Do you think crypto is going to replace the dollar? Jack: Yes, Bitcoin will

[Leviathan.007]

No, it will not, bitcoin is bitcoin it's a valuable asset for investing and holding and suitable for some kind of transactions also useful whenever you need your transactions to be anonymous, but the fiat currencies and dollars are needed for some other kind of transactions dollar and bitcoin both are having their own benefits and suitable for different situations depending on the condition that's why I think bitcoin and crypto will not replace to bitcoin. However, we cannot be sure about how is everything going in the world in a few years.

[blatchcorn]

I did not pay much attention into that tweets but just know that fiat are centralized and controlled by governments and the governments are not ready to lose, dollar is one of the existing fiat and the strongest of all. Bitcoin is decentralized and totally different from fiat. This type of comparison usually piss me off because both should not be compared as they are not the same. Bitcoin was not created to replace dollar or any other fiat, it is just an alternative.

"You cant compare apple with oranges", same is like comparing bitcoin with fiat. Governments all around the world are not ready to accept bitcoin as a legal payment system. In my country crypto is totally ban and there were few arrests by law enforcement agencies of people who were doing BTC mining, at least in my country crypto wont be legalized in next decade or two. I do agree with you that crypto is just an alternative to fiat not replacement.

[kaya11]

I think not, Bitcoin cannot and does have a limited supply, they are on the opposite sides. Bitcoin continues to get scarce, and only a few does have it, and dollar is available to acquire by most people worldwide unlike btc you need an Internet and moat probably a phone.

[TelolettOm]

There will be always idea and opinion about that. But  seeing the condition right now or some years later, maybe 20 years later, this may not happen. I mean that bank systems will never let something pass them, won't they? I agree with some member statement above that bank is complex structures from the world. And everyone or all parties of banks will always make certain development and regulation to make fiat still the first choice of currency. Moreover dollars with its great position. Dollar and other fiats are controlled by world bank and also government. So, they will never let crypto pass or replace them. That is difficult to be done.

[TimeTeller]

There will be always idea and opinion about that. But  seeing the condition right now or some years later, maybe 20 years later, this may not happen. I mean that bank systems will never let something pass them, won't they? I agree with some member statement above that bank is complex structures from the world. And everyone or all parties of banks will always make certain development and regulation to make fiat still the first choice of currency. Moreover dollars with its great position. Dollar and other fiats are controlled by world bank and also government. So, they will never let crypto pass or replace them. That is difficult to be done.

I like the optimism about the crypto adoption, but I do agree with you here.
Fiat system will remain to be the main financial system that people will use.
Even if crypto adoption will increase thru the years, the traditional banking system will remain.
They may also go digital as a lot of them are already are, but crypto will only be secondary to fiat system.

[Maslate]

They might agree but it doesn't mean crypto will replace dollar.

I don't it will happen even in my dream. Dollar is very huge and the government can do something to ban bitcoin, like China did.
We should only be happy with bitcoin's achievement now, of course, the growth will not stop from here but it's better to stay realistic.

[Welsh]

It won't anyway, both are quite different and there'll likely still be a need for the dollar (and other currencies, even if they're just pegged to an asset).

Even if crypto does become valuable enough to replace state issued currencies, they'll likely offer solutions for people to still carry around paper money or use debit card systems from their own issued currency - it might just end up being backed by crypto but I wouldn't consider that a replacement.

The dollar will just move to a digital based one. Long gone on the days of physical currencies, and while yeah we do still use them currently, the majority of people are now using card payments. I suspect in the next few decades physical money will only be reserved as collectibles.

I'd argue that Bitcoin is already valuable enough. Since, allowing everyone to have control of their own money, while still being secure for a decently knowledgeable person on security, is one of the most valuable things in the world when it comes to freedom, and security.

Its the fact that we have a government that uses fiat currencies, that's really the only reason that fiat currencies are the primary currency. They only have limited usages when compared to Cryptocurrencies.

[syedakhlaque]

The dollar will be replaced by the dollar but in the future. As we see that the spread of bitcoin is increasing very fast. The number of persons doing the bitcoin business is also increasing. The popularity of bitcoin is also continuously rising. The persons may be young, old, teenagers, men or women all are doing this business frequently. So it seems that in the future bitcoin will replace the dollar for international trade and for other major tasks.

[lienfaye]

No. The Government will not allow it to happen because Bitcoin is decentralized and cant be controlled and its just one of the few reasons.

However even its not possible to happen (atleast for now) I think the fact that most countries are not banning Bitcoin is already enough to be at ease that we can use it for our own benefits. Its an alternative and can co-exist together with fiat anyway so it doesnt necessary to compare the two because both are different in their own ways.

[hd49728]

No. The Government will not allow it to happen because Bitcoin is decentralized and cant be controlled and its just one of the few reasons.

It does not because of government only but also because of people. There are different people with different preference and they will decide to use fiat, Bitcoin, altcoins or gold. None of us, no government can force them to use any asset they don't like.

I too don't think Bitcoin or any other crypto currency in future, will take over or replace any country's fiats. Bitcoin/crypto currencies are now normally welcomed as assets so that they are bought and held for long term to gain huge profits.

With hyper inflation of fiats, people will lose faith in fiat and interests from bank savings. They will switch to other assets that can bring better ROI for them in long run. Like Bitcoin and Gold and in reality, Bitcoin has better use cases than Gold. It has better growth than gold since 2009 and even since 2020 when we have a big bull market which last for 2 years so far.

[Imran232]

...........

Bitcoin was not created to replace dollar or any other fiat, it is just an alternative.

Yeah, I agree with your last line. This is correct; it is not intended to replace the dollar as a payment method; however, I have a different opinion on how to accomplish this.If I take this tweet in a different way, For example, if we say bitcoin can replace the dollar as a payment method, it can do so in a variety of ways.Even though we know the dollar is an investment asset too for other countries, every year it increases a little percantage, so if we see bitcoin, we know how much more powerful an investment asset it is. and it proves that it is more powerful than the dollar. So dollar investors might love to invest in crypto. That's it.

[Dhaniii]

I'm still confused when I say bitcoin can replace dollars. from which side it can be said to replace because not all transactions can be applied to be able to transact and waste dollars. Of course, it seems that only certain companies accept bitcoin as a medium of exchange for transactions and not small transactions that can pay with bitcoin.

[Issa56]

I don't think that's possible I don't think Bitcoin can every replace dollar I believe the United state of America will do everything possible to avoid that so I don't think it will ever happen.

[romero121]

This isn't gonna happen at the shortest, and for some reason there is more chance of adoption to take place from countries like Ecuador that are using dollar as the primary currency. Already El Salvador have adopted bitcoin as it hasn't got its own currency. Countries that have its own currency will not its sovereignty down through cryptocurrency adoption.

Countries that are against cryptocurrency were now into regulation process. This means there is more chance of regulated usage to take place as an alternate to the fiat than replacing of dollar.

[DoublerHunter]

I'm still confused when I say bitcoin can replace dollars. from which side it can be said to replace because not all transactions can be applied to be able to transact and waste dollars. Of course, it seems that only certain companies accept bitcoin as a medium of exchange for transactions and not small transactions that can pay with bitcoin.

^ That is impossible to my side, BTC will not replace the dollar.
They could be working together as BTC has a price because of the dollar and people cash out their BTC in the value of the dollar.
This will make any sense as we all know the dollar is centralized and BTC is decentralized which is a very conflict if banks adopt BTC as their main currency.
Probably there are too many processes before this will happen and at that time probably BTC code will change.

[Ziskinberg]

Jack is not a fortune teller and he never knows what really happens in the future that is why I don't go to believe it.
Fiat money, the US dollar will stay as the major used currency globally, nothing could stop it. He is just becoming delusional saying that as we are observing the market adoption and as to how people use it, they consider most as an investment, not a curreny. And I did that.
The government won't stop printing paper money because of crypto, that never happens.

[Lizzylove1]

There has been so kind fight between Jack and web3 guys on twitter. Jack is looking into the far future for answering in the affirmative that bitcoin was going to replace the USD, it's not going to be an overnight affair, it's a gradual process. So he is currently working on a bitcoin project.

[michellee]

I would prefer crypto is not to replace the dollar but work together with the dollar and have another option to people to use crypto as their investment. If people can do that, I am sure they will have more options to make money in the future as now, many of them have gold for their investment while they can add bitcoin as their new investment. While they still work to make money, they also prepare their lives by having two types of investments that can give them more money in the future.

[Obito]

I don't know if bitcoin is ready for this kind of change already, pretty sure that things are going to change drastically when that happens. Also, dollars is hard to replace as you have to convince every country and International Finance institutions to convert to bitcoin and make it a reserve currency and so far, we are far from ever happening.

[coinism]

I would prefer crypto is not to replace the dollar but work together with the dollar and have another option to people to use crypto as their investment. If people can do that, I am sure they will have more options to make money in the future as now, many of them have gold for their investment while they can add bitcoin as their new investment. While they still work to make money, they also prepare their lives by having two types of investments that can give them more money in the future.

Seeing is behaviour of governments towards bitcoin I don't think they will allow usd to be replaced with decentralized bitcoin. I agree that majority of people these days are investing in Gold and other commodities, investors are not fully aware of % gain in btc is way above gold and other commodities.