Bitcoin News: In a Q&A session during the Tampa Meetup, Tone Vays, a well-known trader and Bitcoin (BTC) proponent, asserts that by the next bull, BTC will be spent much more, citing the relationship between hardest money and weakest money.
Vays firstly argues the use cases BTC, he stated it is “not necessarily” just a Store of Value. He elaborates if the currency is the hardest money and people will always spend the weakest money. Also, they will get paid in the hardest currency but would like to spend in the weakest ones.
“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 added a similar scenario can be observed with Bitcoin Cash, currently, the currency is down by 2.3% of that of BTC. 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 BTC […] 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”
Vyas further inferred that when the price of BTC hikes, people spend more BTC as the price goes up, while 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. 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.”