The Future of Bitcoin

I think with time, if Bitcoin continues to grow in value and becomes a more significant part of the foreign exchange market, the size of each individual transaction will become less significant. Effectively, that doesn't mean it's going to happen tomorrow. But I think the only way that you can end up with a world in which Bitcoin is relatively stable in value is when Bitcoin is the majority of the money in the world. That will fundamentally be determined by time preference. The more people want to hold money, the faster it appreciates. The morepeople want to spend the lower, the less it appreciates., he says.