Echoing @balajis and @jdcmedlock's bet that the US dollar will soon hyperinflate and #Bitcoin will reach $1 million in 90 days, I'm betting 500€ with @tripu with the same object. For the public record, we posted the terms on our respective blogs: blog.fidelramos.net/cryptocu… blog.tripu.info/btc-bet/ 👇👇👇👇👇👇👇👇👇👇👇👇👇👇 If you don't know about the original bet, definitely check it out first: xitter.cf/balajis/status/1… 👆👆👆👆👆👆👆👆👆👆👆👆👆👆 Now, do I think it likely that the US dollar hyperinflation will happen in 90 days? Possible but not likely. I think it was an exaggeration by @balajis to draw attention to two big problems: 1. The US dollar will likely hyper-inflate in the upcoming months/years as the Federal Reserve will print trillions of dollars to cover deposits. 2. US dollar holders will have a hard time exiting their positions as possible exits get closed or hindered by the US government. This is called Operation Chokepoint 2.0, it has been happening for months and I have experienced it first hand. By the time hyperinflation arrives most people will not have a good way of getting rid of their dollars, it will be too late. Hence this bet to raise the alarm early. To better understand the geopolitics that are coming into play for the upcoming months and years I recommend reading @CryptoHayes's Exit Liquidity article: blog.bitmex.com/exit-liquidi… And for the zoom-out view of the rise-and-fall of civilizations and the historical moment we are currently living on, check out Principles for Dealing with the Changing World Order by Ray Dalio, brilliantly summarized in this video: youtube.com/watch?v=xguam0TK… All this is very focused on the United States, the situation for Europeans is not as clear cut: the euro is not global reserve currency; the European banking system might not be in such a bad shape; Europe just approved a very comprehensive regulation of cryptocurrencies (MiCA, read about it at xitter.cf/paddi_hansen/sta…) that is clearer and friendlier than the situation in the USA. But with Europe being so attached to the USA a crisis there will ripple, much worse than the 2008 crisis, and besides we have our own share of unique problems around the European Central Bank and its printing of euros to bail out some of the more financially irresponsible countries. A little bit of tension might be the straw that breaks the euro's back and ends the European common currency. There is one more likely risk as Western economies crash: that states attempt to seize their citizens' cryptocurrencies to pay off their debts. In the US this would be an echo of the Executive Order 6102 (en.wikipedia.org/wiki/Execut…), which forced Americans to forfeit their gold to the state. In Europe we have a long tradition of asset seizures, so it shouldn't be hard to pull off on behalf of the "public good" or labeling cryptocurrency holders as traitors. Cryptocurrencies are harder to seize as they are not physical, but I would expect them to try. So after all this doom-and-gloom, what can we do to prepare? We need to hold assets that cannot be debased by the central banks: gold and cryptocurrencies being the top ones, and the latter being the easiest to hold and move around. I consider rational to try to put a number to the probability of these events unfolding, and hedging part of your savings proportionally. Not taking action bears its own risk. On the other hand if you don't believe there is any risk, that this is all apocalypse talk, then keep going on about your business, nobody is forcing you to do anything. Just don't say you weren't warned and don't gang up on "crypto people" for keeping their wealth as fiat money eventually collapses. I will state clearly that I'm not a BTC maximalist, on the contrary I prefer other cryptocurrencies over BTC for having better technology, scalability and/or usability. I do expect BTC to keep appreciating in value because of its network effect and sheer inertia, but in a future where a large amount of the population discover they actually do need cryptocurrencies for their financial independence they will want to use ones that work and are useful, and BTC does not and is not because of its artificially limited scalability. For me it's fundamental to have cryptocurrencies that can be used directly as peer-to-peer electronic cash, and to have economies and markets that are outside the states' control. That was the original goal of Bitcoin: to allow digital payments without intermediaries, without censorship and with low fees. BTC abandoned that electronic cash objective years ago in favor of a "store of value" and "digital gold" narrative, which works fine as long as its price keeps going up. I can write in more detail if there is interest, but I recommend doing your own research about Monero (XMR), Bitcoin Cash (BCH) and eCash (XEC). We will have some historically rough years ahead, I wish you all the best.