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Everything is only worth something because people pay fiat for it. But the value of many things increases over time, whereas fiat decreases. This isn't revolutionary stuff, this is basic rich people economics. Assets grow, cash shrinks.
You have the cart before the horse. Anything of value can be traded in fiat, not the other way around.
lol.
So when the banks collapse and hyperinflation sets in, cash is useless and you’re needing to eat… you’re saying that food has no value in of itself? It’s only value is that you pay fiat for it?
Can’t eat bitcoin. Can’t process it into raw materials. Can’t make tools out of it, or clothing, or entertainment devices….can’t burn it for heat (which… when dystopia hits… officially makes it worth less than bullshit,)
Sure some places you can use btc to buy stuff, but ultimately, that’s just fiat with more steps and more fees.
Bitcoins sole value is derived from how much people are willing to pay for it. The demand goes away, it loses value. when people are trading favors for food, demand will go away.
I'm not really considering an apocalyptic scenario where everything not used for survival uses value. I'm obviously speaking in the context of economic value in today's world... Sure, food retains it's value in a life or death situation better than other things, but it's a pretty obviously bad investment from an economic perspective. Unless you think the apocalypse is tomorrow... But then perhaps your money would be better spent trying to prevent that apocalypse?
Well? Maybe not tomorrow… good news always comes out on Mondays….
(/s. But you do have to admit the world has gotten increasingly volatile.)
BTC is a poor currency, and it’s merely a store of value. It’s like a different kind of FOREX, more than anything else. It’s price compared to fiat is only set by what people are willing to pay fiat for it.
Sure, you can mine crypto all you want, but it has no value until it’s sold. Until it’s sold, it just represents wasted energy.