Bitcoin did not devalue Bitcoin and the prices of Gold is still on the rise.
Just for reference, the national debt of South Africa is in the hundreds of billions, more than 200 billion. His argument is solely on the grounds that Bitcoin will always rise in the future, which may or may not happen. I would think that reducing corruption within their country is a better way to solve their debt issues. If not, Bitcoin would just be an easier way to move money around their pockets.
His argument is very stupid and doesn't make any sense in real world. You can't become rich by holding Bitcoin. Someone has to buy lots of Bitcoins at each step of Bitcoin development and the demand should be very high. Then, you should be able to sell Bitcoin at a high price but in this case someone doesn't become rich automatically, they become rich because someone gave up on their fiat and gave to them in exchange of Bitcoin. How does the crash work? Someone buys at the pinnacle and then the price crashes, buyers buy it at each step of fall and long story short, in the end, imagine a pool where everyone throws money and the ones who take it the first are the winners.
I don't say that Bitcoin is pyramid or any sort of it, don't get me wrong, I simply say that it's impossible for everyone to become rich by owning Bitcoin. I think that it happens on the expanse of others, like early adopters being millionaires and billionaires now but modern adopters can't get that much wealth because Bitcoin won't grow that much anymore.
