SLCW on Nostr: America is not going to switch to a "Bitcoin standard". It's just not plausible that ...

America is not going to switch to a "Bitcoin standard". It's just not plausible that we're going to get rid of the dollar in exchange for blockchain currency that, frankly, is inaccessible to a significant portion of the American population. I can see certain products and services choosing to accept Bitcoin over time, as another payment option, but replacing the nation's currency is very different proposition.

At the least, adoption would have be much closer to ubiquitous to even consider such an idea. Also, the value of Bitcoin isn't disconnected from the greater financial reality. Its value is inherently measured in relation to other currencies. That's just a bedrock reality. Even for the dollar. We just don't notice the changing value of the dollar because we live completely within the dollar's economic bubble.

When you go to different countries it becomes quickly apparent that all currency values are relative. Bitcoin is no different. Its value needs to be accurately discernable at any given time in order for it to be useful to other financial functions. Saying we won't need to consider relative value misunderstands the greater reality, and how wheels of economics spin.