I dont get it. Blockchain is a wallet startup. 40mm wont kill the 13 trillion financial services industry. I expect both markets to co-exist.
Let's say i want to take a mortgage to buy a home. Will i ever get a 3% fixed 30yrs bitcoin loan , i doubt it and even if someone is willing to why would i pay off in BTC when the value is so volatile and supply is limited.
There is tremendous potential for bitcoin technology but let us not fool ourselves by thinking the world will move away from fiat.
"I expect both markets to co-exist."
Well you are thinking rationally. But you are not thinking like say criminal mind. Say I'm superpowerful mafia and I can get it ALL why I would share anything with you?
Why was gold attacked and removed from financial system? (as currency backing) because it was threat to central bankers. Central bankers want in debt countries that they owe to central banks. Politicians like no limit spending, so they are on the same side. Gold backed currency was obstacle. As is now bitcoin.
There's a workaround that. Gold as money through Goldmoney. :)
You're right, @ssd213 Fiat may be knocked about, but not knocked out. It is still 13 trillion plus collosus. Has BTC crossed USD 100 billion yet?
Beyond fiat, gold is also an option.
The way the wheels are turning there may be no fiat, at all. The mainstream media is prepping us for the next collapse.