0 sats \ 4 replies \ @TomK OP 20 Nov 2022 \ parent \ on: Horrible verdict about their own product: CBs embrazing gold bitcoin
Lets see. I think the Fiat system is in bigger trouble than MSM and politicians let us know. The next sovereign debt crisis will hit the entire globe like a sledgehammer. Lots of people, companies and maybe CBs and treasuries could come to the conclusion that its necessary to diversify and save a part of the reserves in the world's best money...
I hope you are right. Saylor here makes some very good points, though: https://fountain.fm/episode/9124366838 - it's not that long (for Saylor), but tl;dr the nation states still have lots of incentives and power to defend their fiat currencies for long time. It requires at least one, but I think at least two generations of politicians to retire before there will be enough political will. And from the history we can learn that people move to the new money only when the old collapses completely. But hyperinflation events do not count, because the nation states are necromancers and keep reviving their dead fiat currencies (Argentina for instance is one of the more skillful).
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You're right, it will take time. But take Argentina for example. The continuing failing of their currency thrived btc-adoption indeed. Claro, they dont settle their monetary politics on btc (yet) but but but...
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The slight hope in me comes from the fact that these days everything happens faster and faster, so maybe one, not two generations :)
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Look at the pace of horrible events happening: 2001 the dot.com bubble... 2008 the GFC... now global sovereign debt chaos in the bond markets - and this is really THE bug one, an economic and political game changer if they have to debase fiat to survive. Look at the gold chart. It skyrocketed when they debased currencies to reset the credit cycle.
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