The collapse of central banks...Inevitable?

[serjent05]

I do not think central banks will collapse unless the country ceases to exist. Fiat may crash due to hyperinflation but all the central bank has to do is to shift or integrate another monetary system that they think will give solution to the high inflation.  The central bank is the control of a country over its financial system so the government will do everything it can do to make this institution survive.

I believe as long as a country survives, its central bank will never collapse, it may undergo several changes and development but as long as the country exists, its central bank will continue to exist, IMO.

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[SamReomo]

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?

First of all, I don't think that global economy will deteriorate anytime soon and even if that happens the central banks won't collapse. I know that in some conditions the central banks of few countries may collapse but that won't impact the global economy by any means.

The fiat system has been present for a long time and it won't end anytime soon either. I know that most people who see devolution want to give up on that fiat system but it's not an easy thing as that system is the most dominant system of this time and that's why it won't end soon.

Even if fiat system ends, then still I doubt that the world may accept Bitcoin as the international currency. I know that in most cases Bitcoin could be a great reserve currency but I don't think that it would be ever accepted as international currency like US Dollar.

[Abiky]

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.

Abolishing and "shutting down" aren't the same thing? Without central banks, the economy can't be manipulated by corrupt politicians. Separating money from the State is the first step towards "fixing the world". We the people, have given too much power to the government and central banks. So they will continue to do as they please, even if the economy continues to sink all the way down the drain. You can see why governments in the past (particularly the US government) have bailed out banks in times of financial crisis.

Bitcoin was created as a response against banks' and governments' mishandling of the economy. No central authority means greater fairness and financial inclusion. I know BTC has failed to replace banks so far, but that does't mean it's the "end of the world". If by any chance central banks collapse, you can bet the world will abandon the Fiat Standard and move all the way to the Bitcoin Standard. Prices of goods and/or services will be denominated in BTC instead of Fiat. Wouldn't it be great to live in a society where people have control over their own money? Not governments or corrupt banks. Nothing is set in stone, so anything's possible.

[BABY SHOES]

No, bitcoin will not become a world currency, some countries have their own fiat then it will maintain with the control that the government has, a country still has abundant natural resources then it will be difficult for the economy to deteriorate.

Banks may collapse but the state will definitely fix it again after the economic collapse so banks only control fiat finance while the state will always be present where it stabilizes again.

[dezoel]

I wonder what would happen if Bitcoin becomes the currency of the world considering how volatile it is. Everything will start to become unstable when it comes to finances, companies, businesses, and individuals will have their money and status changing every other day because the price of Bitcoin will go down sometimes and then go up again, and since there won't be fiat currencies, there will be no possibility for people to sell and buy Bitcoin during bull and bear markets.

I think that wouldn't be a very good solution. Bitcoin is only good if it has another stable currency on its side so that things don't become completely unstable and go out of control every now and then. It will be very difficult and I can already imagine everything in my mind.

[Cryptomultiplier]

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.

Until central banks have collapsed, it wouldn't be wise to attribute all the economic problems to them. Although, I would think that there would come a time when people will resort to using crypto currency and perhaps any other currency that isn't connected to the central banks, to trade and complete transactions.

With leading countries and regions like Lugano, El Salvador, Brazil, U.S, U.K  among others, adopting BTC as a solution to aid their economy, more countries will do so in addition and am very sure that the central banks would adapt to accommodate cryptocurrencies and exchanges, so as they don't get left out and obsolete.

[Fortify]

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.

Central banks are not going anywhere for a long, long time. Take America for example, its central bank allows it to exert immense pressure on other countries that either directly or indirectly rely on dollar trade. They are the reserve currency of the world, because they are the most trusted and there's not really much chance a country like China will ever be trusted more with their style of government. America can indirectly pressure governments to change laws that may adversely impact global trade by cutting them off and while it might not be super effective if you look at Iran for example, it does isolate them and makes them that bit poorer when they decide to ignore America. On the whole that sort of influence has generally been useful to the world.

[uneng]

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?

No. Central banks will adopt the recent trends and opportunities the financial market has to offer, including the features provided at decentralized finances, so they centralize it in order to benefit themselves, like always, while average adopters pay extra costs to be allowed to continue operating on such niches of the market. One example are cryptocurrencies, which central banks are already trying to adopt or at least copy the technology behind them to launch their own coins and tokens.

That is how they are merging the fiat and cryptocurrency elements into a single coin, so they can ensure fiat is never going to disappear. As consequence, there is no room for another kinds of coins or goods to replace fiat currency in the future. Moreover, I don't think most people in our socities have the required mindset to do this replacement.

[Wakate]

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.

Since every countries have there own central banks that controls there fiat currency, it will be very difficult for the world to decide to abolish fiat and start using Bitcoin. They could rather create a stable coins which can be used for transactions rather than choosing Bitcoin which is very versatile and could make holders to lose money immediately if the price of Bitcoin suddenly falls. We need to have understanding about the market so that we are not going to do something that is going to cause us to over look some certain things in the market. Bitcoin will be adopted by the world soon but that would not make it the world currency.

[arallmuus]

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.

Its another dumb idea from politicians to get people's attention I guess. There is no way for a country abolish central banks and as much as we hate banks, they are staying and imagine what kind of chaos will happen when it gets shut down. Anyway inflation are staying, countries are going to print more money and in case shit happens then redenomination is the only way to control that shit

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?

As much as I love bitcoin, thats not going to happen

[Mrbluntzy]

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.

No, Bitcoin will not become the currency of the world. Right from the beginning of humanity, humans love to be in control. Human beings love  power and if I am referring directly to the government, so be it. The government will not agree for Bitcoin to be a currency of the world unless they make sure that they 100%  regulating the system, if they can not regulate the system the way they want, believe me, they will create their own cryptocurrency which they can either create only a limited supply so that they will not also have the same problem they are facing with the Fiat money that they can print as much as they want. Bitcoin will also be used by multitude of people around the world but if the government sees it as a threat to them, they will build their own crypto.

[WillyAp]

The government will not agree for Bitcoin to be a currency of the world unless they make sure that they 100%  regulating the system,

It was never planned to be a worldwide replacement of FIAT, planned was a P2P for which Bitcoin has become obsolete.

[kryptqnick]

Javier Milei has a pretty radical libertarian stance even for Argentina, and we're talking about a country that's been suffering from hyperinflation for decades. In cases of complete mismanagement, abandoning central banks and adopting someone else's currency or even a decentralized currency might be worth the risk. But I think that doesn't apply to most of the world, where fiat isn't always doing great, but there is some sort of stability and policies generally work. In those cases, I don't think getting rid of central banks would be a popular or appealing idea. Aside from stability and familiarity, national fiat can also be a part of national pride, and central banks are needed for that.

[Don Pedro Dinero]

What's your opinion?

That, as you talk about central banks in general, is not going to happen. And I doubt very much that it will happen with just one of the big ones, like the ECB or the FED. If you tell me about a small country with extremely high inflation rates it could be, as has happened in the past, and what they end up doing is dollarising. But with the stronger currencies it is not going to happen even in the medium term.

[iv4n]

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!

 

I don't know whether to laugh or cry... You hit the point, this is a hard truth. So many brainwashed people around who still trust that people like Bill Gates will save them. I agree, nothing will change... A revolution requires unity, and there is no longer something that in the world, even between normal people... people are divided in many ways and it is very difficult to reach an agreement that will be respected and last.

So we will continue to slowly sink until we hit rock bottom, if that ever happens. Sometimes I think it would be great to hit the bottom, from there only way is up and some recovery, but that doesn't happen, we sink and sink deeper while wearing masks, eating plant-based meat, who knows what we drink, and air that we breathe. Yes, we definitely need one big revolution...

[qwertyup23]

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.

I think banks have their respective systems in order to prevent this financial global phenomenon from happening.

While there may be countries in which their financials have collapsed which resulted to a super massive inflation, hegemonic and first-world countries have policies in order to at least balance out inflation.

Just to add, I think there is a misconception about inflation. In fact, inflation is good but it must be controlled depending on the market of each country (e.g. Philippines must at least have 2-4% inflation rate).

Lastly, I do NOT think that fiat will collapse any time soon given that all countries use this as their medium of currency. Even if we are shifting to digital payments, fiat will still remain to be the main medium of exchange even in the far future.

[slapper]

"collapse of central banks" – that's some strong stuff. Some want to tear it down due to high inflation and declining faith in the system. I understand impatience. But eliminating central banks? That's drastic, like throwing away your toolbox because the hammer's rusty

Bitcoin as the savior? Okay. Bitcoin is great; a digital bunker for protecting your wealth. But as daily cash? Not yet. This is too volatile and difficult for most people. A true next-gen cryptocurrency is needed. Something stable, usable by anyone, and lightning fast. Bitcoin helped, but it's not the goal. Certainly, the system has issues. Don't despair yet. Tech is advancing rapidly, and smart people are solving problems. Not yet, but the answer is out there

[o48o]

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.

I don't get Javier's point about "abolishing" them. Did he really say that? If he really would want to implement radical austerity, then wouldn't it make more sense to use existing existing infrastructure to help enforce new laws, instead building whole new infra for new money?

I personally don't see austrian economics, or Javier's ideas as a good solution against inflation, as i don't see them as a good way to stimulate economy. And it will probably hurt employment rate, at least in a long run and cause citizen unrest. To me it's a total experimental gamble with lives of citizens. Bitcoin can be scarce and exist as a great store of value, but it can't be used as a money that would support and stimulate capitalistic economy. And concepts like bitcoin or hard money replacing fiat money seem to come from blindness to history. There's a good reason why countries left gold standard. It's because in times of real crisis, hard money isn't strong enough system to protect countries from not collapsing.

[DeathAngel]

The collapse of Central Banks is not necessarily inevitable but their stability can be challenged by many factors such as economic crises, political instability or even changes in global financial systems. Cryptocurrencies have gained popularity & offer certain advantages, it is unlikely that they will completely replace traditional banks. Cryptocurrencies face challenges like regulatory concerns, scalability issues & the need for widespread adoption.
They can coexist with traditional banking systems & contribute to innovation in the financial sector. Always monitor these developments & try to adapt accordingly to ensure financial stability in the future.

[WillyAp]

The collapse of Central Banks is not necessarily inevitable

Watch "Fallout" on Netflix to have an idea on the kind of event.
Sure Ucraine's central bank will cese to exist should Putin have his way.