Fiat price is not everything—not the most important thing at the end of the day—but it is essential. Without NGU, there is no point.
If you look at it from the other direction, i.e., an entire successful civilization running on bitcoin as the money, it would have an enormously high fiat number as an exchange rate with fiat civilizations, even if the bitcoin civilization never itself had a fiat money.
Replies (3)
This makes me think of the following: what is the Bitcoin economy? As of this moment, not much it seems. Can we think of a set of goods and services which are only provided by means of an exchange with sats?
It's probably very hard to end up with lower volatility unless there is something society demands which can only be obtained via Bitcoin (same principles allowing the dollar not to lose value overnight after 1971, i.e. you need it to buy oil)
Correct
NGU is not the end all, be all. However, it is necessary to drive adoption.
Bitcoin is money, and everyone needs to realize it
We are in state of transition between fiat and digital
Money therefore we still rely a bit to fiat .
If finance authority serious want to digitalised economy by 2030 then they should
Come out already with plan .
This transition period how many percent economy financed by fiat and how many percent by crypto.
I am in the side that digital currency is not only Bitcoin . I would say every country simplified and make their own digital national currency .
Not necessary Bitcoin .
