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Standard argument by keynesians. Why would anyone spend it?
Well, one would spend it when it is cheaper to spend it. When the seller values it more than fiat junk so thag he can get it. This is how thier's law works to substitute bad money with good
Interestingly though, by printing up STRK, STRC, etc Saylor is making the debt market grow faster than Bitcoin.
And what if governmensmts start offering bonds in exchange for Bitcoin? Who tells Saylor he has a monopoly on his evil genius plan?
Basically It all comes crashing down. Probably faster than 40 years as @035736735e said which will be a relief.
It's a self-defeating idea.
If the US government ever started offering bonds for Bitcoin or vice-versa...
Fiat and the bonds that back them would be toast.
It's why the (US) government doesn't offer gold-backed bonds. Because all the OTHER bonds would become practically worthless.
Of course, right now, it would signal that Bitcoin is better so maybe people would have the sense to stash Bitcoin instead.
However, if Saylor has paved the way (he is literally thinking of crearing a currency. Go to timestamp 31:30
) and other governments follow suit, it will be a nice way to phase shift and capture the Bitcoin hodler narrative while fiat remains currency.
I guess at that point we'd be toast, not the US government.
Stacker News is such a bubble.
Outside of Bitcoin circles like Stacker News...
99% of people have no idea how Bitcoin works, how to accept it, where to 'get' a wallet they know absolutely nothing 99.9% of people have never heard of Lightning - necessary for widespread adoption.
One day maybe in 10-15 years Lightning will be relatively mainstream but that's not today.
If the world suddenly and quickly adopted Bitcoin for "medium of exchange" and everyone all of sudden "wanted to use it..."
Then 21 million divided by 8 billion would be 0.00262500 ~ 260k sats or around 250$ today per person.
See the problem with that? The world isn't '2 trillion of stuff' it's '400 trillion'...
Taken another way 400 trillion of "value" divided by 21 million...
results in ~ 19,047,619$ per Bitcoin.
If you thought Bitcoin would appreciate anywhere near that much in a single Human lifetime... you might be reluctant to 'spend it'. Which Saylor is because MSTR is highly leveraged.
ALL cryptocurrencies have this problem. The more they are adopted (because their supply is fixed) the more they are valued... and the more valued they are the more they 'go up' disincentivizing people to spend them IF they have inflating money instead.
Bitcoin is a 'digital capital' or 'digital collateral' YES you SHOULD USE IT LIKE CASH IF YOU WANT TO...
but logically it's like spending part of a fixed-size building or a piece of land rather than a 'currency' that's printed up out of thin air.