Funny i was thinking about this yesterday will it stabilize @ 1 or 2 million how will the price fluctuate then?
bodeen88
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@bklny1, It probably will keep in line with inflation... basically it won't be bitcoin that is rising. It will be the fiat currency dropping due to inflation pressure and any other macroeconomic or geopolitical event causing fiat currency to lose value. Eventually people will probably do away with fiat currency. Then no one will worry about the "price of bitcoin." Bitcoin will essentially not have a price. I wouldn't say priceless. I just mean that it will be the globally recognized currency. People will forget about dollars. The federal reserve has a rude awakening.
I have actually pondered what it would be like to have a stable global currency many times. It will be like the times before the U.S. left the gold standard. Banks will not be able to be so irresponsible as to borrow more than they can afford to pay back or allow others to borrow from them more than others can pay back.. But in that sense, I think market corrections won't be so severe. Yeah, there won't be a federal reserve to bail out the banks when they go belly up. But the banks will also be forced to practice sound financial discipline.. which is what was causing the financial crises in the first place. Liquidity won't be a problem either because money will flow more quickly and smoothly using the blockchain system.