Given bitcoin's overwhelming grounding in fiat at this point of time, and its novelty and foreignness, what would it mean for the torrent to become a trickle?
I wish I could make better sense, but if bitcoin succeeds I think it proves money is best grounded in fundamental things like time and energy that are the base case of value regression.
I keep going around in a loop on the value of BTC.
When I think of how the dollar has become the world reserve currency, I think of a system (modern banking) that has allowed this vehicle ($) to gain traction.
We can provide a $ market cap of the banking industry, etc. but its value/market cap only exists because of the system/dollar in place.
Maybe this is a weed-induced rabbit hole, but it came up when my wife asked me what if Bitcoin consumes the rest of the market in dollar terms. I said it would, which led to the discussion of Bitcoin replacing legacy finance and then figuring out how you would value a system used solely to provide value and stability.
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