No. I said that if the country is going to switch currency, from example pound to euro, then the government will facilitate that switch even though the pound is going to become worthless. But you are kinda hitting the nail on the head. The government will make sure they have Euros to exchange to and they will “take a loss” when people bring their pounds for exchange (I won’t get much into the will they go bankrupt question because the US has 32? trillion in debt and the US hasn’t gone bankrupt so I’m not sure if countries even can go bankrupt).
Now apply those two question to crypto and answer them. Let’s say one day people want to switch from bitcoin to something more viable (which is a very realistic thing to happen because the underlying tech can depreciate) who is going to facilitate that currency exchange? Who is going to stock up on this new currency and who is going to buy the now worthless currency?
No. I said that if the country is going to switch currency, from example pound to euro, then the government will facilitate that switch even though the pound is going to become worthless. But you are kinda hitting the nail on the head. The government will make sure they have Euros to exchange to and they will “take a loss” when people bring their pounds for exchange (I won’t get much into the will they go bankrupt question because the US has 32? trillion in debt and the US hasn’t gone bankrupt so I’m not sure if countries even can go bankrupt).
Now apply those two question to crypto and answer them. Let’s say one day people want to switch from bitcoin to something more viable (which is a very realistic thing to happen because the underlying tech can depreciate) who is going to facilitate that currency exchange? Who is going to stock up on this new currency and who is going to buy the now worthless currency?