Fella,
My tuppence worth is that bitcoin is not going to replace fiat anytime soon. Its possible it has the potential to do that, but not in short to medium term.
Instead it will, it is, acting as a store of value. Why is it doing this?
Well, ant dee, has linked Mike Maloneys video and I would recommend they as viewing too. I would also recommend the previously mentioned economist Jim Rickards. Both put forward compelling and convincing arguements for gold. But neither are convinced of bitcoin.
I had good fortune to engage Mr Rickards on an online forum once and posed the question "what advice for the working poor? Access to gold is hardly feasible?" Mr Rickards somewhat fudged his answer, without any specific response to the point I raised.
The point being, that Rickards and Maloney, whilst convincing in their advice to invest in precious metals are not talking to people who are struggling to stand still. They are talking to people who already have skin in the game, people with wealth in property, stocks, bonds, art, antiques etc...etc.... They advise, that those people should keep a store of gold to protect themselves from on-coming economic turbelence, due to currency instability from QE, market manipulation and widespread fraud.
David McWiiams has an interesting piece in IT yesterday focusing on how much productivity has grown in Ireland, but wage increases, in comparison, are stagnant. Its not just an Irish issue, but an issue across Western economies, resulting in political turbelence such as minority governments, Trump, Brexit etc...
So if, economic turbelence is on the cards, via fiat devalutions, as Rickards, Maloney and others forecast (I think their arguements are compelling). And if you are a wage earner with little to no access to other funds, how can you protect yourself, and what you value, in the event of economic instability, or the next recession which may threaten your job?
Can you save your cash deposit? Whats the interest rate? Can you invest in stocks? Perhaps, but with fees etc and in general value of stocks will fall as recession looms. Can you invest in gold? Not practical.
Or can you embrace the onset of the digital age and invest in cryptocurrency, built on blockchain technology, that is easily accessible and disposed of? Well, yes you can.