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

[cheezcarls]

Twitter 21/Dec/2021 https://twitter.com/jack/status/1473089482576564225


Cardi B@iamcardib

Do you think crypto is going to replace the dollar?

jack@jack

Yes, Bitcoin will

As much as I respect their opinion, I don’t think it would because of the price volatility unlike fiat which is stable. The fiat will never go away, as it can co-exist with Bitcoin. The world is not ready to make BTC replace the dollar. 

[pushups44]

Bitcoin may eventually replace the U.S. dollar as a global reserve currency, but this is not going to happen any time soon, especially without a more robust layer 2 solution. Eventually the Lightning Network will be robust enough for more developed countries than El Salvador to embrace it.

[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.

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.

Indeed. That is because they can not control bitcoin, which makes them not want to replace it with their fiat money. But they can give the option for people who want to use bitcoin for another investment besides gold. I think some investors are fully aware of bitcoin and some of them are trying to have more bitcoin because they see the chance to make more money. But we know that the government can change their policy in the future, so we can see what will happen.

[Ozero]

This has been several times that some people say about Bitcoin that will replace dollars or fiat, or crypto that will replace banks soon.
Well, actually it may be possible, but I am not sure this will be easy and will be done during these 20 years or more.
And maybe, this will not happen.
We know that dollar, other fiat, and banks are centralized, controlled and managed by not only government in each country, but more than it, by a big power behind the world bank.
And , I ma not sure that even this is a digital era, they will let Bitcoin replace fiat. We all know that today, they also crypto develop their services to fit to this digital era, more technology advanced development.

What I think is that Bitcoin will be probably used as one of the global currency, accepted by many more countries and merchants as a currency, less ban and others. But this will not replace.

Decentralized cryptocurrencies, including bitcoin, will never replace the dollar or other national currency of a developed country or replace their banking system. For something like that in El Salvador to happen, it is necessary for the state authorities to make such a decision themselves. But it should be borne in mind that El Salvador is a backward developing country that did not have its own national currency. Therefore, there bitcoin was recognized as the national currency, but did not replace the currency of the state.

[henry_p]

...something something it's impossible something something...

Just like it is impossible for any country to make Bitcoin as legal tender?  And is the lightning network not evolving year after year?

If a company that uses the USD start accepting Bitcoin only... and pay its employees and its providers in Bitcoin, it effectively replaced the dollar as far as it is concerned.  It becomes about how much and how fast that happens.

So it will probably remain impossible until it happens.  If it never happens, it's very likely because Bitcoin will have failed, and it is likely that the US dollar will disappear well before that.  The value of the dollar almost completely disappeared already anyway.  It may not happen in 2022 though.

The universe will die, and so will Bitcoin and the USD, but it will not happen in that order.  I think that Bitcoin is set to survive the USD.

And the governments will never let that happen.  It will just happen is spite of them.

[peggie]

BTC cannot replace the value of the US dollar, and if it does, then BTC will remain a constant value, not a market fluctuation as it is now, and if it does, then those who hold BTC will lose a lot of profit.

[geegaw]

This has been several times that some people say about Bitcoin that will replace dollars or fiat, or crypto that will replace banks soon.
Well, actually it may be possible, but I am not sure this will be easy and will be done during these 20 years or more.
And maybe, this will not happen.
We know that dollar, other fiat, and banks are centralized, controlled and managed by not only government in each country, but more than it, by a big power behind the world bank.
And , I ma not sure that even this is a digital era, they will let Bitcoin replace fiat. We all know that today, they also crypto develop their services to fit to this digital era, more technology advanced development.

What I think is that Bitcoin will be probably used as one of the global currency, accepted by many more countries and merchants as a currency, less ban and others. But this will not replace.

Decentralized cryptocurrencies, including bitcoin, will never replace the dollar or other national currency of a developed country or replace their banking system. For something like that in El Salvador to happen, it is necessary for the state authorities to make such a decision themselves. But it should be borne in mind that El Salvador is a backward developing country that did not have its own national currency. Therefore, there bitcoin was recognized as the national currency, but did not replace the currency of the state.

Well, many people like to use the actions of EI Salvador as a picture of the ability to displace the dollar or many other national currencies, force these currencies to be degraded and have to cede its place to modern electronic products but in small countries with low savings and allocation, the quantity can meet the need but for large countries, it is a hundred times more than that. In particular, bitcoin does not have a print core to print more and can only be purchased from investors and holders, currency that is not printed more will degrade a developing country and cannot open a budget to cover losses or create more value to balance the market

[kryptqnick]

I respect Jack and his opinions, but it's worth to note that he is very pro-Bitcoin, and I disagree on the matter of Bitcoin replacing the USD. The USA is very proud of the USD, so it's highly unlikely that this country would abandon it unless absolutely necessary. Even if they did, I don't think Bitcoin, a volatile decentralized digital currency, would be their first choice. After all, it's not a currency they can control, and not really a currency that requires banks, so it won't stand well with the financial institutions of the US. Moreover, countries all over the world trust in the USD because they trust in the USA as a strong economy. There's no similar reason to trust in Bitcoin.

[famososMuertos]

The truth of that question is that the replacement is on the way, in process and cryptocurrencies are a good alternative but perhaps not definitive, with that I just want to say that regardless of who the replacement is, the dollar will cease to be the main currency then could so other even traditional alternatives emerge, cryptocurrencies and an alternative that may be developing in the coming years and will emerge unexpectedly as did bitcoin.

[henry_p]

in small countries with low savings and allocation, the quantity can meet the need but for large countries, it is a hundred times more than that

It's divisible, so the quantity is irrelevant.  The lightning network already divide it a thousand times more.  There are 2.1 quintillion millisatoshi already, which can be divided more in the future.  Some notes of "100 trillion Zimbabwe dollar" have been printed.  That's a very large number, but what is it good for?

bitcoin does not have a print core to print more and can only be purchased from investors and holders

Scarcity is not a bug, it is one of the very very few main and most crucial feature of Bitcoin, decentralization being another.  And until now and for decades to come, it can be mined.  And outside the cartel printing money for itself devaluing every other dollar in the process, how do people acquire dollars anyway if not from other people who already have some?

currency that is not printed more will degrade a developing country and cannot open a budget to cover losses or create more value to balance the market

I'm not sure what how you think that happens.  Printing money doesn't create value, it dilutes (steals aka "redistributes") the value.  And how do you "open a budget", what losses are you trying to "cover"?

Removing items with high inflation from the "basket of good" and putting items with low inflation instead gives a lower official inflation number.  It doesn't reduce it, it just pretends it isn't there.  Balancing the sheets by writing numbers down creates illusions, not value.

[cryptomaniac_xxx]

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.

Crypto may not be able to replace dollar totally but there are instances that it can be use as alternatives in every transactions that dollar can as long as that country is open for adoption of crypto and have facilities that accepts crypto, little by little many stores will accept it as mode of payment, as way to send money and as an investment. It's good that we don't need to rely anymore in just our currency as it is more convenient to have options on what we prefered most having cash or doing everything in our own conventience.

And this is also my take on this, why not used bitcoin as a alternative currency or payment system instead of pushing it as a replacement to USD?

And we have to understand where Jack is coming from, I mean he is a proponent of bitcoin in any angle that why he is pushing for this agenda. However, this is far fetch in my opinion, bitcoin can't replace any from of currency as it was not designed to be.

[franky1]

Anyone who thinks this is possible has a poor grasp of the scale of the US economy and how Bitcoin is simply incapable of handling the volume of US dollar based transactions that take place each day.

maybe he did not mean the fiat currency "dollar". (bank accounts of hundreds of millions of citizens)


but what if he meant the world bank reserve "petro dollar". the one thats just got reserves/accounts of 200 countries that only do funds movements of $Xbill when countries are sanctioned or doing international aid donations, or buying oil buy the cargo ship/oil tanker load.

.
even though the petro dollar movements of countries reserves are then manageable on a blockchain. what people still miss is the control aspect of the 'world bank'

it certainly wont use bitcoin as a reserve. they would however invent their own crypto so that they are in full control of the 200 nodes of their 'world bank network' to then set or agree on new rules as it develops.

after all the bitcoin market cap is not a meaningful number that represents actually having $0.95trillion in reserves stored in some vault somewhere.. the market cap is just the current price of say a sale of 0.01btc being sold right now for $500. which just calculates as being $50k a coin(by just doing math) which then calculates as $0.95trill.

market cap is just a math multiplication. not a vault audit result

[Woodie]

I do not get why people want the dollar or fiat to be replaced.... But truth is fiat is still with us for quite a long time and digital currencies still have a long way to go before the masses buy into this idea of going digital. The best this that can ever happen is have dual currencies around the world without restrictions but then again this would mean that the central government will lose control of its monetary duties which our governments will not signup for!!

[btc78]

Twitter 21/Dec/2021 https://twitter.com/jack/status/1473089482576564225


Cardi B@iamcardib

Do you think crypto is going to replace the dollar?

jack@jack

Yes, Bitcoin will

While possibilities are there yet i don't wanna give a full trust and waiting for this one , because for me it is not the replacing is what important but instead the use of both currencies .
either Physical money or online money what we need to understand is the help of this for us to survive and make a living.
so let us not compare both because they have their own use for all of us.

[kotajikikox]

Twitter 21/Dec/2021 https://twitter.com/jack/status/1473089482576564225


Cardi B@iamcardib

Do you think crypto is going to replace the dollar?

jack@jack

Yes, Bitcoin will

I have not following twitter this past few months so I am not updated of the latest but seeing this? it brings relief to  us who believes that more chances of crypto in the following years.
replacing Fiat might not happen in the near future but at least we will believe that one day there are crypto replacement in some countries (specially EL Salvador who is adopted bitcoin first hand) and this will generate in long term.

I do not get why people want the dollar or fiat to be replaced.... But truth is fiat is still with us for quite a long time and digital currencies still have a long way to go before the masses buy into this idea of going digital. The best this that can ever happen is have dual currencies around the world without restrictions but then again this would mean that the central government will lose control of its monetary duties which our governments will not signup for!!

Maybe it is their desperation to See the Highrise of Bitcoin very near but we also knew that even if this happens yet adoption of Bitcoin must be for the growth in huge movement .

[xSkylarx]

But the real question is, when will it happen? Yes, there is a good chance that bitcoin will replace fiat currency in the future, but not in the next ten years because there are still a lot of countries that prohibit it, even though a few countries have accepted it. I also believe that bitcoin is not yet well-established enough to be used as a payment method throughout the world. There are also issues with the internet, as not everyone has access to it or the devices that will be used for bitcoin. If they ever truly replace Fiat, I believe it will happen in a first-world country because most of them are technologically literate, but in the third world, it will be more difficult.

[witcher_sense]

It is because we have gotten so accustomed to the existence of fiat and the fact that governments have long managed to overtake control of the world economy that nowadays it is almost impossible to imagine such a miraculous event where Bitcoin completely replaces government-issued money. If you created such a thread a hundred years ago, you would have gotten exactly the same answers - there is no way that paper money will ever replace precious metals. Still, they did, which resulted in the unprecedented growth of the US economy. In my opinion, Bitcoin does have the potential to overperform fiat currency in perspective, but I am personally fine with the idea of peaceful coexistence between Bitcoin and fiat because this way is less painful for a global economy.

[mynonce]

Maybe, Jack met Billionaire Ricardo Salinas? 

Fiat Money Is Fake, Invest in Bitcoin
https://cryptoadventure.com/mexican-billionaire-fiat-money-is-fake-invest-in-bitcoin/

Billionaire Ricardo Salinas: Forget Fiat, Buy Bitcoin Bitcoin Instead
https://www.newsbtc.com/news/bitcoin/billionaire-ricardo-salinas-forget-fiat-buy-bitcoin-bitcoin-instead/

Ricardo Salinas Pliego Recommends Investing in Bitcoin, Says Avoid Fiat Money
https://news.bitcoin.com/mexico-third-richest-billionaire-advice-invest-bitcoin-stay-away-from-dollars-euros/

Mexican Billionaire Ricardo Salinas Pliego Urges People to Buy Bitcoin
https://finance.yahoo.com/news/mexican-billionaire-ricardo-salinas-pliego-160605253.html

Ricardo Salinas Pliego: ‘Stay Away From Fiat Money… Invest in Bitcoin’
https://www.cryptoglobe.com/latest/2021/12/mexican-billionaire-stay-away-from-fiat-money-invest-in-bitcoin/

[Vi3ioN]

Hi all,

I am new here so please don't flame me.


I personally don't think it could replace the fiat system but it could complement it. Currently in my opinion BTC is a store of value; though it was supposed to be an peer to peer electronic payment system. I ain't complaining but you know..

But I am happy my value in BTC appreciates over the years though. 

[Reatim]

Hi all,

I am new here so please don't flame me.

everyone here is entitled to His own opinion , views and beliefs .. we will respect yours as how you respects others .

so Welcome tot he Forum and hope to see more exchanging of opinions.

I personally don't think it could replace the fiat system but it could complement it. Currently in my opinion BTC is a store of value; though it was supposed to be an peer to peer electronic payment system. I ain't complaining but you know..

But I am happy my value in BTC appreciates over the years though. 

and i see no reason for replacement here, Fiat will complement Bitcoin as bitcoin complementing fiat, this will be the scenario in the future.

and lets accept that both will exist lifetime .