I don't think bitcoin can or will replace fiat but the two coexisting might work (at least if a crypto has better throughput - can take a enough transactions a minute).

Primarily using bitcoin might be problematic as current inflation encourages spending (including investments) with a deflationary currency, while enough profits will be made to return more to shareholders than a deflationary currency would offset, investors would likely be nervous/confused about them being able to do that.

Close to hyperbitcoinization?? LOL! We haven't yet started and I don't see it happening in our lifetime unless and until we see a nuke war happening amongst the Nuke powered countries. Bitcoin's adoption rate is definitely increasing but as an investment and not as a currency system. Whatever is happening in Russia and Ukraine, is actually an exception. It can't become a practice for the other countries unless they face extinction through a nuke war.

A lot of people within this community, prefers bitcoin as an investment because we have seen its potential. But when it comes to use as a currency, a very very minor insignificant fraction of people are actually able to do it.

bitcoin already is a global currency. .. thank you internet.

but bitcoin wont become:
a world reserve that national governments rely on
a "one world currency" where everyone uses only bitcoin and not other native/crypto currencies

bitcoin does not need to become a 'one world currency' nor replace government fiats.
bitcoins purpose is to be an open secondary choice to hedge against fiat

EG
keep the fiat so people can make their debt and write-it-off in bankruptcy, while hoarding their wealth in private on bitcoin.

we may see 2 'world reserve' crypto-currencies, based in 2 economic zones
the BIS(asias version of world bank) project called the m-bridge. which is a asia based system that connects to europe and the slavic countries. offering bridges between multiple countries CBDC

and the world bank(americans world bank) project called the hyperledger. which is american based system that connect to europe and other continents offering access between multiple countries CBDC

in short. there seems to be becoming 2 'world system' which were formally dubbed 'amero' and 'brics' but now being made into things like 'bridges/hyperledgers to connect national CBDC like the e-cny

CBDC's are basically stablecoins without the blockchain, using smart contracts instead. where eventually they will choose which CBDC to then base as the medium of exchange reserve to measure other CBDC against

I don't think that Bitcoin will ever replace fiat currency mainly because of its volatility. It's difficult to imagine paying for something in Bitcoin knowing that its value can double in short period of time. Vice versa how to accept Bitcoin knowing that its value can significantly decrease in short period of time? So, Bitcoin won't replace fiat as a payment but it is replacing it as an investment. Also, I don't think that governments of big countries like US and China will ever support Bitcoin or any other crypto coz they tend to control their finances. They rather issue their digital currencies which they will use as fiat replacement.

We are closer to the artificial centralization of Bitcoin than we are to hyperbitcoinization.  This latter term will never be a thing unless the entire world's system is overturned.  They are trying to slowly turn Bitcoin into what they want to achieve with CBDC's.  Know everything, control everything.

There is a huge will for governments to fight for their power and they are willing to fight Bitcoin.  If you see what EU is trying to do with Cryptocurrencies, how the average human uses it and you use a bit of common sense you would get why this is just an utopian thought and nothing more.

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Regards,
PrivacyG

It's gonna happen yes, but we are absolutely nowhere near close it to happening. And to note, I don't think it's going to replace fiat, more like coexistence of sorts where people are able to pay with both at their own convenience. As for why we're not close to it, you can literally look around the world, at the rate of adoption, and what's happening with Bitcoin as a mode of payment. Almost only big companies/stores are the ones accepting it as payment, we can't exactly use it to pay for a large majority of stuff afaik, though that doesn't mean there's nothing.

It will happen. We only don't know when. Bitcoin will be like other things which can not be restricted completely by governments. Sexual industry, gambling industry, addictive drug industry etc.

Furthermore, Bitcoin has huge potential by its technology, its total supply, and its decentralization. Regulations will be approved and go into enforcement by governments but they will not be able to kill Bitcoin. The longer the time goes, Bitcoin will reach to more people, its network will become bigger and healthier. If governments can not kill Bitcoin now, they won't be able to kill it next 10, 20 or 50 years.

No chance. Bitcoin in its current form is simple nowhere near efficient enough to cope with the sheer volume of transactions and it is power hungry compared to existing payment networks. It has also become more of a commodity, where millionaires and billionaires have bought up huge chunks simply to sit on it forever as another asset, taking vast amounts of what would otherwise be functional traded currency out of circulation. Bitcoin laid the groundwork for a very powerful idea, a decentralized and transparent payment system, but even the internet was not perfect in the first few decades of existence - many improved versions came out making  the original obsolete.

That's because most people only see Bitcoin as an investment rather than a currency for day-to-day purchases. But I believe that will change in the future, as governments embrace Bitcoin in every way. El Salvador was the first country to adopt Bitcoin as legal tender, with many more to follow suit (hopefully) as the pioneer cryptocurrency becomes more popular worldwide. I wouldn't say Bitcoin is expensive and slow since we already have a scaling solution dubbed "The Lightning Network". For mainstream payments, the LN works like a charm. With instant transactions and dirt-cheap fees, Bitcoin can reach the masses like never before.

What's really stopping "hyperbitcoinization" from become a reality is the Fiat standard. Since most of the things are valued in Fiat, Bitcoin's price fluctuates like crazy on the market. Only a collapse in the current monetary system powered by central banks and governments alike will push us forward towards the complete decentralization of the global economy. The chances of this happening are very slim, but anything's possible. Who knows what the future of Bitcoin will look like? Just my thoughts

Bitcoin is still an optional digital asset that will coexist with FIAT, it is undeniable that bitcoin still has a big risk for now. Different regulations in each country prevent bitcoin from being fully adopted. El Salvador is indeed an example of a country that actually does full adoption of bitcoin. “Hyperbitcoinization” still seems to be a buzzword and it hasn't gotten to the level that actually made bitcoin to the top.