According to Stefan Molyneux, a well-known Canadian leader, it is essential to acknowledge free-fall in exchange rates, and especially to recognize the exponential growth rate of BTC.
Molyneux says: “It's not so much that Bitcoin is going through the roof - it's that fiat currencies are in free fall, but only Bitcoin is noticing.”
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For many decades, governments had absolute control over the global financial sector and monetary policy through the currency system. Due to this, the US Federal Reserve had the opportunity to inflate the offer of reserve currencies and manipulate the most widely used form of money in the world.
In the interview with Fox Business, significant electronics retailer Overstock CEO Patrick Byrne said that in the next few years fiat currencies will continue to fall as investors and the market are moving to decentralized money and the state.
The lower exchange rates are the only form of decentralized currency. Bitcoin and other cryptocurrencies on the market will eventually overtake reserve currency.
“You think that’s a bubble? What do you think that fiat currency you carry around in your purse is? This dollar stuff, it’s just some fiat currency based on … the surplus taxing authority of the US Treasury of which I assert there is zero ... It’s about time the world switches to real money. Either gold or Bitcoin,” said, Byrne.
Currently, two forms of money or assets are not subject to control and manipulation by governments - Bitcoin and gold. As Indian government demonstrated at the end of 2016, gold can be confiscated and returned to authorities at their request, due to the physical characteristics.
BTC confiscation of users’ funds and assets is not possible when users store them on the platform that does not relate to a deprivation of their rights, and they have full control over private keys and funds.
One of the main advantages of Bitcoin over gold is transportability. Gold is a viable store of value, given that investors can store a vast amount of money in the asset. However, the gold pass is difficult especially abroad.
Bitcoin will continue to evolve as the fall of fiat currencies
Considering that Bitcoin is the only viable alternative to fiat currencies, the decline of government-issued money will continue to bring more investors and ordinary consumers into the BTC market.
Thus, Byrne noted that the price of Bitcoin could reach $1 million in the long run. It will surpass the reserve currencies and challenge the gold market.Byrne noted that the price of Bitcoin could reach $1 million in the long run. It will surpass the reserve currencies and challenge the gold market.
“We have all these currencies since Bretton Woods, fluctuating against each other, and maybe the dollar hasn’t gone to zero against these currencies, but all of them have gone down 95 percent ... versus something that they can’t control like … gold and Bitcoin. So Bitcoin may be on its way to a million for all we know,” adds Byrne.