Bitcoin 'could'... but GBP & USD 'will' become worthless, guaranteed.
Downvoters don't realize that all fiat currencies go to zero in less than 100 years. This knowledge should be more common.
Bitcoin could become ‘worthless’, Bank of England warns
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Re: Bitcoin could become ‘worthless’, Bank of England warns
#102I see Bitcoin closer to the art market then to gold or a currency. There is de facto no universal rule for pricing a work of art other than what someone is willing to pay for it at auctions. As long as everyone assumes that artworks will be sold more expensive in the future and no one sells below the purchase price, the prices will rise - provided that the interest in it remains upright.
An important difference between art and Bitcoin is that Bitcoin is owned by ordinary people with bills.
A market downturn or economic crisis can turn a lot of Bitcoin owners to liquidate, potentially annihilating its value. You just don't see that with people who have money to collect art.
Good reminder that the growth in Bitcoin has almost entirely happened since the last real bear market.