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I am not sure that long term BTC will actually replace USD or another government backed currency. I think it would take a LOT for that to happen. If that does h
by craigc 9y ago
I am not sure that long term BTC will actually replace USD or another government backed currency. I think it would take a LOT for that to happen. If that does happen then that means the value of the USD and every other currency will decline at the same time as the value of BTC increases which could lead to a global financial collapse.
That said, if it were to happen, I don’t think you will have to buy bitcoin from a handful of early adopters. It is more likely that your employer would start paying you in Bitcoin when it becomes inevitable. Those same early adopters who hold a lot of the wealth will likely use their wealth to invest in startups/charities/companies/etc. the same way as entrepreneurs and rich people do today.
- johnny22 9y agoand from where would they get the bitcoin?
- craigc 9y agoI meant that early bitcoin investors will invest in companies and put money into various organizations which will then be paid out to their employees. For existing companies, they would need to purchase, but if a significant portion of US dollars moves into bitcoin then it is likely every company would start having to hold a portion of their cash in bitcoin as a hedge long before it actually overtakes the dollar.
- UncleMeat 9y agoWhich magnifies their wealth. You don't invest in companies to distribute your wealth to the people. You invest in order to make more money. Capital tends towards centralization, not equitable distribution.