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121 sats \ 1 reply \ @028559d218 9 Dec \ parent \ on: The Fallacy of Store of Value vs. Medium of Exchange bitcoin
Let me play the devil's advocate.
Pretend that someone has only Bitcoin. No dollars, not fiat money just Bitcoin they have no fiat.
They are hungry for groceries. Their car needs gas, and they have to pay their electric bill and their rent to have shelter.
Are they going to spend the Bitcoin? Hell ya they are.
"Oh but it might go up" ya no kidding. So might the S&P, so might NVIDIA. But you are hungry and need gas in your car so you will spend your Bitcoin to provide for yourself. You are not going to waste it... but 10,000 years of human consumption proves that humans consume and so you will spend to provide for yourself.
I see a lot of comments about Bitcoin that 'noone will spend it' because it could 'go up' well if it's the only thing you have access to... going up is irrelevant. One needs to eat and pay the bills people will spend it when they have to.
Note that I did not say 'sell it'... but spend it directly at the grocery store which is the future.
You are also correct, obviously. As you say you could make the same argument about pretty much anything if that is all you have...
There are also people that make dumb economic decisions that seem counter-intuitive.
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