>It's desirable to hold only so long as you think someone else will buy it off you for more later.
Of course, that's also true of all world currencies.
Of course, that's also true of all world currencies.
You can do neither with BTC.
World currencies regularly collapse. What people fear might happen to BTC has already happened to the Zimbabwean dollar, the Argentine peso, and many others. It even happened to the denarius during the crisis of the third century. Even with stable currencies, there is plenty of risk to be had in FOREX trading. So... saying that BTC is a lot like every other fiat currency is not so much a complement as it is a neutral observation.
USD, Euro, Yen, etc. are all far more useful as a medium of exchange than BTC. I would argue that their primary usage is just that - a medium of exchange.
Until you can buy most useful things easily with BTC it is not like fiat.
Lastly, if BTC or any other crypto was to grow to the extent that most people were willing to accept it in exchange for goods or services, I believe that governments would be incentivized to shut it down.
Can?!
He probably wouldn't give me change, so my effective exchange rate for Euro->USD would be something like 20x reality, but you gotta pay for convenience.
To be clear: I'm not advocating for unchecked inflation or runaway spending. I think the current US inflation rate is too high and excessive stimulus spending is ill-advised. However, investors have been investing their cash in assets and investments to avoid inflation long before Bitcoin was invented.
The narrative is "HODL" for a reason, not because everyone wants to use it as a currency.