"Fiat is hopeless"

[Botnake]

"Fiat is hopeless," it's more of a strong opinion than an objective fact.Believe it or not it depends on Elon Musk's perspective,experience and it's just a reflection of his own results.Stating his fears and vulnerabilities in the monetary systems.
Mindfully,on a scale of 1 to 10,Fiat has fallen and failed many times,without a total collapse.And it still holds a chance to still function reasonably even for decades.

Fiat will always hold a chance indeed, because it’s strongly backed up by the government, and any currency that will try to beat fiat will surely be attacked by the government itself. Although I would agree to Elon Musk saying fiat is hopeless, because that’s what we are actually seeing right now. But the government is there is to put a mask on fiat, and pretend that there’s no other currency that would better perform but only fiat or dollar currency.

Fiat is hopeless, but it won’t be enough to replace it and bring bitcoin to take over its position. And just like you’ve said, fiat will fall a lot of times, but it will never experience a total collapse. That only reminds us how powerful fiat is.

[CodexUddin]

I think there is some truth to what Elon Musk said. People's trust in fiat currencies is very shaky right now, especially when governments increase unnecessary spending and cannot control inflation. However, it is difficult to say right now whether Bitcoin will completely take over the world. Because governments will not give up their control easily. But over time, people will look for decentralized alternatives, and that is where the role of crypto will increase. In my opinion, Bitcoin may not completely replace fiat, but its importance will continue to grow.

[WillyAp]

FIAT is hopeless for those who like to live in ilusione.
For most of the world FIAT is the main tool for Bushiness, living and developing.

on the macro plane: More than 26,000 fintech companies operated globally in 2021 and worldwide investment topped $210bn. Not all were into crypto.
Especially the 3rd World is unbanked. 
source: https://www.hellozai.com/blog/the-outlook-for-the-global-financial-technology-fintech-industry

while Global investment in research & development into breakthrough technologies tripled in the last three decades from $672 billion to over $2.2 trillion
source:https://fii-institute.org/wp-content/uploads/2024/11/FII-8-Program-Draft_1030-1.pdf

[God Of Thunder]

ordinary people see how fiat is devalued based on store prices. keeping money in banks now makes little sense because interest rates are low and don't cover real inflation. also there's a risk of bank collapse.

many large companies kept large sums in bank accounts and now realize that it's unprofitable. that's why we see the emergence of Bitcoin treasuries and rising prices of gold and other precious metals.

Exactly. These companies will eventually recover their losses, but it will be tough for ordinary people to recover their losses if they keep saving money in banks, hoping they will double their money in a few years. In my country, several banks offer a money-doubling scheme in 10 to 12 years. People are falling for these schemes too easily. But they don't understand that what they purchase today for a dollar will cost them three dollars to buy the same product after a few years.

So, they are not doubling their money, but they are losing the value of their money, and it is the bank that is making money from your own money. People should start investing in Bitcoin, Gold, or Silver.

[Hedis]

The situation with Fiat may be disappointing, but there's nothing we can do about it. We just need to learn to live with this. It's likely that persistent inflation will force people to invest in Bitcoin and Gold. They will avoid Fiat whenever possible. Gold has been surging lately, so I guess this is already happening behind the scenes.

At some point, I believe governments will reset the global economy, bringing us back to "ground zero". Inflation will ease, but it won't disappear. Without inflation, Fiat will simply be hoarded like a store of value. Just like it's the case with BTC and Gold these days. Inflation is more like a feature than a bug. Only if it stays low (controlled). If it rises excessively, that's when it becomes a real problem. We can never tell what will happen in the future. So here's hoping for the best.

Fiat isn’t inherently hopeless but it’s certainly flawed by design since it relies on trust in policymakers who don’t always act responsibly. Bitcoin offers a compelling alternative because it removes that trust element, monetary policy becomes math and code instead of politics but total replacement of fiat is unlikely at least in our lifetime. What’s more realistic is a gradual coexistence, Bitcoin and other decentralised assets becoming parallel stores of value while fiat remains the medium for daily transactions and taxation. I think the reset might not come from governments but from individuals choosing systems that better preserve their purchasing power. The shift is already happening quietly, one wallet, one transaction at a time.

The weaknesses of fiat currencies especially runaway inflation are forcing people to look for alternatives. Bitcoin and gold are serving as such alternatives because they are controlled by mathematics and code where personal decisions of policymakers or political pressure have little impact.

In addition, fiat works effectively when inflation is controlled but excessive inflation erodes trust in fiat and forces people to turn to decentralized assets. This is not only financial market theory but has been repeatedly seen in real experience and history.

I think, the most realistic scenario in the future is the coexistence of fiat and crypto assets. Fiat will remain in everyday transactions but people will gradually turn to decentralized assets for their savings or store of value. Furthermore even though inflation is controlled the stability of fiat's value is always dependent on political and economic conditions.

[LDL]

The statement that fiat currency is hopeless is baseless because there are some countries where the value of paper money is very low, but fiat is not worthless in that country. However, inflation has a negative impact on fiat currency, but it will never die. However, the idea that Bitcoin will replace fiat currency in a country is also baseless because when a government and central bank are backing fiat currency, the government will never allow Bitcoin to surpass fiat currency.

[mirakal]

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

If he believes that, I don't know why he doesn't buy more Bitcoin as a reserve for his companies and for himself personally. It could be that he bought Bitcoin for himself and didn't disclose it, but I understand that if he did for his companies, would be required to disclose it and has not done so.

Anyway, he says something that we know in the forum, and in general anyone who invests in bitcoin knows. The fiat system is a scam that increasingly impoverishes people, with inflation as a silent tax that many people are unaware of. The best thing we can do to protect ourselves from such a scam is to invest, mainly in Bitcoin.

Right. Elon’s claim isn’t new to us, and we’re actually seeing that fiat is hopeless most especially that its value is depreciating, but it does not mean that fiat will definitely vanish in the market. The government won’t allow it and stick to bitcoin instead, because they can’t make bitcoin their pet, and they just hate the transparency feature of bitcoin as they can no longer do what they used to do with their fiat.

However, with this kind of claim, I’m quite sure that Elon is silently filling up his wallet with bitcoin, because he knows its excellent potentials where we can’t experience from fiat. Elon is brilliant, so he actually knows what he’s saying and what he’s into.

[Hypnosis00]

Well, it’s true, fiat is really hopeless, but as long as it’s still making a reasonable function within our day to day life activities, then we can’t totally get rid of fiat and just put bitcoin into the picture. This is still too far from reality because obviously, bitcoin isn’t still globally accepted and adopted, and we can’t be certain when it’s going to happen. But one thing is certain, fiat is not 100% healthy and it’s not commendable as well, but do we have a choice? For now, bitcoin may be visible but not as a currency, but more on as an asset or investment. So let’s just stick with it then.

[Uhwuchukwu53]

No doubt on Elon musk statement but this could be futuristic, not as current as the statement may sound fiat is lossing value doesn't means being hopeless. The area I will examine fiat to be completely bawling to this statement is in future as it may continue to fall without measure. If I may advice investor it will be unwise for their asset to be stored informed of fiat in the bank, because the lost in value will Make them hopeless, aligning to Elon statement about fiat, even without told we are all seeing how fiat dropped in value most time it's no longer a news because it has always been of such nature.

[Abiky]

My opinion is that fiat is hopeless in the sense that there will be neverending increase in M2 total supply that make other asset more valuable. Basically hyper inflation.
His statement is true because gold literally did 2x within short amount of time, never seen gold move that fast before and it could be indicator that people think fiat is losing its value.

People may lose confidence in Fiat, but that won't stop governments from manipulating it. Besides, Fiat is the standard unit of account. You can live without crypto, but you can't live with Fiat. Wages are paid in Fiat, bills are paid in Fiat, as well as, government services. You simply can't avoid it.

At some point, I believe inflation will ease. It happens with every Fiat currency. But if you're desperate, buying and hoarding Gold + Bitcoin would be your best bet. Just remember that you can't spend BTC or Gold (especially the latter) just as you would with ordinary cash (Fiat). You'd need to sell for Fiat to be able to pay for things. CBDCs are right around the corner, so don't expect Fiat to lose relevance anytime soon.

[Agbamoni]

The internet mogul understand where the economy started from and where it is going. Until date, economics is one thing we all have been fighting for. The tariff war between China and the US has to do with economics which has led both countries to drag who will remain in charge in the next few years. In the meantime, technically China is all over the world. I agree they are economic head of the world while the US is supporting the global economy too. Also, this is not the desire of the US they want to top in everything, from having the best technology, the best economy and the best weapons they will be unstoppable.

[bettercrypto]

Perhaps for other people it is hopeless, but even if that is their belief, there is nothing they can do anyway. They need to work for them to have money, for them to survive
and feed their loved ones or family.

Because if there's no Fiat (currency), the government of every country certainly won't be able to collect tax from the citizens under their jurisdiction.
And there will also be no chance for the country to have a good economy, right?

[fruktik]

Fiat is indeed hopeless,it has it's hold every where in the world.and the government are big tools for it,fiat place a big role in the economy as large where most things are been regulated by fiat.for example in my country there was a time you are limited to take a certain amount of money to be withdraw from your account daily,which affected alot of business people till they started getting use to it.

In my country, starting November 1st, they'll introduce a daily withdrawal limit. How disgusting. People can't manage their money as they see fit. Now, I'll have to rethink many aspects of my life. While previously, I could spend an unlimited amount of money daily, that won't be possible anymore. It's reminiscent of financial fascism. What else could I call it? That's the only word I can associate with it.

[Wildwest]

No doubt on Elon musk statement but this could be futuristic, not as current as the statement may sound fiat is lossing value doesn't means being hopeless. The area I will examine fiat to be completely bawling to this statement is in future as it may continue to fall without measure. If I may advice investor it will be unwise for their asset to be stored informed of fiat in the bank, because the lost in value will Make them hopeless, aligning to Elon statement about fiat, even without told we are all seeing how fiat dropped in value most time it's no longer a news because it has always been of such nature.

The situation is like repeating the old days where fiat currency has no value from the last 10 years, it can be seen that the value of fiat currency continues to decline, who knows what influences it, maybe there are certain factors that make fiat plummet. Elon Musk's statement is now starting to show that the value of fiat is starting to lose so hope has begun to shrink in exchange.
Fiat currency is one of the real exchange tools today, even though the value continues to decline, many people still keep it, what will happen if we keep fiat in the bank in the long term, we will lose hope or it is better to save it in the form of crypto or property.

[wiss19]

Fiat has always been terrible and we are not seeing it be like this for the first time ever, we should be able to get something that will take a bit of time for it to change. What we are seeing here is the fact that it is not going to get better neither, fiat will stay this terrible and just keep getting worse and worse. This is why the best way to move forward would be making your money in something else, which is bitcoin for most of us here.

If you earn bitcoin when you work and then you spend bitcoin when you buy something, that alternative is much better than bitcoin. We just need to make sure that we can have this kind of luxury to spend it or earn it. I earn it but I have to cash out to spend it, unfortunately that's the way world is now, not many places accept crypto payments.

[DevFile90]

Fiat is not hopeless, anyone that believes less is living in illusion, Fiat will always be here, it is true that fiat is terrible because of inflation and yes I won't advice anyone to store their money in fiat but fiat will always be here, you and I will keep spending it no matter what, even if bitcoin payment later become a thing we still need fiat anyway.

[topbitcoin]

FIAT is hopeless for those who like to live in ilusione.
For most of the world FIAT is the main tool for Bushiness, living and developing.

Even if what you say is true for now where Fiat is the main tool for anything including in business and to survive in life but that does not cover the fact that the value of fiat is decreasing over time.
The fact that we are facing inflation and increasingly difficult economic conditions is proof that the value of fiat is always shrinking over time.

Fiat as the main tool is true because this is the function of fiat which was created by the government and which controls the economy but that does not mean we ignore the fact that we cannot fully rely on fiat if we really want freedom in the future.
Fiat is indeed inseparable in the life we live because as long as we live under the pressure of government regulations then it is certain that we cannot let go of fiat but that is not the end because in the end we can still look for other options to get our own version of freedom in the future such as by investing as a hedge for ourselves so that we do not just depend and surrender to the situation that the value of fiat continues to depreciate.

[Zanab247]

Well, it’s true, fiat is really hopeless, but as long as it’s still making a reasonable function within our day to day life activities, then we can’t totally get rid of fiat and just put bitcoin into the picture. This is still too far from reality because obviously, bitcoin isn’t still globally accepted and adopted, and we can’t be certain when it’s going to happen. But one thing is certain, fiat is not 100% healthy and it’s not commendable as well, but do we have a choice? For now, bitcoin may be visible but not as a currency, but more on as an asset or investment. So let’s just stick with it then.

Before you support what Elon musk said that fait is hopeless, try to verify what made him to become what he is today. he was among the lucky people that made it through decentralized asset through the fait invested, because he used fait to invest in decentralized asset that upgrade him to where he is now. We have different currencies which some governments are doing all they know how to do best to make their currency not to be hopeless.

People have the mind to save big amount of money in fiat, because they know that their government is in charge and if anything happen to their money, it will be easy to trace through the government agencies.

[Abiky]

Perhaps for other people it is hopeless, but even if that is their belief, there is nothing they can do anyway. They need to work for them to have money, for them to survive
and feed their loved ones or family.

Because if there's no Fiat (currency), the government of every country certainly won't be able to collect tax from the citizens under their jurisdiction.
And there will also be no chance for the country to have a good economy, right?

If there's no Fiat currency, people will just use precious metals as money (Gold and Silver). Just like ancient times. Some will even consider using Bitcoin for payments (although it's volatile and inscalable). But I hardly doubt Fiat will cease to exist. Especially with governments in play. They will "keep the ball rolling" for as long as it takes.

Without Fiat, governments and central banks won't have a way to manipulate the economy to their favor. It's always been their game. Inflation in Fiat is inevitable. We should just carry on with our lives as usual. At least, we have Fiat alternatives. It could've been worse, right?

[shinratensei_]

Fiat is not hopeless, anyone that believes less is living in illusion, Fiat will always be here, it is true that fiat is terrible because of inflation and yes I won't advice anyone to store their money in fiat but fiat will always be here, you and I will keep spending it no matter what, even if bitcoin payment later become a thing we still need fiat anyway.

When it's said that fiat is hopeless, doesn't mean it's gonna vanish into thin air, it's just hopeless in the aspect that inflation will rise and it will become less worth.
Someone like elon knows it that's why he keep his stocks and not converting it to liquidity like fiat.

He knows his stock grow while fiat doesn't but ultimately he still uses fiat for his business, etc. It's just a metaphor dude.