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comment by kleinbl00
kleinbl00  ·  2263 days ago  ·  link  ·    ·  parent  ·  post: Everyone is getting hilariously rich and you're not

    It seems the only thing that matters is its value in fiat.

I think if that were the case the Chinese wouldn't be so big into it. Realistically speaking, crypto is a numbered Swiss bank account whose interest rates are radically unpredictable.

    Presume the sole purpose of Bitcoin is to transact off the record. It is solely a marker for black market transactions. If 10% of all black market transactions were to transact in BTC, and all 21 million BTC were used to do that transacting, then 1 BTC has a nominal value of $28,000. If 100% of all black market transactions, 1 BTC has a nominal value of $285,000. At a circulating supply of 17 million BTC, worth $15,000 each, bitcoin only has the capacity to cover 2% of the black market.

I don't think this is an answer. I think this demonstrates that we don't know enough to begin to ask the question.