this post was submitted on 21 Jun 2023
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I am wondering. What‘s your take on a long term scenario for BTC? I guess returning to a new bitcoin standard (as in „former gold standard“) where bitcoin would back everything as gold did is most likely IMO. I doubt that countries / IMF will let the control they have with currencies go. So using BTC to back currencies and forcing them to be deflationary would be already an amazing achievement. Happy to discuss!
Whole systems would have to collapse before something like that happens. The ability to print money is too great an option for governments. I think most realistically it just becomes an asset class that people hold in a diversified portfolio. If BTC got large enough and stable enough, and people preferred it over other currencies, the other fiat currencies will still exist as an unbacked fiat, they would sooner end a currency than back it with bitcoin.
@PopularUsername @feor Indeed. And what would happen to the price of Bitcoin, when the Brics decide to form a new trading-currency backed by gold? May I point out that all the Brics central banks are accumulating gold, not Bitcoin.
Yeah I could totally see some return to a gold standard if things get bad, or at least, a partial backing with a basket of other currencies or something. In the short term, I don't expect gold to go up, nothing seems to cause gold to go up in price. I don't get it. I'm heavily invested in gold as well but I guess there are a lot of people that benefit from the fiat system so there is sufficient selling pressure.
@PopularUsername @1911olympic I can help you manage your trading account and earn good profit for you if you wish.