Chairman Powell made some waves by stating how cryptocurrency failed to serve as a payment system. This is something that many want to take exception with yet it is true.
In this video I discuss how people approach cryptocurrency like it is a stock, hence now wanting to part with it. We have to alter this and the answer is stablecoins.
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Well some not stable crypto do stab me in back
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BEER.As the dollar continues its collapse into nothing while carrying all "stablecoins" down with it, why would merchants want to accept it over something that is actually being stable against inflation like bitcoin?
If you visit Cuba you'll find that merchants there will accept dollars for anything. After all its a far better store of value than what their local government has with the peso. This seems the likely outcome for the world too. As more and more merchants wake up to the fact that dollars are being devalued left and right, why would they want to continue accepting that over something that has an actual monetary policy that makes sense and isn't going to be changed by centralized governments?
You kind of have to treat crypto like a stock. That's how the IRS taxes it. It's not entirely the reason crypto fails as a currency. But, it's a big reason in addition to focusing on price.
The biggest issue is that people don't know how to use crypto either. The tools for doing so easily are slowly being developed and it doesn't change the fact that people don't like to deal with stuff they don't understand. Which is why we need easy to use tools.
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Sellers will start accepting crypto when enough demand is there. So far there isn't much reason for demand to grow. Expectation of growth makes velocity of crypto very low. Those cashback programs on stablecoins might offer a little incentive, compared to standard fiat purchases. But overall, growth expecting assets are unlikely to be much involved in commerce.
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