Quote:
Originally Posted by Kafka
Same for banks. If 1% cashed out. Banks are broke.
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bitcoin and a national currency are not the same...a national currency has governments, institutions, courts, the entire legal system, armies and the filthy rich and powerful standing behind it...bitcoin does not...there is no reason to cash out currency in developed countries because it is accepted in many forms like credit card or bank wire...bitcoin is not...
you can not buy shit with bitcoins even though newegg.com accepts them 99% of all merchants will never ever accept bitcoin...on the other hand 100% of all merchants accept national currency...
even if 0.1% of bitcoins wanted cash out this would be 100 million...aint no exchanger got that...the top 100 exchangers simply do not have 1million on average each...I dont think there is 100 exchangers for bitcoin TBH...
now its super fair to say that most bitcoin owners are speculators...speculators will want that lavish lifestyle and want to cash out and live the easy life once their bitcoin grows to say 20.000$/bitcoin...just 0.1% of them have to decide that its safer to cash out...game over...