Tone Vays, a well-known trader and Bitcoin proponent, spoke about whether Bitcoin [BTC]’s only use case is a store of value, taking into consideration if the currency is the hardest money and that people always spend the weakest money, in a Q&A session during the Tampa Meetup.
Vays stated that Bitcoin’s use case is “not necessarily” just a Store of Value, adding that people are going to spend the weakest currency but will eventually get paid in the hardest currency. He said:
“So eventually, you run out of weak currency to spend and you have to spend hard currency. Right, so you’re only spending the weak currency while you have it, eventually you don’t have it, eventually you don’t want it, right, if everyone is spending it who wants it”
He went on to say that this is currently seen with Bitcoin Cash, stating that the currency is down by 2.3% of that of Bitcoin. Vays stated that the currency was meant to be spent and not saved, and as a result, everyone spent it and nobody wants it. He added:
“so eventually you run out of the weak currency and you’re left with, while fine I’m a scrooge I don’t want to spend any of my Bitcoin […] you’re driving around a ten year old car. Eventually, I will have to buy a new car right, so eventually I’ll have to spend that Bitcoin”
The Bitcoin proponent stated that this is evident when the price of Bitcoin hikes, people spend more Bitcoins as the price goes up [to buy Lambo], whereas when the price goes down, they sell the currency for fiat. “But as far as buying goods and services and using that Bitcoin in economic activity that goes up greatly when the value of a Bitcoin goes up,” he added. Vays said:
“so at the next bull market you’re going to see a lot more spending of Bitcoin and there will be so much easier with scalability and lightning and micro transactions.”
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