Topic: central banks and Bitcoin (Read 2123 times)

The fact still remains that bitcoin can never replace fiat money reason being that bitcoin is not coming from the government and the government don't have total control over bitcoin even if bitcoin is centralized today the technology behind it, will make it impossible for the government to have total control over bitcoin and at that the government can not take the risk of replacing what their have control over with what their can't control. The highest the government can do is to allow bitcoin to be use as a secondary currency.

Các ngân hàng, nếu bạn muốn tồn tại trong tương lai gần, phải tìm một cách để hòa giải với bitcoin để tìm một cách để phát triển với bitcoin nhưng không quản lý nó. Không dễ dàng để các quốc gia và hệ thống tài chính của họ chấp nhận điều đó nhưng thực tế là nếu các ngân hàng không thích nghi với thị trường mật mã toàn cầu thì ngày ngân hàng sẽ bị loại. Cuốn sách sẽ không quá xa.

I think about central banks and bitcoin is if bitcoin come to a success that many people now trust bitcoin to use them it their daily routine I think central banks will ask the government to be a part of it also because they may lose their job on their own currency they have and I think it will possible to make banks a part of bitcoin maybe soon.

bitcoin or other altcoin has nothing to do with the central bank because bitcoin is a crypto currency whose value can not be affected by its government policy

Absolutely, banks and bitcoins are so different. They are totally flip at a side. Banks always want to control all the circulation of money where bitcoins are decentralized. No one control bitcoin directly whereas policies of banks are totally opposite.

Bitcoin and bank are two things that are difficult to put together, the presence of bitcoin becomes a threat to the bank so the bank will not accept bitcoin. if one day the bank receives bitcoin then the user will increase significantly and the fiat money will decrease in value.

everything will be fine just according to what we want. bitcoin and central bank

I don’t think so that bit coins need a central banking system for stability and monetary purposes because bitcoins are well known because they decentralize the economic system developed by governments.

People owning bitcoins don’t need any special permissions from their banks to spend bitcoins in any way they want.

According to your opinions people will do not want to keep their bitcoin in central or any other bank as you mentioned because of the return rates. Any bank gives a very low profit of interest and direct dealing will give you much higher profit.

Therefore in my mind central banks are not a good option for your bitcoin. If you want more and more profit in less time you should keep bitcoin in your blockchain or other wallet.

It is precisely at this time that causes a monetary crisis in a country is due to the bank policy that only benefits to their people and instead take advantage by draining the small people who do not know anything. they are all forced to pay a large interest even greater than what they borrow from the bank. bitcoin present offers to us to be free from our dependence on the bank. so I think the monetary crisis can be pressed with the bitcoin system right now.

Most of central banks are crashing their heads to walls. And thinking the reason of why they didn't make their own crypto currency 5 years ago.
Most of them trying to integrate to blockchain but they don't have enough IQ to do this

Yes this is better for people that as they do not need any bank for holding bitcoin, they are free from the government rules for money making and controlling. People are free to buy and use their bitcoin wallet which is totally out of the control of the officials.

You can hold your bitcoin in your blockchain wallet or any other wallet you like. The central bank has no command and approach to your personal bitcoin wallet for anything else.

Yes that is the main reason of bitcoin popularity that it has no interference and also no rival to stay in the path of its popularity and increasemnet. No central bank and any other bank involve in bitcoin business because it is not a paper money.

It is digital currency and the people are so interested in buying and dealing in bitcoin. I think if any bank interferes in bitcoin then it may does not gain so much importance all over the world.

Bitcoin have more scope than central bank and investing in bitcoin can gave more profit than central banking system so one should prefer BTC. Bitcoins are the future of the world economy systems and banks are really afraid of bitcoins since people are skipping bank accounts and saving their money in the form of bitcoins for big profits than the banks offer.

Central Bank is the head of anything related to finance of the country financial system and if anything happens like financial crisis the only thing that will happen is the central bank introduced a momentary policy that will stabilize the financial system and help every thing to normality. Bitcoin also can stabilize financial system during economic crisis through inflationary control as most times what create inflation is the cost of production of fiat money.

We all accept banks as something that have being written in old testament and it supports sky from falling down on our heads. Banks is just weird optimization for loans provision and double spending prevention. Bank provides trusted consensus on value of the money,and contorols money supply. They are inherently unstable because its such a heavy burden to care about all people and provide them with means to buy food and shelter, so they do mistakes from time to time (in regular cyclic way).What will you do when inflation erases all your savings, and you cannot buy bread for your children. Nevermind that inflation is constantly generated by banks. But enough with sarcasm. Banks have clear way to go with cryptocurrencies. They need to embrace them, provide guidance in terms of financial instruments development. Banks have to retreat to monitoring,analytics,and customer support roles, abandoning currency emissions and loans business. But off course they wont do it. They will fight it as newspapers fought internet for ads, as music companies fought mp3, as movie companies fought with torrent networks. I tnink we will hear interviews with bank workers who will complain loosing jobs to blockchain and telling that they only want to earn they money with some dignity.

I suppose it will in some way try to regulate and start dealing in bitcoin and accept bitcoin because it is a big threat to banks but there is no way other than accepting and dealing in bitcoin for banks and bitcoin is the future and it is unstoppable because of its nature.  

Yes, Bank and bitcoins have different infrastructure and they are not compatible with each other.  Banks are centralized and they have proper control over the money which bitcoin is decentralized and no one is the owner of that currency.  Bitcoin wallets can serve as own banks for individual users where they can send receive the bitcoins , but there cant be a central repository for bitcoins. There is no connection  between banks and bitcoins.

Central banks acts as buffers when situations gets out of control but the question to ask is that, what were they looking at before it got to that point where they have to start talking about revival rather than avoidance. Their argument against bitcoin is something I like to see as mere jealousy and as it relates to financial instability, I don't see how that will happen in bitcoin because the origin of that is spending beyond what you have which personally I don't see it happening in bitcoin or say on a high level.

Yes, this is also a problem for governments and its central banks that if they need more bitcoin, it is not in their reach that they arrange the supply. Because it is not paper currency and they do not print it. So, I feel that any central bank of any country would not be able to fulfill the demand of the people for bitcoin. That’s why they do not take any part in bitcoin mining and anything else related to bitcoin.

,i thunk your idea might be quiet possible in a long run, not for now, because if we look unto our current situation it is really hard to tell that it could replace fiats sooner or as soon as possible but there is also a slight chances that it could speed up a little faster, but still who knows, for me I don't even trust the centralized banks or whatever it is.

You don't need bank because when you have bitcoin in a wallet that you have control of the private key, then you are itself a bank. With that said, banks cannot control bitcoin because of its decentralized design. This is what Satoshi's want in the first first place. What a Central Bank can do is at least regulated bitcoin transaction in their country like requiring a local exchanges to put a strict KYC/AML to their customer based and of course submitting proper documentation before allowing them to trade, exchange bitcoin to fiat.

Bitcoin is not a regular currency because it is limited in supply, the government does not want to have this kind of system in place as for sure there will be a problem of shortage, when there is a shortage they can easily print money while it's not possible in bitcoin as it is design to have a fixed supply.
Bitcoin is not just a currency because of it's limited supply, it is also an investment so it could be an asset or currency depending on how you define it.

The only reason bitcoin was able to get to the level it is now is because it has no interference from any
organization or central bank. I think the reason why most countries have useless currencies(sorry to say) is because of the rules put in by the central banks.

These are two very different things, the central bank certainly wants to control whereas bitcoin is decentralized so it can not be controlled. will this be met? I think it takes time and socialization of the old.

Yes u r correct man bitcoin does not need bank to grow and also community can make day by day stronger . Bank does not control the bitcoin and it's a digital currency system  and I think the bank not suitable for bitcoin because there is no stability with the customer and bitcoin will fluctuate to earn money.

bitcoin does not need bank to grow. The community can make it stronger and stronger everyday. Banks will control the bitcoin and it against bitcoin's decentralized blockchain system. Therefore, I never think that banks are suitable for bitcoin. Right now, investors do not need the stability. They want bitcoin to fluctuate so that they can earn money

Before bitcoin  will get to the point where the effect of its fall or rise will affect the economy in no small way, there would have been enough buffer to cushion the effect of volatility and that's where the importance of a regulatory body. It might not necessarily be central banks because that would negate on founding pricnple of bitcoin as it would mean retuning control to those who led us here at first. I feel the market itself would have been so spread to allow such to happen.

But Upto me ,Bitcoin will replace any Fiat currency. If you inverse in gold means.It will give you only time profit. But it's value of bitcoin is keeps on increasing  day to day.And Central Bank will gives you ,6& 8%- interest for your holding bitcoin. But in bitcoin, the weekly profit you will get

I can not foresee such horror opportunities, but I would not introduce Bitcoin into people's daily lives. The fact is that the Crypto-currency is the finance for a certain Circle of people and a certain sphere of the life activity of mankind, since it can be either an investment or an opportunity to keep your money. But nothing more.

That is true, that is why I don't think any decentralized cryptocurrency will ever replace the current system of fiat. Right now fiat currency is regulated by the governments but this is not for reasons that is quite easy to understand for others. A lot of people do not realize this, but if we just leave the financial system to be similar to bitcoins everything will go into chaos.

bitcoin more better than central banks because Bitcoin get your money double invested

I'm not sure that the central bank accepts and allows bitcoin, the central bank must be able to control, but because bitcoin is decentralized it certainly can not be controlled.

If paper money is so important, then why banks and governments are doing everything to make cashless societies? The banks are not tools for the government to control citizen, this is the opposite. Governments are tools for the banks to control the citizens. Banks have more power than politics, in fact, banks make the politics. This is the reality...

Bitcoin can not replace fiat or tradional money. AS you can see, paper money is playing an important role in our life and therefore, it is hard to be replaced and moreover, the government and their banks will not allow this to happen. The bank and fiat are tools for the government to control citizen.

Why should bitcoin be introduced into the country's financial system?
Bitcoin is a unique and independent system. It is important and valuable without introduction to the banking system.
I am confident that bitcoin will never be the basis of the economy. But this does not upset me, but pleases me

Have you ever asked why the market is not being disturbed by issues relating to the banking sector, its because there is no central bank of Bitcoins, the market is fully owned by users and regulated by them.

The stability comes from having large stocks of currencies in defined places; banks are simply operating on a different order of magnitude than we are, which means we don't see much of the "global instability" that is actually occurring. World banks basically absorb all the losses and gains on that magnitude, regional banks below that, and we're fighting over the scraps that are too small for them to worry about.

The overall scheme will not change. The medium of the scheme will.

Maybe, after Bitcoin become to famous and popular than in our life, that future can happening. (a distant future)
Because when cryptocurrency (I cannot say Bitcoin because I do not know Bitcoin in that still No.01 or not) is legal and replace other payment method between countries, it will make most transaction online transfer money throught Blockchain and create a huge community!

The central banks should have no business with the affairs of the market, they should mind their own affairs while the bitcoin wouldn’t interfere or meddle in their own affairs bitcoin was made for the world citizens.

Ya some how right. Many miners start to increasing the transaction  fees for their own benefit. But I think this will reflect the bitcoin growths. If the bitcoin was wanna to grow on future so.The developer should get into this matter. It's very important too.Miners should consider this and reduce the price of bitcoin.

That's more serious thing if you are talking about those controlled by the central banks and not the markets. I think it's more speculative than other rumors that I had read before. If their aim if for the benefit for the people, then there's no problem with that matters but if ever it do bring negative effects behind all what is happening with the fluctuations which caused huge drops; well maybe we should be warned before it threatens the investments that we had.

The way I see it is that the central banks controle the fiat currencies.
But they do it to keep economy intact. That is to the benefit of many people.
Bitcoin these days is more and more controled by mining pools. Not even the market, just the pools.
And the pools work only to their own financial benefit.
I am getting more and more concerned about that developement.

Bitcoins and central bank are poles apart. They both have different functions and the purpose you have described of the central bank is pretty correct whereas bitcoins are working as solution to inflation and financial crisis. Bitcoins are providing people with opportunities of earning for themselves without sticking eyes on rude bosses.

If BTC would be a real currency bing decentralized people would see BTC stabilize itself as it wouldnt be an inflationary currency. The problem is that BTC his becoming very centralized in terms of hash power concentration so i don´t really see it replacing an everyday life currency as it is.

Exactly, bitcoin will never be replacing fiat money. These two will run in two different streams. They may effect one another but one can never demolish other. As said bitcoins will work in investments, fast online banking etc. but it will not be overcoming fiat business that if so, surely cause many problems.

Indeed now there are some teams that make a profitable project for most owners of cryptocurrency, because we can get service like a bank. But one thing I do not think this will change the economy of the cryptocurrency or the project is that a system is already in use, so if this is just a transfer without a better innovation and different from its predecessor it will be much different (many enthusiasts will) . Just wait for time and see what happens

They are controlling it by what means? Deflating the fiat money or inflating it?
That could not happen with bitcoin. They will have to increase the value of every satoshi over and over just to equal the market and that will be chaos if will happen.
I dont think they would want to be a part of something that is decentralized.

I agree, we don't have to push the use of fiat money. There is no issue on having other form of money as long as it is legal and conforming to national rule. We can both have bitcoin and fiat money at the same time, they can go well alongside. Bitcoin would not mainly cause instability, there are small percent of people are engage with it. And it would take a long time to see majority of the people becoming users of bitcoin.

The activities of the Central Bank has nothing to do with laws of Economics. The Central Bank is a mechanism which allows the government to manually regulate the economy. This leads to presents to regular crises and inflation. Bitcoin is quite another.

Central banks and bitcoin have different applications and both function on different platform. Bitcoin is an separate body that functions without the interference of any other external force. Central Bank has a very structured way that is necessary to have the financial administration to function properly and pave for the economic growth of the country.

Bitcoin provides an excellent opportunity to test the untested hypotheses underlying modern economic monetary policy dogma. 

Finally we can see the central banks come head to head with a properly competitive alternative, and the market will decide the winner on merit. 

I predict the end of bailouts, much reduced fluctuations in capital markets, and governments being forced into fiscal responsibility in a way not seen for decades.

The central bank is indispensable for the economic benchmark of a country, in which case the Japanese central bank has officially provided development funds for bitcoin in japan, the central bank does not avoid problems such as unfinished debt burden, bitcoin Just another Ways to prosper people without having to Intervened.

Guess that is indeed the case. But really, banks are still important in this world since they play a big role in how finance work. Money cannot be concentrated in every single person, some people need the money while others don't. Those people that don't need the cash right now would need a place to store it and have it loan to other people who need money right now. That is the business of banks and it is necessary.

Ok, Let's look at how central banks do this. They allow for reckless banking practices to happen < The financial crisis of 2007–2008 > and then they jump in with massive bail-outs with tax payers money to save these banks. How was this beneficial to ordinary citizens?

Bitcoin will never replace governments, but it might serve as a alternative when their currencies and policies fails. People are already using Bitcoin as a safe haven/hedge against bad political decision making. < Venezuela >

Whenever Banks got greedy or corrupted, such crisis have occurred. But these incidents don't change the fact that central banks are needed to maintain the financial stability in a country and in turn are important in economic development. Right now the way our monetary system runs, I don't see that we will survive without banks.

If you think so or maybe someone told you, then I will have to tell you it’s totally wrong. There is no way Bitcoin is replacing fiat. Fiat will always remain as the main currency, and Bitcoin will also stay as powerful tech stock you can use for investments, making quick transactions, and a lot more.

BTC won't replace fiat money. Not unless governments themselves are eliminated in some sort of anarcho-capitalist paradise. I don't see that happening anytime soon. The greatest power that governments have is to control the money supply and therefore the stability of the national economy.


There is a lot of truth to this. But it's more complex than simple cause-and-effect. The reason that governments and central banks engage in unsustainable monetary policies is to provide stability in the short term, at the expense of stability in the long term (when everything collapses).

There's a huge difference between how politics and finance are supposed to work in theory and how things actually go down in the real world.

The concept of central banks providing stability can be disputed. For example the economic crisis of 2008 was largely caused by banks & their dealings with subprime mortgages rather than prevented by them. Ben Bernanke admitted the federal reserve played a major role in causing the great depression. Banks may be credited with causing economic crisis rather than preventing them. Perhaps from this we can see that there are drawbacks and disadvantages to regulation and centralized monetary policy.

Some investigation and research must be done into the history of banking and central banks to lend a better perspective.

If bitcoin replaces fiat do you think that the government of that country would keep their hands tied and won't interfere in the financial transaction taking place? And how do you think a country will get its funds from,since banks are the financial backbones of any country? There will exist a government organisation which would be centralized one,and it will control the transactions/ regulate any rule introduced for financial   transactions.Don't worry about that,but bitcoin will not replace fiat unless and until some sort of a big miracle takes place,so good luck with all your theories on bitcoin.

Yeah, I also seen many good people who wish to help poor by their personal bitcoin, some of them want to build school for poor, some of them want to make orphanage and some want to build hospitals. I think we also help those kind of people who work for society. As you said the world is not balanced but GOD created some men to make this world balanced.

This have a point. I know some coin are built for charity and donations. maybe they can help about this matter. we all know that world is really not balance but although we know it, many people are really want to help for those who are in need.

I believe that a lot of the issues that arise with fiat currency is purely made by the central bank itself.

The biggest long term instability in my opinion with fiat currencies issued by a central bank is inflation, which in the end makes fiat currencies completely worthless. No single fiat currency has survived for more than 200-300 years, maximum. The average lifespan is significantly less than that.

Only a decentralized currency, such as bitcoin can combat inflation because government cannot abuse its power of the printing press.

Plus, is it really worth it to bail out big banks and stuff with basically taxpayer dollars? This just makes banks less careful with their investment choice knowing that they will get bailed out by the government.

That is very correct,  so not everything  can be decentralized, sometimes we need someone to control so there are no monopoly from other party, and we need central bank to be centralized and control the global financial, so the inflation rate could be decrease and the country stability can be established, that is why fiat is very important for a country

This is absolutely true, bitcoin is not controlled by anyone whom we might afraid they will be driven by that greed, we the users and supporters of bitcoin are dictating how it should perform so if it's successful, we will also succeed. The central bank somehow has the capacity to regulate us since bitcoin can be considered as part of the financial system that needs to complied with the rules to mitigate the risk of illegal activities especially the laundering of funds.

Monetary policy depends on a variety of reasons .. usually it benefits certain projects and weakens others. And I think bitcoin will not replace fiat money. Bitcoin will stand without a bank. And this is very profitable for its owner .. in contrast to the bitcoin fiat money is not influenced by the monetary crisis .. bitcoin is only influenced by supply and demand .. if a lot of demand then bitcoin prices will rise .. fiat money is influenced by the world economy and monetary crisis Which led to a drop in currency prices

And banks profit from it too, don't forget.
Then they increase money supply, and continue the vicious cycle.
Bitcoin really is amazing in that it lets us control our own money.

Correct,banks will not allow any competitor which distrupt their economy profit.but as there are various project which are taking initiative to start their own bank system using cryptocurrency and many have issued their card as well.thats a good sign of progress.

The only justifiable aim of various countries to launch their own Cryptocurrency is to reduce the marketcap of Bitcoin or in anyway reduce the dominance of Bitcoin on the market. But that is least to happen. They are indeed scared of the increasing marketcap of cryptocurrencies because they in many way can harm their functioning.

So far central banks polices don't influence on cyptocurrencies market. Some day if cryptocurrencies will be included formaly in financial systems then this will be different. Some central banks have already started to test the blockchain technology adn bitcoin too so that might be the sign they will change their behaviour and attitude. Afterall, the first interest of all banks is pure profit.

In order for bitcoin not provoked the global financial crisis, it has the mechanism of limiting production. All will be produced only 21 million coins. Banks always have clients but bitcoin will be more profitable and therefore, its price will rise.

Digital currency has a great advantages in terms of profit exchanges online which made the banks also gains wealthy profit, and it’s a blessing that in my country nowadays banks online were now exchanging digital bitcoin currency to fiat cash money. Central bank is an independent banking sector, so as with bitcoin also had it's own advantage with regards to sustainability.

I disagree. You claim that fiat money will always exist because" not all people can adopt modern technology."

Right now all you need is a cheap phone that can do SMS and you are already on the blockchain, being able to send and recieve transactions. And now we got the blockstream satellites so the coverage is pretty much global.

Are you saying that in 100 years, even the poorest spots on earth will not have support for BTC transactions? because I think you are wrong.

Over time, all societies on earth will have access to the blockchain. There are already cheap SMS Nokia phones all over africa, imagine in 2100 or something. The overall technological level always goes up.

One thing that everyone should understand is that Bitcoin or any cryptocurrency is not going to replace any national currency. Otherwise it would lead to economic breakdown for a country. A highly volatile currency is not what is needed to run a country.

There is indeed a threat to banks from Bitcoin. Bitcoin is like having your own bank and managing your own money whereas banks act as a middleman and earn profit out of this practice. Thus, Bitcoin certainly not going to kill banks but still possess a threat at some level.

I think that is exactly the point why no country should invent bitcoin as their only legal currency.
Bitcoins value is completely determined by the market.
And the market is ruled by businesses.
What businesses care about is their own business. Although they should have some social responsibility, the people way too often play an unimportant ruole in their plans.
A governmant should focus mainly on the well beeing of its citizens. I really assume many of them try.
To manage that you have to be able to influence the market. So you need a fiat that is controlled.

Without any threat from bitcoin, it does not cause any effect to banks. Conversely, bitcoin supports development for banks, because in countries where bitcoin accepts, banks make transactions and gain profits.

I think most Bitcoiners that took a closer look into the matter are aware that fully replacing fiat with cryptocurrency is not all that viable (in its current form). Nonetheless one can still dream that one day Bitcoin will be as ubiquitous as the Dollar or the Euro. That's all there is to it. English didn't replace local languages, yet it is understood pretty much everywhere. Bitcoin could play a similar role for currencies.

The point would be very beneficial if bitcoin is within the reach of central bank transactions, if we object to taxes and so on, we still have many virtual market exchanges as the best alternative, I think this would be a good conjunction, better apply bitcoin in shared medium than stand alone and take the fight.

Well I have never thought about Bitcoins in this way... You have a point there. That's right, central banks tend to have control on most of money flux. But when bitcoins become prevalent, central banks will be likely to take control on criptocurrencies too through policies or regulation.

Honestly it seems possible if some country (a smaller one for begining) will guarantee its currency in BTC so it will be more stable and people won't have to adopt for any serious changes. I've heare that in venesuela people already pay with pepes that have the BTC price.

We have the same view on fiat money and cryptocurrency. Fiat money will always exist because not all people can adopt modern technology. Bitcoin and fiat money can be existing alongside each other peacefully and there is no need to replace one another. Realistically, we are still converting our Bitcoin to the local money and it can take a lot of years before there will be a mainstream mass for any cryptocurrency.

Seriously speaking, I don't really understand why we have to push for the fiat money to go. We should let all forms of money exist as long as they are legal tender of a given place and there are people who are using it. It is quite a very big ambition to try to convert all people to get away from fiat money and just use cryptocurrency. We have to remember that the stores we can see down in the isles are not yet accepting Bitcoin and as of now even if they do I will never use my Bitcoin in buying anything because I am speculating that it will further grow in value.

Think about this: central banks decide to lend at certain rates based on how the economy is doing. Bitcoins are a central bank and will prevent any need for some third party to randomly decide to change rates. It's a truly free and open market.

I never thought about it in the way you just said, and it makes a lot of sense. Governments want or need control. However, they can't control Bitcoin, so the idea that fiat will ever disappear, or at least within this century is extremely unlikely.

Most likely, developed nations and anyone with internet in general will gradually adopt to crypto until fiat actually becomes rare.

I don't think that Bitcoin would be able to replace fiat money. First of all, Bitcoin is decentralized. This would be hard to control for the government and the central banks. The central bank decides when and how much fiat money they should produce and inject in the monetary system of the country and I don't think that the central bank would be able to produce Bitcoins out of thin air.

Fiat money and Bitcoin work very differently, so I don't think that it will replace fiat money as monetary system of a country.

Bankers will not just settle on being part of this system but they want to control it. Asking yourself the same question as mine, do you actually believe those who buy bitcoin in the shadow are from banking industry? In no time those greedy banking officials or owners will soon be the one controlling us. It might help for a while but in the long term it might be the one that can affect bitcoin fall.

Well in a way, they have different style of transactions and security and off course opportunity. More people are into btc because it gives opportunity to people who really doesn't have any money without thinking about interest and taxes. Furthermore banks are just affiliation if ever people want to convert btc. Btc is untouchable by any other entities besides the team who holds it and its not easy to conquer a lot of memories or bytes in the internet.

Right, I totally agree with your opinion
The central bank will not attack bitcoin like the one we are currently using, so even if the crisis happens bitcoin will not be attacked by the central bank

Central banks will not attack Bitcoin a lot until it gets a lot bigger threat.

First thing is bitcoin won't replace fiat currency anytime soon, even though in 50 years later I still doubt about it.
Because govs won't let other currency replace their nation currency, and maybe consider to ban bitcoin if they think it's treat central banks authority, such as happened in Ukraine where miners arrested because there's no any legal regulations about bitcoin : https://news.bitcoin.com/arrests-bitcoin-miners-ukraine-questions-legality/
If bitcoin could replace fiat money, if bitcoin reach certain price and huge market cap which can't easily be manipulated. At that time, bitcoin will bring financial stability obviously, because it's not fluctuate a lot anymore and has higher price than any other currencies.

I try to explain to big blockers that bitcoin is better dealt as a store of value that acts as a counter-measure to an ever-inflating money (fiat) but they don't care, and want to turn bitcoin into fiat 2.0, which would make it much less valuable.

The only way bitcoin can be viable as a currency is via second layer solutions like LN, not by destroying the core protocol with big blocks, because that would make it exploitable by attacking governments and global forces.

Big blockers are a disgrace to the network.

Monetary policies can fail or be tainted by conflicts of interests. Decentralized protocols are predictable and uncorruptable.

Apart from that, no worries. Bitcoin will never replace fiat money and doesn't need to. Some form of inflationary fiat will always be required to enable economic growth.

Look at Bitcoin as a store of value and as a hedge against failing monetary policies that just so happens to be usable as a currency as well.

Hey,
I am right now a little bit researching about financial stability and monetary policy.
It seems that monetary policy through a central bank is pretty important for the global financial stability.
For example if there is a financial crisis, central banks try activly to stabilize the financial system.
If Bitcoin would replace fiat money and such a crisis would occur, wouldnt this lead to long term financial instability?