Sorry bitcoin will not replace the US dollar - fed

[Opcodes]

The 2018 U.S. Congress economic report dedicated an entire chapter to blockchain and cryptocurrency.

On page 207, on the topic “Are Digital Currencies Actual Currencies?” it reads:

“(...) prompted questions about whether it might replace national currencies and challenge the U.S. dollar.”

In the opinion of former Federal Reserve Chair Janet Yellen, Bitcoin is a “highly speculative asset”. And she goes further to assert that “Bitcoin itself has technical and economic limitations that hinder its use as a medium of exchange.”

 

[farmerjohn1324]

No sh1t

 

[TimtheEnchanter]

The SEC disapproved of bitcoin ETF.

 

[MrMuppet]

it some countries it already did

 

[Nobert]

The SEC disapproved of bitcoin ETF.

Probably USO was already enough, where folks thought that it was equities inside.

& this one noneless, would have been made out, futures (?)

Garbage made out of
garbage, that was made out of
garbage.

What could go wrong.
(sometimes it can get up to a 4x garbage chain)

 

[Money Trust]

Of course bitcoin won't replace the dollar. The Fed will just create their own digital currency.

 

[Clubber Lang]

Anyone else have news from 2018 they want to discuss?

 

[Trader Curt]

That's cool, because Bitcoin wasn't made to replace the dollar. Tell us something we don't already know

 

[They]

Creating click bait like thread titles +1
Understanding Bitcoin and it's place in the economy -1

It's a hedge against the dollar not a replacement

https://www.cnbc.com/2020/10/22/-pa...more-now-rally-still-in-the-first-inning.html

 

[SunTrader]

Things get replaced that become obsolete - not because their value diminishes over time.

Radio is still around decades later after TV/Cable/Satellite/Internet/Streaming came on board. Yet it was said it would become obsolete, be replaced and vanish completely.