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Why Bitcoin Will Take a Long Time to Dethrone the Dollar

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Byrne Hobart, a CoinDesk columnist, is an investor, consultant and writer in New York. His newsletter, The Diff (diff.substack.com), covers inflection points in finance and technology. 

The most optimistic bitcoin investors are hodling out for one thing: the rapturous bitcoin rally known as “hyperbitcoinization.” The hyperbitcoinization thesis goes like this: Every saver in the world – individuals, companies, financial institutions, central banks – needs to own assets that maintain their purchasing power. If an asset, or the currency it’s denominated in, starts to lose purchasing power, this can set off a cascade of selling. And ...

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