Topic: Bitcoin Must Hit $213,000 to Replace US Money Supply! (Read 302 times)
I do not think that it will hit such value now as the market of crypto currency has not been much mainstream. Moreover the processing cost is relatively high and rumors are present in the market.
No matter how high the price become BTC cannot replace fiat I think. One day maybe it can be used as alternative currency. And another thing is its popular among rich people but not among ordinary people because they won’t take risk on their money.
I think it impossible for bitcoin can hit $213,000, and it crazy if they think bitcoin can change the US money. 
I don’t think bitcoin can ever replace any fiat money because of its deflationary nature. It can be very popular or it can be used as alternative currency but it never can replace fiat currency.
This was never the goal of bitcoin, neither it is now. I think the motive of this report was to compare BTC with present standard USD values but we don't think it will ever happen in the long run. BTC is way good as it is now as a decentralized currency.
Why would we want Bitcoin to replace US money supply. Both are different and goal of Bitcoin is not to replace any kind of fiat.
One of the main characteristics of bitcoin is volatility. It will take a long time to be stable or maybe it won't be stable. So i think it will not accepted globally instead of fiat money.
How can a decentralized currency replace a fiat currency? This is not the vision of bitcoin. Besides i don't think bitcoin is acceptable to people who are not properly educated about it.
How is bitcoin reaching a certain price "replacing" the US dollar? The only way for bitcoin to replace the US dollar is if significantly more people are using BTC compared to USD or if the United States government declares BTC as the United States' official currency(which we know is extremely unlikely). BTC can be $5 million dollars each and still not replace USD. Or am I missing something here?
I don't fully understand the purpose of that article either. I think they are trying to say that the price would be around $213k if everyone in America was using it for commerce? Maybe? Either way, the price doesn't matter for something like this, and I'm certain that if everyone in America was using Bitcoin the price would be higher than $213k, considering how many Bitcoin are deemed to be lost forever, which was nearly 4 million last I checked. I doubt this article was taking that into account.
Not to mention, the countless hodlers out there that have many BTC stored on cold storage. The true circulating supply of Bitcoin is much smaller than a lot of people realize.
I am a believer of bitcoin but I didn't actually really believed in this article that bitcoin will reach that kind of price and will replace with USD, Bitcoin is good but it takes a long time for it to take part the position of USD and I agree that bitcoin will surely be the secondary monetary and many people will use this too as well.
Basically it is impossible now because of the market actually Bitcoin users are increasing day by day but in case of Fiat currency it is difficult to replace because of govt. also btc is fully decentralized so it is not possible to handle but soon this price will increase.
According to Cointelegraph:
UBS: Bitcoin Must Hit $213,000 to Replace US Money Supply
Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U.S. money supply, Bloomberg reported August 2.
According to Bloomberg, a new report by UBS suggests that BTC cannot currently be considered money or a viable asset as its versatility is stymied by the capacity constraints of the BTC network.
Read more here: https://cointelegraph.com/news/ubs-bitcoin-must-hit-213-000-to-replace-us-money-supply
UBS: Bitcoin Must Hit $213,000 to Replace US Money Supply
Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U.S. money supply, Bloomberg reported August 2.
According to Bloomberg, a new report by UBS suggests that BTC cannot currently be considered money or a viable asset as its versatility is stymied by the capacity constraints of the BTC network.
Read more here: https://cointelegraph.com/news/ubs-bitcoin-must-hit-213-000-to-replace-us-money-supply
To state a fact that fiat is fiat a paper and a coin in the real world, the reality and bitcoin itself and a coin, an electronic coin that has value and power to be exchange in fiat but not take over.
It can surpass bitcoin but it can't sorround fiat and smash it for for bitcoin to rise.
Also a fact that bitcoin is the internet by using bitcoin as an fiat and an everyday use we may experience an error and problems that is bad as hacking and viruse. So if your rich (let us say no fiat just cryptocurrency) and people with high skills who can hack, now let us say good bye money. Poop!
According to Cointelegraph:
UBS: Bitcoin Must Hit $213,000 to Replace US Money Supply
Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U.S. money supply, Bloomberg reported August 2.
According to Bloomberg, a new report by UBS suggests that BTC cannot currently be considered money or a viable asset as its versatility is stymied by the capacity constraints of the BTC network.
Read more here: https://cointelegraph.com/news/ubs-bitcoin-must-hit-213-000-to-replace-us-money-supply
Damn ,would you please stop comparing dollars into bitcoin and stop thinking that bitcoin is created to take over the value of dollars because this is not fairUBS: Bitcoin Must Hit $213,000 to Replace US Money Supply
Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U.S. money supply, Bloomberg reported August 2.
According to Bloomberg, a new report by UBS suggests that BTC cannot currently be considered money or a viable asset as its versatility is stymied by the capacity constraints of the BTC network.
Read more here: https://cointelegraph.com/news/ubs-bitcoin-must-hit-213-000-to-replace-us-money-supply
Bitcoin is a virtual money while dollar is physical,they have own functions and don't even interfere with each other so stop wasting time for this kind of thread because seems li nonsense
I don't see the need to replace USD, Bitcoin is a alternative to fiat currencies which offers flexibility of carrying in anywhere, security and faster transaction. Hopefully, people will accept it as it is right now rather than making others believe that bitcoin is here to replace fiat.
For anyone who has been around for a few years you might remember that the internet was also "never going to usurp traditional media. It too had capacity constraints and growing pains and was "always in danger of collapsing".
Never say never. I dont know how this will play out or if BTC will hit 200K but I am not betting against it.
Never say never. I dont know how this will play out or if BTC will hit 200K but I am not betting against it.
For me bitcoin is not in any competition with any fiat. We aren't competing with USD and the rest. Bitcoin is on it own and does not need to hit $213 K before we realize it value and worth.
I think bitcoin already popular in this market.But it work in a different. It can’t replace us currency but it develop digital currency. So in future people use both of this.
I think that this can happen, and that after a few years, bitcoin will really reach such a price, but we must understand that the money will not disappear, it's simply a great convenience of electronic money.
I never imagine bitcoin as the main currency. It can be the main alternative currency or digital currency. But i think bitcoin can never replace USD.
there will be a very good price if it costs so much! many investors are waiting for the upkeep of bitcoins above 100,000! if you look at the graphs, you can see how bitcoin always grows up, just as there are corrections! already many analysts talk about the price above 100,000! we have only to wait, and then take your profit!
No matter how much bitcoin will cost it already can be counted as world changing invention. Add to that I guess replacement of fiat wasn't the target of Satoshi Nakamoto, the main idea of bitcoin is to give people an alternative way of monetary system, without the influence from the side of bank and government. Jump to: