Topic: 📢 ₿ Bitcoin will replace Dollar? Even celeb venture capitalists are saying this (Read 305 times)

I don't know why there is a tendency to put certain "persons" that are respected in their classist environment and show themselves as if they were the way to the truth, when an asset like bitcoin does not need their speeches, since it itself is the truth of what it represents in advantages and innovation with respect to the traditional financial system, which makes it in itself a viable alternative.

The concept behind Bitcoin was to make a currency that didn't rely on governments or central banks.  Governments probably aren't too thrilled about something they can't control that could undermine their power and  a currency that cant be messed with or shut down and can't fund politicians' pet projects? I bet that freaks them out a bit! 

Could Bitcoin totally replace the dollar? That's a long shot.  Governments arent just gonna hand over the keys to the castle.  They'll hold on tight to power as long as they can.  Still, maybe someday a decentralized currency like Bitcoin will be too big for them to stop.

Who knows!

I was interested in a the statement where he said there is going to be a time when Bitcoin can buy food and other services, is he in the 19th century to figure out that this has already been in existence? We have people that accepts bitcoin for services and even some to buy items. I have seen lightening Network apps that are offering service for lightening speed so that people can buy and sell things to each other without waiting for days for transaction to be settled in case their is congestion of mempool.

Among all he mentioned, they are valid points but among all he said, we need approval for Bitcoin to excel. If the government gives approval of people to use bitcoin, it will grow more than we can ever imagined but because we priorities decentralization, that may be difficult a little and I don't think bitcoin can spread feathers to all parts of the world if it doesn't have legality status of government.

Saying Bitcoin will replace fiat currencies is like back when Ethereum was supposed to be "the world computer" hahaha


It's taking a thing to its ideological extreme. A thing that is simply not going to happen.


Ethereum, so far, ended up being a network for crypto apps that are mostly useless because they all use their own centralized token, and NFTs that so far have been utterly useless because instead of using NFTs for useful things its all just digital pictures that you can copy/paste lol

Bitcoin, maybe in some far distant future where the current nations and their currencies have all collapsed and Bitcoin is only obvious option, maybe then it replaces fiat currencies like the dollar. But as long as there are government to ensure their own currency is the unit of account for their economies, Bitcoin ain't replacing anything. It'll be a great alternative for society, but its not a replacement.

I think $250k in 2025 is pretty realistic, but the figure was clearly too high for 2022. Still, maybe it's a price for the bull market after the next one, we don't know how high it will go this time.
It's nice that some people are open, excited and supportive. Such people can help lobby for the right laws and give Bitcoin a reputation boost. But living to a time when you pay with BTC and nobody wants dollars seemed far-fetched to me. The USD is doing really well for a fiat currency, so there's just no reason for the US and the world to get rid of it.

The owner of such a significant number of bitcoins clearly has motives to claim that BTC will cost $250k or more.

Of all the public people (like bankers, investors and other bigwigs from the traditional financial system) talking about bitcoin, Tim Draper is the one I liked the most because of his positive attitude towards bitcoin. But the statement about the US Government's shift to Bitcoin now sounds to me like too hasty and loud a statement. What evidence is there for this?

To begin with, at a minimum, in order for people to abandon the dollar and begin to use bitcoin at the official level as a means of payment, it will be necessary to adjust the legislation, since only the dollar is legal tender in the United States (or national currency in any other country).

This looks to me like another blowing up of the topic by blinded BTC-fanatics who overestimate the capabilities of this asset and are completely unwilling to look at what is happening through the prism of sanity.

It is not about waiting to see, there is no probability of BTC replacing the U.S. dollar or any fiat currency. Take note that there is no worldwide legal tender, each country has their own legal tender and BTC is a legal tender only in El Salvador.

It is worth mentioning that even if more countries decide to make BTC a legal tender alongside their fiat currencies, it does not mean that BTC is now replacing fiat, BTC is a decentralized currency, it cannot become the world's reserve currency in a 'centralized world' and for a centralized government. The government would always operate with what they can control and influence: fiat, cbdc's, banks...etc.

I agree with you mate. The fact is that we are talking about something at a time that we have a hard time imagining being true.

When Neil Armstrong conquered the moon, a very small percentage of people believed in it, even in this age of civilization, people still talk about them.

Friends we all say that Bitcoin is digital gold and sometimes even say BTC is better than Gold.

The funny thing is when we say U.S. dollar is backed by Gold, our feelings are not hurt. But when we want to say that it is going to happen very soon that the U.S. dollar could be backed by BTC in the future., then our feelings become steep.

Honestly, I think we'd just have to wait and see. The probability of Bitcoin becoming a legal tender is 50/50. Some experts already said that it's possible for Bitcoin to replace the world's global reserve because of its ability to offer efficient ways of storing wealth and transferring value across borders. Also, it's becoming widely accepted. But at the same time, it has limitations which have made some of us to believe and accept that it can only be an alternative to money.

So, we'd just have to wait and see if Bitcoin lives up to the expectations or remains an alternative asset.

They're not interested with a successful project, they're more excited about just investing in the project and it booming at the first time then going bankrupt because that way they're getting more out of the deal and most of the time these venture capitalists are the reason why there's a lot of projects and companies that are popping up out of nowhere and those projects aren't even that close to being finished, that's why a lot of the businesses that these venture capitalists have invested into are failing most of the time, being a venture capitalist is a hit or miss endeavor. I don't want to believe that too, I don't believe any of that and it's most likely that he's shilling on bitcoin with this claim, probably wants to cash out as quickly as possible to fund his ventures.

No, it is impossible for Bitcoin to replace any fiat currency least of which the US dollar. Anybody who claims otherwise has no understanding of the world, the economy and how the governments work.

They need to have a control over their own fiat currency to run their country. See the handful of countries that don't have a currency of their own and see how messed up their country and their economy is.
A regime like the US regime, requires full control specially on the fiat they print. Imagine for a moment where nobody used the dollar and were using Bitcoin instead. How would Biden print trillions of dollars worth of Bitcoin to cover this massive and constantly increasing budget deficit? The whole system would fall apart.

Before thinking Bitcoin will replace Dollar, it's better if we going back to 20th century.

Gold was used to be an international monetary system, as we know gold is scarce and valuable. In terms of economic value, it's nothing different with Bitcoin since the price won't depreciated over time. Government was successfully brainwashed the citizens to trust Dollar that not backed with gold standard in 1971 until now because they can advantage over prints new money.

Why they need to going back to Gold Bitcoin standard and losing their advantage?

Bitcoin gives us an opportunity to make our choice to either use banks without control of our money or use Bitcoin with private keys and have our own banks.

It is a great choice for everyone but we have to make decision and also need to have knowledge to know where to store our bitcoin. Surely it is not centralized online platforms.

Reminder: do not keep your money in online accounts

Bitcoin will not completely replace dollar or any fiat currency in a meaning that if there is Bitcoin, there will be no dollar or fiat currency. They will co exist in societies and economies globally.

I don't get it. You open a thread all excited about this guy who made a failed prediction about the price of Bitcoin? You might as well open one about McAfee and his promise that he was going to eat his penis on national TV if the price didn't reach $1M by 2020. And, yes Draper bought Bitcoin which has appreciated in value just as McAfee also had Bitcoin.


Is there any Bitcoin holder that is not bullish this 2024? I don't care if he is bullish or not.


Draper could have promised to eat his dick if that doesn't happen soon.


Of course not, I guess what Draper is doing is propaganda to encourage more people to invest and to increase the value of the Bitcoins he has.

Keep dreaming about it. I consider myself a Bitcoiner even though my Bitcoin holding is not anything significant. But I do not think we are even close to this time. Bitcoin fluctuates a lot and it's not possible to set a fixed price with Bitcoin for everything you buy from the market. Another problem is the high fees. I don't think people are that much idiot to pay $10 transaction fees for another $20 product. The lightning network could be a solution, but it does not eliminate all the issues. Bitcoin is Bitcoin. It is great as an Investment asset just like gold. But, do you use gold to do regular shopping? I know you don't because it's not possible. If Bitcoin fees remain like that, I don't think dollars with replaced by Bitcoin anytime soon. Feel free to criticize me!

Digital currencies are gaining popularity day by day but it does not mean that it can easily replace world reserve currencies overnight. Maybe bitcoin is gaining popularity and the number of bitcoin customers is increasing day by day in a geometric way but it will be possible for bitcoin to replace the dollar but not easily possible.
People's confidence and interest in a currency decreases when the amount of inflation in that currency increases. When the rate of inflation of a currency increases, investors or holders do not want to hold those currencies because holding them depreciates in value over time.
When a currency's value declines over time, people distrust that currency. But people's distrust of the dollar has yet to arise and the dollar is still one of the most popularly accepted currencies in the world. Most of the world's investments revolve around the dollar, so replacing the dollar will not be an easy task.
However, if inflation is seen in the dollar over time and if people show distrust towards the dollar, on the other hand, if the popularity of bitcoin spreads like a revolution all over the world, and if the world's top class investors invest in bitcoin instead of dollars, then only bitcoin potential will be created.

If I am to be realistic, I'd say that such a day is not in the horizon. It might take decades if not a century for the dollar to lose relevance. It takes no less than a whole paradigm shift for the dollar to end. For as long as money is based on fiat, the dollar will remain in existence. For as long as money is tied with the government, dollar is here to stay. Besides, dollar and fiat in general can transform into different forms to keep up with technological advances and to pursue inclusion.

I remember that day in 2014 when the US Govt did the blind auction for like 27000+ BTC while Bitcoin was hanging around $600 and Tim Draper won by bidding like $630 or something. Cost him around 17 or 18 million dollars and it's now worth over a billion dollars 10 years later. Eventually he's going to hit 1000x on that and it'll be worth in the tens of billions.



Draper way overshot his $250k prediction. $250k I think has a good chance to happen in the 2029 bull market, so he predicted it probably 7 years early.


As to his comments...

Will we one day be able to buy pretty much anything with Bitcoin. Yes absolutely. Eventually bitcoin payments are going to be in every electronic point of sale system alongside credit cards, apply pay, google pay, etc.

Is it going to replace the dollar, or other national currencies. No. Let's get real. Governments aren't going to simply give up the currency that they literally create and control (giving them vast economic power) and switch over to a currency they have zero control over. ESPECIALLY the US because the dollar is the reserve currency of the world and that gives the US huge economic advantages over every other country.

But of course times are changing and maybe in the next few decades the world abandons the dollar and its just another currency. But still America, or any other nation that issues its own currency, isn't going to scrap the thing that gives them a lot of economic power and go to Bitcoin.

I mean maybe if nations as we know them, or at least the current nations that exist, literally collapse, Bitcoin could potentially be the front runner for global currency to take over. But assuming the geopolitical world stays roughly as it has been for a long time now, no Bitcoin ain't going to replace anything.

What Bitcoin will likely do is become the world's alternate currency, used right alongside all the national currencies. And most people are eventually going to probably do most of their savings in Bitcoin because why the heck would you have anything but short term savings in inflationary currencies when you can save in a supply capped currency (which other huge benefits like you own it yourself and its global).




And OP, no it's not going to happen soon. Probalby like 98% of people still don't have a clue what Bitcoin really is or they think it is some sort of scam / risky tech thing / it was a bubble "it's too late now, I missed out on it" / destoying the environment / etc. As long as the general public thinks those things it's not going to suddenly become widely accepted.

I'd say we have probably about two decades until the tide turns and Bitcoin starts being normalized by the general public. And during that time it's going to be a bumpy ride with most people still continuing to bad mouth Bitcoin. By the 2050s I think it'll be normalized and people won't hate on it anymore and they'll have no problem saving in bitcoin and spending it at stores or online. But they'll mostly be spending their national currencies, only using bitcoin to buy things when they are spending their bitcoin savings.

This statement is not true, there is no shift of the U.S. government to BTC, surely for now they are not going to ban BTC or make it illegal, but what they will do is regulate it strictly and try to find out what their citizens do with their coins, in other words attacking privacy and privacy solutions and promoting centralized and custodial services.

BTC is not going to replace the U.S. Dollar, we have had this discussion so many times. They are both different kinds of currencies, and if you are talking about BTC replacing the U.S dollar, you are saying BTC is going to become the world's reserve currency, which cannot happen.

Never trust for these influential people are talking about Bitcoin. They are not your friends, they are not your allies, their only goal is to enrich themselves, not help others get more rich too. If they are praising Bitcoin, predicting high prices or talking about BTC replacing something, it's because they bought a lot of it. And you know what comes after that? Some day they will sell to take a massive profit. And it could very well be that while these guys will pocket hundreds of millions, small investors will continue holding and waiting for that predicted magical price range that might never come or come decades away from now.