Does Crypto Need Validation from the Fiat World to be Successful?
What are we saying if we say 'yes'? I'm all for crypto's market cap doubling inside of 5 weeks, but I have to hop off the decentralized dopamine of how we got here and work to remind myself of why we are here in the first place.
I know many people adversely affected by the 2008 market crash. Many have since then acclimated to the loss of their economic mobility. What I find interesting is how in the same breath, many would denounce Wall Street greed, demonizing Presidents Bush and Obama, but then shrug it off as "That's the world we live in - What can we do?" I want to reply glad you asked, but I have yet to figure out how to explain why crypto is the answer and what we can do, let alone how money actually works.
So when I ask myself the question in the post title, I'm inclined to say no. I feel Crypto is the best answer we've come up with to address that "What can we do" question, to date. And, crypto opens up a new world to those who choose to participate.
I don't think fiat will go away anytime soon, but at the same time, I have to ask why we can't have both? Those who choose to stay in fiat- stay in fiat and those who move to crypto- stay in crypto.
What do you folks think? Will crypto change the world or just become another tool in fiat's toolbelt?
I imagine that they will eventually come to co-exist. It will be a big shift though - the existence of a de-centralized global currency is a game changer.
What happens when bitcoin has a market value in the trillions? What percentage of the world's total GDP needs to go into cryptocurrency before it's a big deal in the mass markets?
That's the big question. I think we will get there.
At the same time - if government structures and political attitudes stay the same around the world, perhaps not that much will change. We will all adapt, people will figure out how to pay taxes properly (as they already are) to account for cryptocurrency holdings, and more.
Hi Matt,
Thanks for the quick reply. Great responses to boot! Your last point, that much may not change- I feel that is the truly telling test. Do we commit to building a better system alongside the current one, or do we look for ways to integrate and leverage crypto's benefits to bolster fiat? It would be interesting to think about how we would win or lose in either case.
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