- Aug 25, 2001
That actually dovetails nicely with what I've been believing and saying the last few months, that we are going to see a bifurcation of "the market", into two different types of currency.Tesla started accepting bitcoin as payment last night. But it's interesting they're planning on holding on to bitcoin they take as payment rather than converting it immediately to fiat currency. Pretty much all other companies that take bitcoin as payment does the opposite and immediately converts the bitcoins into fiat currency to minimize their risk. So Tesla end goal is not fiat but rather more bitcoin. Very interesting.
"Hyper-inflation currency" (Fiat, USD) and "inflation-proof currency" (Bitcoin, possibly others).
Fiat will still be useful, for buying bread, milk, and paying the rent in public housing. It will be essentially a "poor person's currency". Items of necessity will secretly be subsidized, and the CPI manipulated (it already is!), to HIDE the fact that Hyper-inflation is slowly happening NOW.
Bitcoin, will be the "preferred", if not ONLY currency, accepted for "Luxury" items, which may eventually include personal vehicles. (Unmanned/driver-less "individual public transport" will be the primary method of transport for "the poors", think the MBTA meets Uber.)
GPUs will be sold in Bitcoin. Rolex watches (and Hermes scarves) are going to be sold in Bitcoin. Basically, anything of real and tangible, durable value will be sold in Bitcoin.