Ok, so bear with me. This is going to be confusing.
I am arguing currently with a guy at work. The following are his arguments.
He insists that the reason, so many institutions are buying up so much Bitcoin is, so they can release it all at once and flood the market. Causing a massive drop in Bitcoin value. Essentially destroying Bitcoin.
He says it’s impossible for Bitcoin to be a global currency because big entities like the US, the EU, Asia, and Russia will simply say no. Drop it and continue to print their own worthless money at whatever value they want.
The US dollar will never be backed by Bitcoin or any other crypto because it then makes it, so they can’t control/manipulate the currency. He’ says it’s not regulated and will be too easy for organizations like terror cells or drug cartels to move money, and the governments of the world will destroy crypto before this is allowed to happen. I tried to argue how exactly do those organizations move money now? It’s not through crypto. It’s through cash. He says yeah, that cash is easily traceable, unlike crypto.
Another one of his talking points is they will never let fiat currency be backed by crypto because it would allow private billionaires and corporations to dictate the value of the crypto through manipulation. I tried to ask how that is different from now, but he insists it’s because the USD is backed by a government and a country with a standing military. He says now the value is set by the govt and not the billionaire.
He says that yes, Bitcoin is worth a lot right now because the guys that hold it and create it hype it and have to say it’s the future, or it will lose all value once interest is lost. I am also new to this crypto world to have a logical or well-thought-out argument, but it’s frustrating and makes me start doubting my faith in what I believe is the only logical next step in-world currency.
I guess my question is, am I crazy? He makes good points, but I can’t imagine that this current trajectory the world is on financially is sustainable for much longer without the introduction of a crypto-based system. What am I missing? Help me with the argument!
If you have read this content up to this point. I just want you to know that Bitcoin will never be worthless. It doesn’t matter what the government thinks or tries to manipulate bitcoin because they have already lost the fight. The real users of bitcoin don’t need anyone to have control over their funds.
It’s simple as that, no further explanation, so if you want to join the party just make up your mind.