The dollar will dwindle away with a whimper. It is not scarce, cannot be censored, counterfeited, and controlled by totalitarian governments. The reason people don’t spend their bitcoin is because people spend the less valuable currency while holding onto the more valuable currency. Once fiat has died out bitcoin will have a stable value as the default currency and come into use.
Sorry, meant to say the dollar CAN be censored and counterfeited and (is) controlled.
Gresham’s Law. Many don’t realize that bitcoin is demonstrating it perfectly.
Once fiat has died out bitcoin will have a stable value as the default currency and come into use.
Fiat won’t ’die out’. Governments won’t get rid of legal tender and they’ll ensure they can get money to spend. Their legal tender will just inevitably continue to lose value over time to hard money like bitcoin.
THIS is where everyone is making a mistake about bitcoin and other digital currencies. GOVERNMENTS are NOT going to allow a stable system of currency to exist because the governments can not print/make more of it when they want to. When it evaporates, it will be TOTAL. Zero. Zip. Nada.
The US $ will be fine as long as we have a capable navy…….and a President that is happy to use it. Currency destabilization is how wars start.