There is no sudden change in whole population mindset untill there's no news flashing at the bigger levels so it won't happen with bitcoin.The slow impact is much better I would say in btc case as we have already seen over the past years like calling it scam we have now seen big companies accepting payments in it so this is how it will work in future also.
Unless there is massive inflation going on around the world, people will probably change their mindset, save their assets, and even move their money to a safe place other than keeping it in the bank. Perhaps, the bank will not be their choice because the bank may also experience disruption. And if that happens, probably they'll move to bitcoin as their holding asset.
And in recent developments, people have started investing in bitcoin, but others still use fiat without touching bitcoin at all. But let's hope there won't be inflation worldwide lest it causes more problems.
If our previous experiences are any indication people do not begin to move away from fiat until the value of their money is on free fall, and at the time they are looking for any asset which can be used to protect whatever wealth they have left.
And at that point we could expect for the price of bitcoin and gold to skyrocket, and while that would be good for us this is a scenario I would not like to happen, as the amount of suffering people all over the world will have to go through is immense.
The government also definitely won't let that happen in their country and will try to maintain economic stability so inflation won't destroy it. It is hoped that people have started to open their eyes to try to invest in many things so that they can have assets when there is inflation so that assets can help their economy so that they are not too affected by inflation.
But indeed, when inflation occurs in many countries, many people will suffer and most of them will not be able to survive. The economy can falter because people will prioritize basic needs over other things.
There is no sudden change in whole population mindset untill there's no news flashing at the bigger levels so it won't happen with bitcoin.The slow impact is much better I would say in btc case as we have already seen over the past years like calling it scam we have now seen big companies accepting payments in it so this is how it will work in future also.
Unless there is massive inflation going on around the world, people will probably change their mindset, save their assets, and even move their money to a safe place other than keeping it in the bank. Perhaps, the bank will not be their choice because the bank may also experience disruption. And if that happens, probably they'll move to bitcoin as their holding asset.
And in recent developments, people have started investing in bitcoin, but others still use fiat without touching bitcoin at all. But let's hope there won't be inflation worldwide lest it causes more problems.
If there is greater inflation, I'm not sure they will look to bitcoin, but they will think of gold first. Bitcoin is still a volatile asset and still affected by inflation, people will never use it to replace fiat, and that certainly won't happen. As for inflation, I think we need it, and it happens on purpose, not everyone wants it, and there are still a lot of group interests when inflation occurs.
People are turning to gold because they know gold better than bitcoin and gold is already being used as a hedge of their assets so if there is inflation, they can sell the gold. And at the very least, the value of their wealth wouldn't decrease by much.
But if they also know bitcoin, they will invest in gold and bitcoin. They might also try to collect more bitcoins, especially if the bitcoin price hasn't increased much. And there will be interest from a group that will benefit from inflation because they are the ones who can survive the most when it happens.
