how the traditional tools used by central banks to regulate money supply, such as market operations, are likely to become irrelevant when it comes to cryptocurrencies like Bitcoin. This is because Bitcoin's supply is not influenced by central bank actions, but is instead fixed and determined by its underlying protocol. This represents a significant shift in how we perceive and understand currency, and renders conventional methods of monetary control, such as open market operations, ineffective in the context of cryptocurrencies. The widespread adoption of Bitcoin will strip central banks of their mechanisms to respond to economic downturns, posing new challenges for the traditional financial system.
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