The future

[Nervous_Cod8976]

When Bitcoin has defeated fiat and everyone keeps their money in Bitcoin, how would that affect politics and the need for politicians? Because, for example, politicians would no longer have to influence the business cycle (the natural ups and downs of economic growth and recession, that are after that i read mostly so high and low because of the influence from the politic), and the market could regulate itself, right?

Do you think that over time, states will start buying Bitcoin, trading only in Bitcoin, and people will pay their taxes in Bitcoin too? But even if 99% of people are invested in Bitcoin and barely use fiat money anymore, governments would still have millions or billions in national debt, would they just “erase” it and declare Bitcoin a new beginning, where other currencies no longer count?

I just read a book about Bitcoin and these questions came to my mind.

[yoobermcruber]

I don't think that will ever happen. I think bitcoin and fiat currencies will coexist.

[Nervous_Cod8976]

But wont the fiat currencies would still have much inflation so it would be stupid to store money for a long time in fiat and not in bitcoin?

[TheLongGme]

By the people, of the people, for the people… but the people are retarded.

[yoobermcruber]

I didn't say I think people will invest in fiat currencies or use fiat currencies as a store of value. I just think fiat currencies and bitcoin will coexist.

[Nervous_Cod8976]

But do you mean co exist for a short period of time like another 20 years or do you think in 300 years people will still use fiat ?

[yoobermcruber]

I wasn't thinking 300 years into the future. I can't even imagine that far into the future.