The Bitcoin chart suggests it is still in a speculation phase as an investment. It’s not yet used for everyday transactions nor is it a hedge against inflation. Every dollar of its value represents to me lack of belief in the current financial systems, hope for an alternative, and belief in specifics of Bitcoin and how it could revolutionize the world. I’m pro Bitcoin, just laying out where I’m at.
- If the Bitcoin prices stabilises in the future, why would whales continue to hold it? Wealthy people are always looking for the next investment to increase their wealth.
- What would be the incentive for owning vast quantities of BTC bearing in mind it’s miners not owners that will be earning the transaction fees?
- Does global adoption equal price stabilisation? Do we want/need the price to stabilise for it to become the underlying asset of a broad financial system?
- At one point do people start using something they’re trying to get wealthier with for everyday transactions?
- If Bitcoin becomes the primary global currency then what will its price be influenced by other than population increase and our ability to harness talent/technologically innovate?
- Bitcoin is sometimes talked about as a digital version of gold, but gold hasn’t performed well and is also not something we use for everyday transactions. What are the positives of this comparison that I’m not seeing?
- If miners receive BTC as a transaction fee, is the supply not infinite just bottlenecked by the number of transactions being made? Would pointless transactions made between two accounts by the same person not become a kind of money printing?
Would very much appreciate answers to any of the above questions. Keen to learn.
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