Last Sunday, the price of bitcoin touched an all-time price high at $58,354 per unit and surpassed a $1 trillion market capitalization. Bitcoin’s value has dipped since then, but the decentralized crypto asset’s market still captures a large $900 billion valuation. On February 26, the director of the Economic and Social Research Council (ESRC) warned that bitcoin’s growing value and success may lead to a technocratic dystopian society that rivals “the kings and emperors that ruled over empires in centuries past.”

Hyperbitcoinization: ‘A Voluntary Transition From an Inferior Currency to a Superior One’

Almost seven years ago back in 2014, Daniel Krawisz wrote about and created the term “hyperbitcoinization,” in order to describe how fiat currencies will rapidly lose value and Bitcoin supplants them. Krawisz explained what demonetization is and one specific type that is often talked about these days called…

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Source: https://news.bitcoin.com/hyperbitcoinizations-small-minority-economist-says-bitcoins-growing-success-will-lead-to-perverse-consequences/