The collapse of central banks...Inevitable?

[Abiky]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

[1714483888]

1714483888

[Charles-Tim]

There is no country that do not use fiat. Most countries have their own fiat while few countries depend on another country's fiat. Even if some countries start not to believe in fiat, some countries will continue to use fiat as legal tender. But as it is for now, all countries in the world still prefer fiat and see inflation has some advantages.

[jrrsparkles]

Central banks will stay even if the fiat is facing hyper inflation and they will start collapse only if the government itself started collapsing.

The chances of all Central banks will cease to exist is close to zero but hypothetically Bitcoin can be one of the preferred payment options if that happens.

[mindrust]

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

Don't think so. On the contrary, they'll become even stronger. Central banks can only fail if there is a revolution like the French Revolution. As long as people keep being sheeple, nothing will change.

1- Wear a mask > There were more brainwashed mask wearers who fought non-mask wearers.
2- Get a jab or can't travel > Jab takers fought no-jabbers like their life depended on it.
3- Don't use mixers only criminals use them > Sir yes sir I don't wanna go to jail whatever you say sir! Orders sir!
4- Eat plant based meat, cow farts are killing the earth > I can eat pflant shit all day sir!

 

[Gozie51]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

Central banks are not the problem of the world's economy rather those politicians sitting at different chambers to make obnoxious laws for the economy are the culprit. Central banks are there to implement those policies coming out from those corrupt and selfish politicians whose interest is to protect their businesses at the mercy of the country. They hardly would allow a policy that will affect their businesses or interest pass the process of enactment. So they are the problem and central banks implement their problem. Usually, central banks are agent of executive and don't make laws but operate on the laws made by law makers who are politicians.

Another factor that is the problem or challenge is natural or artificial occurrence not planned for like natural disasters, pandemic, wars etc. So when these happen, it destabilizes the monetary policy of the financial institutions and policies not planned are carried out like printing of money which in itself is prone to inflation if not properly managed.

[Mate2237]

Bitcoin has failed and because of that Bitcoin cannot be the currency of the world again and all because of the congestion and the high transaction fees. If Bitcoin becomes the number one currency in the world then inflation will be more than like this present generation because because of the high transaction fee and people, sellers will like to sell their goods to cover the high transaction fee they have paid when using it to buy things. And also the main purpose of Bitcoin of p2p which Alice and Bob made their transaction has been failed. The Whitepaper said Bitcoin is a digital currency to buy goods and services online. How many people in the world that is using Bitcoin has used it to buy things online this week. Even this year in my country it would be problem.

So the existence of the central bank with it commercial banks are still vital in the world. Everyone now is going to investment with Bitcoin and nobody wants to use it to buy and no shop wants to accept it mostly in the third world countries. But I can't speak for the advance countries. And it is only politicians from the leftist side can asked to abolish central bank and not the capitalist scholars. And if we are to use Bitcoin as a global countries then the transaction fee should be eliminated.or it should be very minimal for even a ordinary groundnuts seller can when selling on the street and Motor parks.

[peter0425]

If the global economy continues to deteriorate, do you think central banks will collapse?

Of course there is always a chance that central banks stop functioning properly and they stop regulating the value of fiat which will lead to hyperinflation and the fiat basically not having any value anymore whatsoever

In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

If we are talking about bitcoin today then it would be hard to use it in a nation wide scale considering its scalability issues and not to mention its volatile nature.

Central banks collapsing are kind of unlikely anyway so what we’re talking about shouldn’t actually happen

[WillyAp]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

That is not true, Central banks do set the rules for the banks in a country. The people who are in charge are the problem.
A central bank needs to be independent. Milei only said the close the central bank but has made no effort to do so.
Banks are the very reason any given system is able to maneuver.   

[avikz]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

If the central bank collapses, get ready for a primitive life. Have you seen the web series Fallout? IT's streaming in Amazon prime. Go and watch it! If central bank falls with no central authority to control fiat money, that will be the life you will be living.

Politicians always have their own vested interest. If you want a good life, never listen to them! Bitcoin is not here to become the global currency. If it does, all mining companies will become the governments and control the economy and military power. Unless there's a nuke war which wipes out everything, central banks will never fall and Bitcoin will never become a global currency.

[Helena Yu]

Banks will not disappear, but few banks will collapse and new banks will comes up.

As long as you, I, and most people still using fiat, not using other currency, banks and fiat will survive even though there are many good currency and assets that we know better than fiat. Moreover in some regions, you're only allowed to use the legal tender that accepted in your countries, if someone broke this rules, they deserved going to jail.

[Kakmakr]

No, Central Banks and Fiat currencies will not fail, because it is one of the most important tools for governments to control people. Governments will continue to increase inflation and taxes and they will control the supply of Fiat currencies to support Fiat currencies survival.

Bitcoin cannot replace Fiat currencies, because it is simply not possible to "print" money out of thin air, like they do with Fiat currencies to feed the demand for debt. (The global economy are one large debt monster and governments and Banks are constantly feeding it new victims)

[Text]

I think that's unlikely for a complete collapse. Central banks have a lot of tools at their disposal, and they'll likely adapt their strategies. We might see some reforms or even new institutions emerge. It plays a big role in financial stability too. Just scrapping them entirely could cause even bigger problems.

If things get really bad, though, who knows? Fiat currency losing trust entirely is a possibility. But is Bitcoin becoming the world's currency? I'm not so sure. It's still volatile and not widely accepted for everyday transactions. There might be other contenders, or maybe a whole new system altogether.

[davis196]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

Javier Milei never suggested that the central banks should be abolished. He suggested that the central bank of Argentina should be closed down and Argentina should accept the US dollar as a national currency, which means that the United States Federal Reserve would become something like a new central bank for Argentina.
I don't see any people losing faith in the traditional financial system. The people keep using cash, credit and debit cards. Almost nobody switched completely to crypto.
The global economy isn't deteriorating. The global GDP is growing. The fact that some countries are having a hard time doesn't mean that the global economy is deteriorating.

[Lucius]

The only way for central banks to fail is for the apocalypse to happen and send people back to the stone age. The collapse of central banks would also mean the collapse of nation-states, which would also mean complete chaos and anarchy - so even though today we do not live in an ideal world (far from it), imagine a world without any control.

~snip~
If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

Bitcoin exists as an alternative, not as something that will replace the existing financial system. At least 95% of people have never had anything to do with Bitcoin, which has been around since 2009, and less than 2% have ever made any transaction involving paying for goods or services with it. The numbers don't lie, and they clearly say that Bitcoin is simply not an option for most people, at least not as a currency.

[Dewiana]

Bitcoin has failed and because of that Bitcoin cannot be the currency of the world again and all because of the congestion and the high transaction fees. If Bitcoin becomes the number one currency in the world then inflation will be more than like this present generation because because of the high transaction fee and people, sellers will like to sell their goods to cover the high transaction fee they have paid when using it to buy things. And also the main purpose of Bitcoin of p2p which Alice and Bob made their transaction has been failed. The Whitepaper said Bitcoin is a digital currency to buy goods and services online. How many people in the world that is using Bitcoin has used it to buy things online this week. Even this year in my country it would be problem.

So the existence of the central bank with it commercial banks are still vital in the world. Everyone now is going to investment with Bitcoin and nobody wants to use it to buy and no shop wants to accept it mostly in the third world countries. But I can't speak for the advance countries. And it is only politicians from the leftist side can asked to abolish central bank and not the capitalist scholars. And if we are to use Bitcoin as a global countries then the transaction fee should be eliminated.or it should be very minimal for even a ordinary groundnuts seller can when selling on the street and Motor parks.

The Central Bank continues to survive, perhaps the system will change when it collapses if the central bank will create a new pattern to maintain international economic stability, most recently bitcoin will continue to follow the movement of fiat currency and conversely fiat currency will follow the digital currency or bitcoin system. Another development is that the economy is getting worse, as can be seen from the soaring price of gold and the increasingly chaotic world economy. Conflict between countries is also one of the causes of instability. If economic experts do not take concrete steps, it is possible that a crisis or recession will occur.

[Dailyscript]

Would take a long time to eradicate fiat in the monetary system worldwide. This is because some countries do not have much technological advancement so they still value their fiat more than any other currency. Central banks will still continuing printing fiats in as much as those with the supreme powers are getting their little  benefits from the system. Of course we would know by now that the fiat system is a little bit corrupt if not entirely corrupt.

[Plaguedeath]

If the central banks collapse, it means the whole country will collapse too.

Since there was country that no longer exist due to crisis i.e. Yugoslavia, so it's possible there will be a country that in debt and bankrupt, rich country might occupy that country. If you think Bitcoin will replace fiat due to central banks collapse, then you're live in your own imagination.

[Miles2006]

At this point central banks don't care about the well being of a country neither the inflation, they work together with federal government so fiat system will stand firmly regardless the allegations. Concerning fiat and bitcoin or bitcoin standing as a digital currency can't beat the economy inflation neither, from my opinion bitcoin don't necessary need the crowd before we can say bitcoin is the best. If bitcoin is working for you as an investor, trader, business man etc then create a comfort zone for your investment. When I hear bitcoin taking over the fiat currency I believe it will not happen, bitcoin adoption is not forcefully but willingly so for example if fiat currency no longer exist we can't impose bitcoin adoption on citizens. Just imagine the world use bitcoin as number one currency (legal tender)and you think people will not still complain? people will always find fault no matter the situation

[livingfree]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

If the global economy continues to deteriorate, do you think central banks will collapse? If that happens, it will be the end of Fiat for good. In such a scenario, do you think Bitcoin will become the currency of the world?

What's your opinion? Your input would be greatly appreciated. Thanks.

They're all experienced, I mean the ones that have been in the business for so long that have experienced a lot of financial crises.

All of them have contingency plans and I doubt that the most established will be abolished. As for the central banks, they've got a huge role for a country's economy.

Whether we like it or not, it's not too easy to see that many of these institutions and banking companies to collapse and just go out of business.

[stompix]

With central banks struggling to keep inflation under control, people are beginning to lose trust in the traditional financial system. Some politicians (eg: Javier Milei) even suggested to abolish central banks as they're the main cause of the world's economic problems.

Javier Milei wanted to abolish the central bank of Argentina because he wanted to get rid of their own currency and start using the USD.
So, technically they would still have a CB only it wouldn't be one that is controlled by their government!
Besides, even with Bitcoin, you would still need a CB, a central bank is not just a thing that prints money, just like banks are not only in charge of your debit and credit card.

Besides, the Central Bank of England was established 1694, do you see them going down after surviving the gold standard for 3 centuries?