Fiat is a lost cause

When Elon Musk started criticizing Trump’s "One Big Beautiful Bill," he tweeted that "Fiat is a lost cause." With inflation going wild and government spending out of hand, maybe he’s onto something. So, if fiat currencies are really a dead end, does that mean Bitcoin could eventually rule the world? I get that the chances are low (governments want their grip), but getting rid of central banks could be a step towards making it happen. What’s your take on this? Would love to hear your thoughts.

I think it's likely we'll see some hybrid innovation that merges decentralised tech with the banking system we have now. A big issue with this is that the current tech and banking giants are the ones most likely to be able to control this new development and I think I'd trust them less than I'd trust a government, especially one that's democratically elected and has to enact policies that at least resemble their manifestos and campaign pledges.

Fiat has been hopeless for some time, but it's not dead until now. It just won't easily die. It has the backing of the governments and all those powerful institutions that are continuously making profit from it. The US dollar isn't in the worst condition, so I doubt seeing it dead in the next decades. There are far far worse currencies in the world right now and they're still actively in use. Abolishing central banks doesn't necessarily amount to anything. In lieu of it, another institution can be put in place. They may call it any name they want but the role is essentially the same. I guess a first significant step toward adopting something like Bitcoin is to remove the power over money from the state.

Fiat is just a strategy to keep the people of the country dependent on the government and to control the people of the country. However, in the current world, it is very unlikely that fiat will become hopeless anytime soon, although we will have to wait a long time for that to happen. When it comes to Bitcoin, I don't see it being completely replaced anytime soon. We may have to wait a few more hundred years for that. What we can see is the replacement of fiat with a digital currency next. We won't have to wait too long for that. We may even see some cryptocurrencies being replaced, but that will be in certain places. Replacing Bitcoin in the entire world is not possible at the moment. The government will try to control the financial system in some way or the other, no matter what the financial system is.

To support various things, fiat still holds hope for all people on earth because this system is legal and far more widely used for various needs. However, when talking about the future with fiat's ability to continuously depreciate, I don't think it's suitable for its use as a savings account. No one knows what the future holds, but we can still predict it. Although Bitcoin has become a respected asset for many people today, it is still very difficult for governments as a whole to use or replace Bitcoin with fiat. Abolishing central banks might be a first step, but I doubt it will happen in the next few years because there are still many factors to consider.

This is BS. Why does Elon's X prefer to accept fiat instead of memetoken when it comes to get checkmark in my x account? Fiat is being used for the transactional purpose, and none suggested you to keep your money in fiat with purpose to store you value. Apart from that also i remind you how majority of populations are still using fiat for their daily life transaction, not bitcoin. Fiat's value might be fluctuated, but as long as it's not getting massive inflation in one or two days, who cares. Don't forget people can't buy bitcoin without fiat. So expecting Bitcoin to replace fiat is just too good to be true.

That hopelessness as ascribed to the fiats doesn't mean the fiats will be going on extinction where banks will be eradicated, it's the true fact of which the fiats are quite loosing values due to sporadical spending of the governments with lesser budgets that's to impact economy. So, they prints more money just to have enough to spend while the overall economy outputs depreciates the fiats purchase power. The fiats are conventional currencies which as a tradition can't be replaced by any adopted monetary system. The best bitcoin can go is to gain massive adoption where it monetary system would serve better in the global economy as valuable currency not to replace the fiats but on the interest of alternative means of making transactions and holding of values against inflation which is where it does better than the fiats. So it'll still serve as alternative and not to replace the fiats.

As technology advances, virtual currencies are becoming more and more popular, and Bitcoin has become the most popular. The main reason for this is its decentralization. Although Bitcoin will dominate other fiat currencies, I don't think the government system and banking sector will allow it. Because then there will be no control over the economy. Yes, it may be that every country can launch a system for storing Bitcoin where the government will have control (much like a non-custodial wallet), that is, even if you have Bitcoin, you will be under the government's watch, where you are spending it and how you are spending it, the government can directly monitor it. I think that when the popularity of Bitcoin reaches its peak worldwide, the governments of some countries may adopt this method. I don't know how possible it is, but I am talking about it from my opinion. But in the current context, it is very difficult to say that Bitcoin will be able to take over the whole world in the future. But nothing is impossible in the virtual world. If governments can figure out a way to control Bitcoin, then perhaps the government could use Bitcoin as a substitute for fiat currency due to its popularity, but I think when someone starts controlling Bitcoin, Bitcoin will start to lose its popularity.

If he believes that, I don't know why he doesn't buy more Bitcoin as a reserve for his companies and for himself personally. It could be that he bought Bitcoin for himself and didn't disclose it, but I understand that if he did for his companies, would be required to disclose it and has not done so. Anyway, he says something that we know in the forum, and in general anyone who invests in bitcoin knows. The fiat system is a scam that increasingly impoverishes people, with inflation as a silent tax that many people are unaware of. The best thing we can do to protect ourselves from such a scam is to invest, mainly in Bitcoin.

Bitcoin can not replace the fiat system. They are not symbiotic with the current government system of control. I don't believe fiat itself is hopeless just that it has been poorly utilized. Elon musk says alot of things. His action should speak not his words.

On what bases is fiat hopeless? I don't agree with this statement because the only way this applies is for people who have their wealth saved in fiat and in the bank. As long as your money is tied to investment, just like that of Elon Musk that want to make you believe that fiat is hopeless, that statement becomes invalid because when inflation hits, you simply raise the price of your goods and services to balance the inflation. Those of us who have the privilege of knowing about Bitcoin can avoid inflation by storing out money in BTC. In conclusion, find a business or investment to put store your wealth in and never in fiat because be design, fiat will also face inflation... that is not hopelessness but the vary nature of it.

In my opinion, he said this without thinking. He probably said it because he was angry at that moment. See, if he really believed what he said, then he would be stopping using fiat and using cryptocurrencies in all his companies. But he doesn't do that. On the contrary, he continues using fiat. His money that is in the bank is in fiat. See the irony in all this: https://www.bbc.com/news/technology-64428257 He bought a large amount of bitcoin because he believed in bitcoin, but then the same guy who believed in bitcoin sold a lot of bitcoin and was left with a small amount compared to the fortune he has in fiat, so I wonder: does he really believe that Fiat is hopeless? It's clear to me that when he doesn't agree with something, he easily gets angry and says things he doesn't believe in. Fiat will always exist and will always be used. Bitcoin and altcoins have existed for more than 10 years, but how many countries are paying salaries in cryptocurrencies? How many countries can buy on AliExpress, eBay, and Amazon in cryptocurrencies? One country? Two countries? How many countries can pay for Netflix subscriptions with cryptocurrencies? The reality is very obvious. Years may pass, but cryptocurrencies are not reaching the crucial level of being used as real-world currencies, as forms of payment. Cryptocurrencies are more on the internet as investments. Even if 30 years pass, this trend will not change. So, fiat has no competition in practice.

I don't know if abolishing central banks is the first step to bitcoin dominating the world and what the benefits of that are. But I can assure you that if central banks were eliminated, the economy would have no managers and regulators. Everything will be chaotic, bankruptcies will be widespread and the economy will collapse rapidly. Think about it, the government can shut down for a while, but have you ever seen central banks, the banking system shut down? The consequences would be huge if the central bank were to close because it is the backbone of the economy of every country in the world. It was no accident that the world agreed to abandon the gold standard, so expecting the world to return to a scarce currency like gold is a step backward.

When the policies of government spending cuts become more and more hopeless, the decision is made to impose additional taxes on the people. If the expansion of defense spending while keeping the people hungry is one of the main issues of the country, then the government increases the pressure of deliberate inflation in those countries. Increasing the amount of debt per capita and subsidies are the habits of corrupt governments. Countries do not want to give access to alternative financial systems because they will not have control over them. Governments will not accept any alternative that continues to fight inflation. I think the process of increasing the strategic reserve of Bitcoin has begun. Some states in the United States have passed bills. El Salvador is increasing the acceptance of Bitcoin and strategic savings through legal tender. Countries are not eliminating central banks, but rather increasing the implementation of how to use decentralized financial systems (Bitcoin assets) more effectively with centralized financial systems.

Do not mind Elon Musk. Although fiat is an asset of deceasing value but it is still very important. Why is his companies receiving fiat as payment? Fiat having decreasing value let us all know that we should not hold fiat but assets like gold and bitcoin are better. Elon Musk is not the person that should tell us this because even an high school students will know this.

The fiat currency is losing value, and it seems to be something that will be hopeless one day. But for now, I can't say that fiat is hopeless or that it will be soon, because the government will hardly allow that to happen. If that should happen, it is very possible that the government would no longer have control over people. The point is that, up until now, many peoples eyes have not been opened to see how governments are controlling people with fiat currency. But as the new generation continues to grow, and the level of education increases, fiat may not be what most people care about, as there are alternative ways of transaction. But, I don’t believe people will stop using fiat one day entirely.

I don't see any chance of Bitcoin replacing fiat money. Of course, Bitcoin is good. But you need something instant and physical at the same time. You cannot always rely on digital payment methods. I really experienced some problems just because I wasn't carrying cash, and it happened to me last week. It happened a couple of times before. Sometimes the banking channels don't work well. I transferred money from one bank to another, and it took a few hours; the bank says it happened due to technical issues. The same thing can happen with Bitcoin. You will send some money to an address, and you will have to wait for hours to get some confirmation on the blockchain. Physical cash helps in sucha  situation. I know the society is becoming cashless, but we need cash as well.

Fiat won't die easily just like that, and Bitcoin would have been everywhere than it is today if it was some centralised innovation, banks and the government loves controlling everything and Bitcoin just seem a bit harder for them to control, and now we have Trump, all what's going right now was a long time planned before he came into power again, that's why those ETFs approval was on hold until Trump took over the presidential election. Fiat will always be here but Bitcoin will eventually be the rescuer of Fiat and once a country do it successfully others will follow, like now that Trump want to use Bitcoin to settle the debt of America, it is very possible that this will become a historical move and until the end of time Bitcoin will be look upon differently.

Fiat currency value always decreases due to inflation. So if someone folds fiat money then it will be hopeless for him because he will not get any profit from it rather the value of his money will decrease. But if that money is invested somewhere then profit can be expected from that place. The wealth of big businessmen like Elon Musk or Donald Trump is not calculated through their liquid money their wealth is calculated by calculating their business shares and various types of investments. Liquid money is never a strong asset it is kept only for expenses.

We really have no hope with Fiat, because he damaged the value of the money we have, the money must have to have a value that continues to grow, it is reduced, this is like a small thief that is not visible every time he steals, but often commit theft, therefore do not save money in fiat. Bitcoin can not threaten it, but a more interesting revolution than the existence of Bitcoin is that people are aware of transparency, values ​​and security, which we can get Defi's, while banks impose the principle of centralization and control of their customers' money will certainly be left behind with a new financial vision that is very fair in this world.