateral and backing with the understanding that it could be chopped up and divided in an emergency. Beyond that its utility would be restricted, in ways which a $1 million dollar bitcoin would not.

With the US economy being roughly $20 trillion in GDP. A $1 trillion chunk of platinum would cover roughly 5% of GDP. Far shy of covering the national debt. Much less swiftly growing costs of social programs, which grow at a significantly greater pace than tax revenues.

Roughly 5% of GDP without factoring in the cost of purchasing platinum or extracting it from the earth. Which would have overhead costs of labor, equipment and surveys.

$1 million dollar bitcoin is much more exciting and useful than a big slab of platinum IMO.

[fiulpro]

What's USD?
It's not an investment, it even if considered an investment would still does not give good returns at all (compared to Bitcoins and other cryptocurrencies). There are things like Pandemic which would still affect the whole government/ the whole market. On the other hand they are liable to : control and corruption as well.
People don't have trust on USD but on the country USA at the end of the day, they don't have any idea about *debt*, the *money printing* which does mean that the country might fall soon. With the people *leaving their jobs* the economic stability might be problematic.
Therefore I do think that people need to *evaluate* their decisions and think about their statement again and make a wise decision.