Does a Bitcoinisation Pose a Bigger Threat to the USD than Well Managed Fiats? \ stacker news ~bitcoin

So, I know, it's wild, but hear me out.

I mean surely the game is not only about numbers go up? At least many of us (Bitcoiners) believe there is a possibility that it can replace our respective national fiat some day in some capacity (may be not for buying coffee, but for larger settlements like buying a house, or international payments etc.)?

But, while chatting (with a European friend) something mildly interesting came up. He blames the sudden revival of Bitcoin squarely on Trump, saying it is his crypto fuckery that will eventually tank the USD, as more Americans themselves will ditch it, trying to move to Bitcoin.

So he agrees there is a day when Bitcoin may replace the USD, but never well managed currencies like Euro, GBP, Remnimbi etc. although he agrees countries with hyperinflated currencies (like Lebanon, Egypt etc.) can suffer the same way as the US. As per him, those well managed countries will never allow such rampant speculation and greed against their sovereign currencies.

As support he shows how Bitcoin barely budged against Euro, and also from some data which says an overwhelming majority of Bitcoin trade is denominated in USD, because in Europe nobody cares it.

So, I will seek the community opinion, please keep it civil. Is it really possible? We hear BRICS will bring down the reserve status of USD, but is it possible that Bitcoin will be the culprit, before BRICS, while other Fiat currencies will be spared because their governments can successfully resist Bitcoin and their people just comply without question?

0 sats \ 0 replies \ @bitcoingecko 3 Jul

I think it depends on the place. It seems that Prague is the place that bitcoin is most used. Granted, they still don't use the Euro. I think it will depend on each country as to what they choose, and how hard they embrace bitcoin or fight against it. I can't imagine a country like China allowing bitcoin anytime soon. I do think, the more left a state is, the less likely they will be willing to allow bitcoin to be free. I also think Trump actually wants the USD to be lower in value, so that the US can bring manufacturing back and export things. I can see bitcoin overtaking the local currency in some places and in other places, being more like gold, being seen as a store of value and a reserve asset.