Max Keizer believes everything will be priced in Bitcoin eventually – CryptoMode

Max Keizer made some interesting comments during the Plan B forum in Lugano this week. He believes that eventually everything will be priced in bitcoin. It may seem idyllic, although dealing with hyperinflationary prices is no walk in the park either.

Can everything be priced in Bitcoin?

Most BTC enthusiasts would like to walk into a store and see prices in Satoshi rather than US Dollars, Euros or other fiat currencies. Such a scenario is not impossible, although merchants are not up to the task yet. However, Bitcoin is not considered a currency by most people and shop owners, and having goods priced in bitcoin is more complicated. Therefore, a total abandonment of the fiat currency system will primarily require a significant attitude-oriented overhaul.

Despite its popularity as an investment, traders have yet to warm to bitcoin. While some retailers accept it as payment, many others do not. Even those who accept it tend to charge a hefty markup. In order for customers to pay with cryptocurrency, they must first convert their money into another currency through a third-party service. Not all merchants want to deal with the hassle of accounting for bitcoin transactions.

The advantage of using bitcoin is that it is cheaper than credit cards. It is also more convenient than handling cash and storing it. Nevertheless, the value of BTC tends to fluctuate every second. That makes it difficult to have everything priced in bitcoin, as these values ​​may only sometimes be accurate. Consumers want to avoid unwelcome surprises when they head to the checkout and see their BTC bill increase. A decline would be welcome, but not for the retailers. Finding a balance will be crucial.

Like Max Keizer points out, it would require abandoning the fiat system. No more worries about converting USD or EUR to BTC and vice versa. Bitcoin must become the de facto currency globally for that to happen. Countries such as El Salvador and the Central African Republic are leading the way. However, the Western world will likely wait to follow suit. For such a change to occur, it may require a total collapse of the Euro and USD.

Makes Bitcoin easier to use and adopt

If everything was priced in bitcoin, it would be easier to use BTC. It remains one of the main obstacles to wider adoption. Even with initiatives like the Bolt Card, it takes time and effort to find merchants that accept bitcoin. Not because of the need for more practical solutions to do so. The general mindset is ill-prepared to deal with anything that gives financial freedom to retailers and consumers.

Changing that mindset will require broader educational efforts. As inflation wreaks havoc globally, the demand for alternative solutions should increase. People know that BTC exists, but they still favor other solutions that link them. Although bitcoin is a volatile asset, so are the many fiat currencies globally. The big difference is how BTC can go up in value and purchasing power, while fiat only goes down. In the latter case, it is an inevitable cycle that few people are willing to admit exists.

It’s a shame we don’t see more retailers accepting bitcoin, even though it’s cheaper than credit cards. It would be great to see more people involved in this exciting new technology! Unfortunately, that also means it will take a while for everything to be priced in bitcoin, although Max Keizer believes it’s only a matter of time.

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