Realistically, we will either be destroyed by global warming long before that date (from what I am told), or will blow ourselves up by the time World War 13 comes around (if not before then). So I guess you are simply proposing a philosophical question
I’ve been having conversations with baby boomers and some Gen X people and the majority of them know nothing about crypto. It got me wondering what will happen to them if Bitcoin was adopted as currency in the near term. A lot of these people are the type that only own real estate and cash. How will their cash transition to BTC when the change happens? This is assuming that they never buy any BTC before the adoption. Will the cash just poof and disappear?
Lets just take one step at a time. The first thing that people will notice is that inflation will 100% pick up. There is simply no way to solve the debt issue, interest rate issue, and the fact that demand for treasuries is going soft. The end result, however we get there, is going to be more liquidity injected and more money printing. Even if they don't see it now, they will learn what money printing will really do. When inflation is 2%, people accept it, as long as other things don't go up way faster. Well, housing has clearly decoupled from this 2% rate over a decade ago. When we had reported 9% inflation, shit hit the fan. So it seems like the sweet spot is a little bit of theft by the government, but not too much. The thing is that its impossible to do that now, to fly the inflation under the radar. It can never be at 2%, and certainly not in the important sectors like food and housing. If energy demand is low, that means recession, and if energy demand is average or good, it means high prices for energy, and hence high inflation. Everyone will naturally learn that anything to do with fiat is crap, and then they will look for other options. Everyone will eventually find bitcoin in their own time.
I don't think that's going to happen in my lifetime. Or yours. Even if you are only 22 or whatever. But I'll indulge your question. They only own real estate and cash? How do they pay their property taxes? How do they collect their social security benefits? No bank account? No debit card? And yet they own real estate? What planet are you on, Dude? People will adapt. Fiat currency does not just poof and disappear. The government is not going to cease to exist. What are you smoking?
You misunderstand. These people are farmers and they do have bank accounts. What I meant was that they own land and have cash deposits in banks. No stocks, no bonds, etc. some of them have a substantial amount of cash and I was questioning what would happen to that portion of their wealth if BTC is adopted in the near term, not in 2050 and beyond. If you tell me that there is zero chance of that level of adoption happening in the next decade it would change how I think about the near term prospects for BTC and reduce my sense of urgency to accumulate some quickly.
It is also going down. 7 times it lost more than 70% (couple of times it was 90) of its value. When people believe there is always a new ATH, they should also believe there will be a 70+% sell off. Now can you get out before it happens for the 8th times?