The people who are being most hurt by the fiat system don’t have enough money to buy Bitcoin, such that it meaningfully punishes the fiat system in protest.
The people who most benefit from the fiat system have most of the wealth, but won’t buy Bitcoin (in protest or to punish the fiat system) because the fiat system is working well for them and their debt is denominated in fiat.
So you basically need two types of adopters.
1. The poor masses start earning and spending in Bitcoin, which has massive advantages because of tax avoidance, similar to cash. Then saving at the margin.
2. The wealthy individuals, banks, businesses, funds, etc eventually *defect*, which is how cartels invariably break. And/or they flee a sinking ship. I suspect this group adopts more towards the endgame of gradually then suddenly.
The people who most benefit from the fiat system have most of the wealth, but won’t buy Bitcoin (in protest or to punish the fiat system) because the fiat system is working well for them and their debt is denominated in fiat.
So you basically need two types of adopters.
1. The poor masses start earning and spending in Bitcoin, which has massive advantages because of tax avoidance, similar to cash. Then saving at the margin.
2. The wealthy individuals, banks, businesses, funds, etc eventually *defect*, which is how cartels invariably break. And/or they flee a sinking ship. I suspect this group adopts more towards the endgame of gradually then suddenly.
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