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Total wealth 500 trillion. Frequently Recommended institutional allocation 30-50% bonds. Bitcoin replaces the bulk of cash equivalents. Not impossible.
by naveen99 6y ago
Total wealth 500 trillion. Frequently Recommended institutional allocation 30-50% bonds. Bitcoin replaces the bulk of cash equivalents. Not impossible.
- adventured 6y agoGetting nearly everyone on the planet to do that, including all governments to allow it, is impossible. As one very prominent example, the odds are dramatically higher that China will banish Bitcoin from being legal inside of their country than that they'll allow everyone to switch to using Bitcoin instead of the currency system they directly control (and can manipulate as it fits their aims). All nations generally feel the same way about controlling their own currency, they more than overwhelmingly prefer to retain that power in their political system. If Bitcoin actually threatens that they have all the guns that matter and will act accordingly legislatively. They might be willing to allow Bitcoin to be a store of value competitor to gold however, but that's all they're going to allow. We don't have gold backed currencies for the same reason we're not going to see Bitcoin overtake all national currency systems. The guys in power with the guns determine how your currency system works and they all universally say no: you may not have your fiat currency backed by gold (or in the future, swapped out for Bitcoin).