True enough. We have advancing use of it in trouble area like Zimbabwe and Venezuela, but that is different from other economies, perhaps less mature black market, larger in scale or speed, etc.
Also although BTC rose to $14k in the Zimbabwe non-coup, most of the development was before now, when BTC’s fees are reaching $5 and take 24h. We don’t know if that presages abandonment or a flip into LTC, Bitcoin Cash, Monero, or Dash, but it suggests Bitcoin Classic is now better suited to multi-million transactions than a broad public support whose everyday transactions could provide a floor. If that’s the case, then when those rich transactors get disrupted, the demand may fall. Or not. No one yet knows.
“…debt was able to support a rising standard of living..” Crack me up. Yes, when I racked up that $25k in credit card debt it really “supported my standard of living.” Oh wait, it didn’t support anything, it hallowed out and undermined my standard of living, but did allow me to perpetrate a fraud on my family and neighbors ’til the sheriff showed up. How many times do we have to learn debt is not money. Debt is the OPPOSITE of wealth and money.
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