Topic: Bitcoin is Set to Become the Next Global Reserve Currency - page 2. (Read 314 times)

Look at the attitude of Russia and China towards Bitcoin. Do you believe that these super countries will accept Bitcoin as a reserve currency? Me not

The points highlighted as the reasons why bitcoin would be the next global reserve currency isn't enough. Being immune to seizure and censorship wouldn't take the cut; it also has to be fully accepted by a good number of countries as a form of currency in order for it to work, otherwise it's just a stockpile of non-liquid asset that could drastically fall in value overnight.

It's true that the US weaponizes its currency and takes great advantage of it. Then again, it has cemented its title on the global economic scene as the world's reserve currency because US made it so. It just isn't achieved overnight, and the US has to prove that its currency is superior and it has successfully achieved just that. Given the enormous number of places in which the USD is accepted, it will be hard to dethrone it from the spot it currently enjoys.

Bitcoin has a long way to go, and it certainly isn't on the path to become a currency of a nation or a financial tool that will be of great use. This is not to belittle the capabilities of bitcoin but to just tell the truth of what it is vs what it is not.

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The US dollar has been the global reserve currency for the last 60 years or so. However, Russia and China are both indicating that they want to move off the US dollar system, having voiced concerns over how expensive it is, and the fact that the US weaponizes their currency on a shockingly frequent basis (see Iraq, Eritrea, Haiti, Laos, Lebanon and around 25 other countries with US imposed sanctions and embargoes). However, if we’re being realistic, we need a global reserve currency of some kind. That’s where Bitcoin comes in. Bitcoin is set to become the next global reserve currency – here’s why.

Why Bitcoin?
Bitcoin might not be a perfect currency yet, given that it’s prone to volatility and has far less liquidity than other global currencies, but it’s definitely a good option. Unlike the US dollar, Bitcoin is immune to seizure and censorship. Whether you’re an individual or an entire country, the option to resist seizure and censorship is probably of much more importance than volatility, liquidity, or adoption. Bitcoin can’t be taken away from you, unlike the US dollar.

The US will continue to weaponize the dollar, and will face increasing resistance for it. As this happens, belief in Bitcoin’s functionality as a means of bypassing seizure and censorship will grow, and we’ll see the US dollar falter as a reserve currency.

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