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Topic: Bitcoin a Reserve Currency? (Read 286 times)

member
Activity: 205
Merit: 10
September 16, 2018, 03:48:05 PM
#40
Btc is the best currency ever as it has a powerful potential. To my mind, it is better to keep coins like btc and ether always. You never know when the price may increase greatly and you will earn on the difference
member
Activity: 364
Merit: 13
September 16, 2018, 03:47:10 PM
#39
Bitcoin has not created for such purposes. Bitcoin was created to remove third body in the payments and also make the payment easier and and more secure. But You might right. Bitcoin limited supply has caused it to become a store of value and that's why many people try to have some for future. Bit coin market capitalization might reach gold market in the long term. As charts and price changes over the time show, it's completely possible.
newbie
Activity: 131
Merit: 0
September 16, 2018, 03:32:42 PM
#38
Yes, I actually also thought about this. However, for this, bitcoin needs to grow very much in terms of capitalization ... very much. And after that, yes, it is quite possible.
newbie
Activity: 28
Merit: 0
September 16, 2018, 06:40:39 AM
#37
In recent times, rumors of bitcoin are a lot of FUD news, most of whom do not trust bitcoin and whale manipulation, want to push the price of the bitcoin down and from where they buy. bitcoin at low cost and they will earn a huge amount of money thanks to it.
newbie
Activity: 23
Merit: 0
September 16, 2018, 06:06:32 AM
#36
 I think that we need to design a new better system of global reserve currency, that will handle the global surplus recycling where “the process of adjustment is compulsory for the debtor and voluntary for the creditor” will be replaced with one in which the force of adjustment falls symmetrically upon debtors and creditors.
 I think the purpose of decentralized digital currency like Bitcoin is to provide much needed competition for the fiat currencies, which will make the whole monetary system a lot more fair. In other words, Bitcoin will function as gold before the banks created paper futures contracts that allowed to manipulate the price of physical gold.
newbie
Activity: 21
Merit: 1
September 16, 2018, 05:52:47 AM
#35
I would say no because Bitcoin’s ability to act as a reserve currency isn’t its core strength or purpose. From my understanding, it was created to allow peer-to-peer transactions online without intermediaries and were untraceable. These are features which some individuals might appreciate, but aren’t necessarily useful for larger institutions.

What large institutions look for in a reserve currency is security and price stability. Bitcoin has so far not met those criteria. There have been several high profile cases of theft involving millions of dollars worth of Bitcoins. As far as I know, stolen Bitcoins have never been recovered. As for price stability, Bitcoin simply hasn’t been around long enough to build a user base large enough to stabilize the market and protect it against speculative shocks.
legendary
Activity: 2380
Merit: 1343
September 16, 2018, 05:36:24 AM
#34
So because of the recent downward volatility I have been reading a lot of threads and posts about how bitcoin is a bubble and could crash to zero. I have a different theory: bitcoin will one day become a reserve currency!

Right now countries typically hold US Dollars, Gold and Oil in reserves. The amount of these reserves is critical for smaller countries. Bitcoin is not on that list...yet.

According to the World Gold Council, the total value of all gold ever mined is about $7.8 trillion. The oil market is worth $1.7 billion/per year. There are also 1.56 Trillion USD in circulation.  At the moment, bitcoin is worth around $145.9 billion.

If bitcoin were to become part of the reserve mix for even small countries, its value would skyrocket. I can easily see it having a market cap in the trillions.

Sure we could very well see BTC being a reserve currency in 10 years or something but do you expect those entire 10 years to be just up without crashes and bear markets?

In my opinion, when the bitcoin becomes the reserve currency, it is not yet certain, because there is still a new currency or another backup, and can also still not acceptable bitcoin in all countries

I do not agree if bitcoin is said to be a reserve currency because the volatility of bitcoin is very high and demand more and more even they are competing to get bitcoin. so bitcoin can not be said as a reserve currency because they are a necessity for us.

But volatility will decrease as more money is moved into Bitcoin. Bitcoins price will be a lot more difficult to move up or down if there is $1 trillion+ in the market. The way I see things happening, is Bitcoin will slowly gain adoption through investors (like it has been), and once an ETF goes life, huge hedge funds will have an opportunity to invest in Bitcoin. This will send the price soaring, and other hedge funds that didn't like Bitcoin will fomo into the exploding market at this point. As time goes on, more people will invest in Bitcoin, others will be able to diversify their retirement portfolios into Bitcoin, and the younger generation will pick Bitcoin over gold or traditional investments.

Eventually, governments will pile into Bitcoin as well to increase/diversify their reserves. North Korea is already doing this, as its estimated they have 10,000+ Bitcoin. Once governments start to buy Bitcoin to add to their reserves, the price will climb even higher and stabilize. There will be a ton of money in the market at this point, and a 1% price movement will be considered huge.

Bitcoin has been decreasing in volatility, as in 2011-2013, the price could move 50% in one day. Now it's a big deal if it moves 10% in one day. That's because the market is much larger now than what it was.

Volatility is definitely a key factor in whether it will be thrown into the reserve mix.
I also think that as bitcoin ages and the value increases in time its volatility will
become less and less. In my head i figure because of its higher price it will be
more difficult to infleuence.
member
Activity: 322
Merit: 11
September 16, 2018, 03:23:31 AM
#33
Bitcoin is still very far from the reserve federal currency.

Bitcoin has yet to become a common means of payment and only then it will be considered as capital
newbie
Activity: 98
Merit: 0
September 16, 2018, 03:23:14 AM
#32
In my opinon bitcoin currently is not at good price.As People are using bitcoin as for investment and trading purposes so it is the time to reserve them and when there will be right value of price of bitcoin then sale and earn profit.
member
Activity: 280
Merit: 10
September 16, 2018, 02:49:25 AM
#31
It may be closer than we think. Many are calling this current economic environment the “everything” bubble or the “central bankers” bubble. Once it pops it will be the first one where people don’t look to the central banks for, support, confirmation that everything is ok because they’ll realize it was their loose monetary policies that caused the bubble in the first place. We’ll then be in search of a safe, inflation proof, decentralized alternative, cue Bitcoin. Total speculation but one can dream. BTC to $1,000,000. It’s impossible for a government to outlaw it and with current tech u can literally download the main chain from anywhere in the world providing u have a $100 satellite and a solar panel. Whaaat!? It’s gonna change the world.
hero member
Activity: 1360
Merit: 506
August 17, 2018, 01:20:02 PM
#30
So because of the recent downward volatility I have been reading a lot of threads and posts about how bitcoin is a bubble and could crash to zero. I have a different theory: bitcoin will one day become a reserve currency!

Right now countries typically hold US Dollars, Gold and Oil in reserves. The amount of these reserves is critical for smaller countries. Bitcoin is not on that list...yet.

According to the World Gold Council, the total value of all gold ever mined is about $7.8 trillion. The oil market is worth $1.7 billion/per year. There are also 1.56 Trillion USD in circulation.  At the moment, bitcoin is worth around $145.9 billion.

If bitcoin were to become part of the reserve mix for even small countries, its value would skyrocket. I can easily see it having a market cap in the trillions.
I think that no country would even dare to hold bitcoin as their reserve currency because it is of such a high volatile nature and it would affect the country's economy much.
sr. member
Activity: 423
Merit: 250
August 17, 2018, 09:57:37 AM
#29
that is why you need to keep bitcoin and not sell. I think we should follow the news from the USA
newbie
Activity: 105
Merit: 0
August 11, 2018, 10:58:57 AM
#28
Bitcoin is a digita currency. There so many high profile people use bitcoin to save their black money in a small count in few countries. So, in this side bitcoin is a reserve currency in the cryptio world.  Smiley Wink
newbie
Activity: 210
Merit: 0
August 11, 2018, 09:14:55 AM
#27
it's really not relevant if bitcoin is said to be a reserve currency because bitcoin volatility is very high and more and more demand they even compete to get bitcoin. so bitcoin cannot be said to be a reserve currency because they are a necessity for us. and many need it.
full member
Activity: 532
Merit: 103
August 11, 2018, 09:10:24 AM
#26
I don't think that Bitcoin can play a role of reserve currency. Because to do this it should be very stable in price and strong towards any news. May be during next several years Bitcoin become such currency but not in the nearest future.
newbie
Activity: 104
Merit: 0
August 08, 2018, 11:58:30 AM
#25
Bitcoin will become the world’s sixth largest reserve currency by 2030, according to an investment agency.
newbie
Activity: 66
Merit: 0
July 29, 2018, 09:27:59 PM
#24
Yes it is true many people who use bitcoin usually a lot of people who a lot of money to save money in bitcoin so bitcoin sebgai money backup
sr. member
Activity: 574
Merit: 296
Bitcoin isn't a bubble. It's the pin!
July 26, 2018, 10:38:03 AM
#23
So because of the recent downward volatility I have been reading a lot of threads and posts about how bitcoin is a bubble and could crash to zero. I have a different theory: bitcoin will one day become a reserve currency!

Right now countries typically hold US Dollars, Gold and Oil in reserves. The amount of these reserves is critical for smaller countries. Bitcoin is not on that list...yet.

According to the World Gold Council, the total value of all gold ever mined is about $7.8 trillion. The oil market is worth $1.7 billion/per year. There are also 1.56 Trillion USD in circulation.  At the moment, bitcoin is worth around $145.9 billion.

If bitcoin were to become part of the reserve mix for even small countries, its value would skyrocket. I can easily see it having a market cap in the trillions.

Sure we could very well see BTC being a reserve currency in 10 years or something but do you expect those entire 10 years to be just up without crashes and bear markets?

In my opinion, when the bitcoin becomes the reserve currency, it is not yet certain, because there is still a new currency or another backup, and can also still not acceptable bitcoin in all countries

I do not agree if bitcoin is said to be a reserve currency because the volatility of bitcoin is very high and demand more and more even they are competing to get bitcoin. so bitcoin can not be said as a reserve currency because they are a necessity for us.

But volatility will decrease as more money is moved into Bitcoin. Bitcoins price will be a lot more difficult to move up or down if there is $1 trillion+ in the market. The way I see things happening, is Bitcoin will slowly gain adoption through investors (like it has been), and once an ETF goes life, huge hedge funds will have an opportunity to invest in Bitcoin. This will send the price soaring, and other hedge funds that didn't like Bitcoin will fomo into the exploding market at this point. As time goes on, more people will invest in Bitcoin, others will be able to diversify their retirement portfolios into Bitcoin, and the younger generation will pick Bitcoin over gold or traditional investments.

Eventually, governments will pile into Bitcoin as well to increase/diversify their reserves. North Korea is already doing this, as its estimated they have 10,000+ Bitcoin. Once governments start to buy Bitcoin to add to their reserves, the price will climb even higher and stabilize. There will be a ton of money in the market at this point, and a 1% price movement will be considered huge.

Bitcoin has been decreasing in volatility, as in 2011-2013, the price could move 50% in one day. Now it's a big deal if it moves 10% in one day. That's because the market is much larger now than what it was.
full member
Activity: 1582
Merit: 101
July 26, 2018, 10:31:03 AM
#22
So because of the recent downward volatility I have been reading a lot of threads and posts about how bitcoin is a bubble and could crash to zero. I have a different theory: bitcoin will one day become a reserve currency!

Right now countries typically hold US Dollars, Gold and Oil in reserves. The amount of these reserves is critical for smaller countries. Bitcoin is not on that list...yet.

According to the World Gold Council, the total value of all gold ever mined is about $7.8 trillion. The oil market is worth $1.7 billion/per year. There are also 1.56 Trillion USD in circulation.  At the moment, bitcoin is worth around $145.9 billion.

If bitcoin were to become part of the reserve mix for even small countries, its value would skyrocket. I can easily see it having a market cap in the trillions.

Yes i think so also. One day it will be a Reserve currency for BTC holder. But it will be a challenge for BTC holder to freeze his BTC into an account as hacker are always keeping round around us. But after all if any man can keep his btc in safe side he will be a gainer in recent years and there is no doubt. Maximum county in the world are now come across BTC as they following blockchain technology. So next financial strength will be BTC.
full member
Activity: 664
Merit: 112
Ethernity CLOUD
July 26, 2018, 10:21:51 AM
#21
So because of the recent downward volatility I have been reading a lot of threads and posts about how bitcoin is a bubble and could crash to zero. I have a different theory: bitcoin will one day become a reserve currency!

Right now countries typically hold US Dollars, Gold and Oil in reserves. The amount of these reserves is critical for smaller countries. Bitcoin is not on that list...yet.

According to the World Gold Council, the total value of all gold ever mined is about $7.8 trillion. The oil market is worth $1.7 billion/per year. There are also 1.56 Trillion USD in circulation.  At the moment, bitcoin is worth around $145.9 billion.

If bitcoin were to become part of the reserve mix for even small countries, its value would skyrocket. I can easily see it having a market cap in the trillions.

Sure we could very well see BTC being a reserve currency in 10 years or something but do you expect those entire 10 years to be just up without crashes and bear markets?

In my opinion, when the bitcoin becomes the reserve currency, it is not yet certain, because there is still a new currency or another backup, and can also still not acceptable bitcoin in all countries

I do not agree if bitcoin is said to be a reserve currency because the volatility of bitcoin is very high and demand more and more even they are competing to get bitcoin. so bitcoin can not be said as a reserve currency because they are a necessity for us.
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