The Cryptocurrency that Argentina would launch, would be. -It’s a national currency. Exactly it’s the same as a national currency. The fact that you make it digital doesn’t mean anything. It doesn’t mean that you save the economy because now it’s bits and bytes instead of paper! Another point is that all of this turbulence and what’s happening, we’re seeing exotic or low tier currencies getting devalued very much.
Argentina for example. -Yeah Turkish Lira, it’s going crazy! So Bitcoin is the answer to their problem. -If I remember correctly, sorry to cut you off, last year Argentina was talking about launching its own Cryptocurrency to save the economy.
Yeah, I don’t know about that. How realistic is that? I would not consider this realistic, because we have thousands of altcoins now. Argentina’s coin would be just an Altcoin, and it would be backed by the government. If you think about it, the Cryptocurrency that Argentina would launch would be. -It’s a national currency. Exactly it’s the same as a national currency.
The fact that you make it digital doesn’t mean anything. It doesn’t mean that you save the economy because now it’s bits and bytes instead of paper! What matters is, what is behind that. If Argentina is not going well with a Fiat currency, it’s not going to go well with a digital currency, it’s the same thing.
So you are not solving the underlying problem, the underlying problem is to fix your economy, it’s not to baptize your currency with a different name. So no, I wouldn’t know, I am not an expert, it’s not like I live in Argentina and know exactly what’s happening, but I would say that it’s really difficult and they have to overcome a lot of obstacles to manage to save the economy with a digital currency.
I don’t see any other way. -And Bitcoin’s ultimate purpose is to replace Fiat currency. Yeah, I don’t know about that, happening any time soon. -Ten to twenty years from now probably we’re going to see it happen.
I don’t think that it’s ever going to happen, but this is not. Really? -Yeah I don’t see that, governments are going to disappear and no eventually they’re going to replace means you don’t have Euros anymore you don’t have dollars anymore you have Bitcoins instead, no it’s not going to happen.
But what is definitely going to happen is we’re going to have a lot higher percentage of Cryptocurrencies being used related to the Fiat currencies.
Maybe at some point it’s going to be 10% of the Currency circulation is going to be Bitcoin and other Cryptocurrencies, maybe 20 maybe 50%, I don’t see it at 100% in our lifetimes to be honest.
Maybe at some point past our lifetimes. But it’s going to definitely go higher, it’s going to be adopted more.
Now, how much more, I don’t know, would I belong on Bitcoin at the moment, most probably yes but also, you have to be vigilant it’s really volatile, I am telling you there is nothing that says it’s not going to be at 8 thousand in a month or so.