Nothing we say will make it such as the government fund reserves see BTC as the global reserve asset that quickly. And, it makes sense.
The coin and technology devised from it is absolutely amazing, extremely innovative but we are still far off from having BTC on that scale, the infrastructure to support this wide adoption is not yet there. Yes, it would be great (in time) to become a global reserve assets but to make that happen there's so much more work to do...The lightening network is an example of the improvements required to make such large-scale adoption.
Topic: Bitcoin Replacing U.S Dollar as the global Reserve Asset - page 2. (Read 382 times)
As long as most of the Bitcoins are owned by individuals, they won't. But, even with these fluctuations it has achieved increasing by 180% every year since the first halving on average. So, for a country, it'd be very profitable to adopt it all these years. It may still is.
Gold was also owned by individuals few centuries ago, I don't know if that tells you anything. I know, I've become pretty bullish, but that's how I picture it.
Gold was also owned by individuals few centuries ago, I don't know if that tells you anything. I know, I've become pretty bullish, but that's how I picture it.
You can't use 12 years of performance to make reliable forcasts into the future. Sure, governments could theoretically put a small fraction of their reserves into Bitcoin, but OP is talking about replacing US dollar, the most popular reserve currency in the world. Imagine a poor country converting 40% of their reserves into BTC and the height of a bubble, see it crash 80% over a few months and now they are unable to provide basic government services. Government can't and shouldn't gamble with their peoples money.
Gold is a poor example, it has been used by humanity for thousands of years, and even early governments held it in their treasuries.
This is simply a pipe dream and not something that governments will ever allow. Do not underestimate governments commitment to preserve their local Fiat currencies. The US as a economic super power, will protect that status with violence... like we have seen with previous administrations. (Bush)
The reason why they are doing this, is because they can manipulate "supply" of the reserve currencies and they do not have that power to manipulate Bitcoin. The closest you will ever see Crypto currencies becoming a reserve currency, is when governments develop their own government coins (GovCoins) ..where they control the mining/protocol/developers ...etc.
The reason why they are doing this, is because they can manipulate "supply" of the reserve currencies and they do not have that power to manipulate Bitcoin. The closest you will ever see Crypto currencies becoming a reserve currency, is when governments develop their own government coins (GovCoins) ..where they control the mining/protocol/developers ...etc.
Yes, that's true. The government will never allow Bitcoin to take control as a alternative currency. If this happens then the government will lose control over the financial system of the country. And no government will allow this.
Lol! I don't see it happening ever. Unless,
1. China attacks America with nuke and vice versa and then both countries disappear
2. Hyperinflation enters US
3. Taliban overtakes Washington DC
In a nutshell, US has to fall from the position of a superpower for bitcoin to become a reserve currency. Also most other nations should not be in a position to become another superpower.
Government dislikes anything that is not controlled by them. So I don't see it happening ever!
1. China attacks America with nuke and vice versa and then both countries disappear
2. Hyperinflation enters US
3. Taliban overtakes Washington DC
In a nutshell, US has to fall from the position of a superpower for bitcoin to become a reserve currency. Also most other nations should not be in a position to become another superpower.
Government dislikes anything that is not controlled by them. So I don't see it happening ever!
you can actuallly forsee it coming because all these super power countries today seem preparing for war. even UK that isn't too powerful is trying to portray like they are in South China Sea. for now you can see skirmishes in Lebanon, Afganistan which Biden is once again sending troops.
if BTC becomes Digital reserves without war, then all the.series of debates about crypto bill amendment are just soap opera.
Let everyone be prepared for war! But an actual war amongst the super powers are very very unlikely to happen! There will be wars in middle east or similarly weaker countries. But when it comes to super power, no wars will take place. So if you think China will engage in war with US, that's a negative. US understands their power well and vice versa. If super powers engage themselves in war, that will be the end of the humankind. So neither war will ever happen, not bitcoin will become the world's reserve currency.
we will see. but an empire about to step down, i don't think they'd just allow that to happen without a fight. $1.5T for an infrastructure bill, you know how much is allocated for buildings and roads and bridges? it's only $110B. cybersecurity budget is just $47M.
the rest are for military weapons. how do you see what will happen when US warships are in the Crimea Sea which is closer to Russia who they make it appear as the boogey man of the world.
Why would governments hold something as volatile as Bitcoin in their reserves? The lives of millions of people in each country depend on those reserves, now imagine there's the usual 50% "dip", how would a country survive that?
As long as most of the Bitcoins are owned by individuals, they won't. But, even with these fluctuations it has achieved increasing by 180% every year since the first halving on average. So, for a country, it'd be very profitable to adopt it all these years. It may still is.Gold was also owned by individuals few centuries ago, I don't know if that tells you anything. I know, I've become pretty bullish, but that's how I picture it.
If you have been following recent development in legislation and policies, you discover that government in drawing means for cryptocurrency regulation and bitcoin is on the center stage of this development which will ultimately make bitcoin a legal asset but for bitcoin to become the world global exchange currency will take some decades to achieve that status due to so many factors such as price stability and decentralized nature of bitcoin.
Bitcoin is very volatile. Its development has proved its long-term preservation of value as a store of value, but it has not been accepted by all countries in the world as a currency transaction. Many countries are still banning the use of Bitcoin. Bitcoin must be accepted by the world more like a currency before it can be regarded as the world's reserve currency. But now it seems unlikely that Bitcoin will replace the U.S. dollar as the global reserve currency, and there is no sign that the world may abandon the U.S. dollar anytime soon.
This is simply a pipe dream and not something that governments will ever allow. Do not underestimate governments commitment to preserve their local Fiat currencies. The US as a economic super power, will protect that status with violence... like we have seen with previous administrations. (Bush)
The reason why they are doing this, is because they can manipulate "supply" of the reserve currencies and they do not have that power to manipulate Bitcoin. The closest you will ever see Crypto currencies becoming a reserve currency, is when governments develop their own government coins (GovCoins) ..where they control the mining/protocol/developers ...etc.
The reason why they are doing this, is because they can manipulate "supply" of the reserve currencies and they do not have that power to manipulate Bitcoin. The closest you will ever see Crypto currencies becoming a reserve currency, is when governments develop their own government coins (GovCoins) ..where they control the mining/protocol/developers ...etc.
Due to the U.S. economic recession, the sustainability of the U.S. dollar as the world's main reserve currency has been tested, which may cause the U.S. dollar to fall from its status as the world's reserve currency.
From the current point of view, Bitcoin has withstood the test of the market.
This year alone the government has printed up to 60 billion dollar which are injected into the economy as the stimulus package to help sustain the dwindling economy but this can only increase inflation and at that the world need a deflationary currency with a fixed supply just like Bitcoin to serve as the global exchange currency. From the current point of view, Bitcoin has withstood the test of the market.
The U.S. government’s monetary policy in response to the epidemic has continuously increased the issuance of currency, which has caused depreciation panic. Due to the U.S. economic recession, the sustainability of the U.S. dollar as the world's main reserve currency has been tested, which may cause the U.S. dollar to fall from its status as the world's reserve currency.
From the current point of view, Bitcoin has withstood the test of the market. As people’s worries about the future of the world’s reserve currencies are increasing day by day, there is now a pattern of currency diversification in international reserve currencies, and Bitcoin is now more trustworthy than the U.S. dollar. Many investors bought bitcoin in large quantities during this period. Many believers believe that bitcoin is a basic asset for breaking through centralized control and realizing financial democracy. Bitcoin's decentralization and scarcity will also have the opportunity to obtain the status of reserve assets, and may enter a new era of global reserve assets.
From the current point of view, Bitcoin has withstood the test of the market. As people’s worries about the future of the world’s reserve currencies are increasing day by day, there is now a pattern of currency diversification in international reserve currencies, and Bitcoin is now more trustworthy than the U.S. dollar. Many investors bought bitcoin in large quantities during this period. Many believers believe that bitcoin is a basic asset for breaking through centralized control and realizing financial democracy. Bitcoin's decentralization and scarcity will also have the opportunity to obtain the status of reserve assets, and may enter a new era of global reserve assets.
Bitcoin's pros and cons are still there. Bitcoin is indeed growing every day and is becoming a very valuable digital currency today. several countries have started to legalize the use of bitcoin especially the country of El Salvador which uses bitcoin as a legal payment option in addition to using their own currency. but not all countries legalize bitcoin.
To become a world currency and become a global reserve asset is still a long way off, because Bitcoin is still new. There are many problems that exist in bitcoin that make it unable to become a global reserve asset.
Bitcoin is still a highly volatile speculative asset. become a commodity asset as a digital investment that is in great demand today.
To become a world currency and become a global reserve asset is still a long way off, because Bitcoin is still new. There are many problems that exist in bitcoin that make it unable to become a global reserve asset.
Bitcoin is still a highly volatile speculative asset. become a commodity asset as a digital investment that is in great demand today.
The current state of bitcoin is in no condition can be used as widely used currency nor to replace the current financial system, the long transaction time and the high fees make it difficult to be used for the day to day microtransactions that are what makes most of the global economy, so saying that bitcoin can replace the us dollar as a global reserve is an impossible thing at least for the current state, and not to mention the high volatile price that it has.
Bitcoin is growing day by day not just the price itself but along of its currency adoption. But its not enough really to replace US dollar and make it as the world's reserve currency. Bitcoin is not even a legal currency yet that is highly supported by the government and i think it will take a long way processing before it can be counted as one.However, since US dollar is into its deflationary state, then people would surely want to have another currency that will be more convenient to them. And bitcoin is definitely is in the right track. Once its high volatility will be controlled by the government, then maybe bitcoin will become a worlds currency in the near future.
The current state of bitcoin is in no condition can be used as widely used currency nor to replace the current financial system, the long transaction time and the high fees make it difficult to be used for the day to day microtransactions that are what makes most of the global economy, so saying that bitcoin can replace the us dollar as a global reserve is an impossible thing at least for the current state, and not to mention the high volatile price that it has.
There is no requirement of replacement for US dollar and let the cryptocurrency- bitcoin grow on its own. Everything needs to do its own growth and make changes in the global economy. What is the good on US dollar replaced by bitcoin. It might be having the highest adoption rate and increased usage, but it'll serve similar toa currency that is centralized. Let this be the global reserve asset, bit not an replacement for USD.
WHAT ARE YOUR VIEWS ON THIS?
Bitcoin does not need to replace the U.S dollar or any other asset as a global reserve tool. Those currencies are highly politicized and there is a stiff competition to determine which currency is globally accepted. Bitcoin does not need to be part of that politics or does it need to be well defined, each person can use it the way they seem fit.
Why would governments hold something as volatile as Bitcoin in their reserves? The lives of millions of people in each country depend on those reserves, now imagine there's the usual 50% "dip", how would a country survive that? Not to mention that Bitcoin's current scalability is not ready for active use by a large portion of human population, even if just as store of value.
it is not impossible that bitcoin will be able to replace the USD dollar currency as the world's currency at this time, the development of this messaged bitcoin can be said to be very rapid so it has the option to become the number one currency which can be said to be more dominant against the USD dollar, moreover Currently bitcoin is reaching such a high level of popularity especially for digital currencies
Seems to be real fact.Because currently,the U.S Dollar made a huge investors.I had huge amount of investors all over the world.Some dominant of dollar was always their among the bitcoin.But the investing of dollar was always in the bitcoin.So the need of both bitcoin and dollar was inevitable .
Lol! I don't see it happening ever. Unless,
1. China attacks America with nuke and vice versa and then both countries disappear
2. Hyperinflation enters US
3. Taliban overtakes Washington DC
In a nutshell, US has to fall from the position of a superpower for bitcoin to become a reserve currency. Also most other nations should not be in a position to become another superpower.
Government dislikes anything that is not controlled by them. So I don't see it happening ever!
1. China attacks America with nuke and vice versa and then both countries disappear
2. Hyperinflation enters US
3. Taliban overtakes Washington DC
In a nutshell, US has to fall from the position of a superpower for bitcoin to become a reserve currency. Also most other nations should not be in a position to become another superpower.
Government dislikes anything that is not controlled by them. So I don't see it happening ever!
you can actuallly forsee it coming because all these super power countries today seem preparing for war. even UK that isn't too powerful is trying to portray like they are in South China Sea. for now you can see skirmishes in Lebanon, Afganistan which Biden is once again sending troops.
if BTC becomes Digital reserves without war, then all the.series of debates about crypto bill amendment are just soap opera.
Let everyone be prepared for war! But an actual war amongst the super powers are very very unlikely to happen! There will be wars in middle east or similarly weaker countries. But when it comes to super power, no wars will take place. So if you think China will engage in war with US, that's a negative. US understands their power well and vice versa. If super powers engage themselves in war, that will be the end of the humankind. So neither war will ever happen, not bitcoin will become the world's reserve currency.
I don’t think the price of bitcoin has to reach a million dollars before bitcoin can serve as a reserved asset, with a stable price at $100,000 Bitcoin can attain that rank in the exchange market.
What do you think as global reserve? If gold is estimated to worth over $10 trillion dollars while commenting that Bitcoin will replace US dollar as global reserve? Bitcoin is still yet considered as a speculative asset, it is also a store of value as it usually reach all-time-high. Bitcoin will surely still reach $100000 and more, but why implying it replacing US dollar as the global reserve. You may see Bitcoin as a currency, but yet it is an asset, that is why I do not compare Bitcoin to Fiat because of this reason, but if comparing it in such a way that Fiat are inflationary while Bitcoin is deflationary and an appreciative asset, it would have been better. 
Lol! I don't see it happening ever. Unless,
1. China attacks America with nuke and vice versa and then both countries disappear
2. Hyperinflation enters US
3. Taliban overtakes Washington DC
In a nutshell, US has to fall from the position of a superpower for bitcoin to become a reserve currency. Also most other nations should not be in a position to become another superpower.
Government dislikes anything that is not controlled by them. So I don't see it happening ever!
1. China attacks America with nuke and vice versa and then both countries disappear
2. Hyperinflation enters US
3. Taliban overtakes Washington DC
In a nutshell, US has to fall from the position of a superpower for bitcoin to become a reserve currency. Also most other nations should not be in a position to become another superpower.
Government dislikes anything that is not controlled by them. So I don't see it happening ever!
you can actuallly forsee it coming because all these super power countries today seem preparing for war. even UK that isn't too powerful is trying to portray like they are in South China Sea. for now you can see skirmishes in Lebanon, Afganistan which Biden is once again sending troops.
if BTC becomes Digital reserves without war, then all the.series of debates about crypto bill amendment are just soap opera.
Let everyone be prepared for war! But an actual war amongst the super powers are very very unlikely to happen! There will be wars in middle east or similarly weaker countries. But when it comes to super power, no wars will take place. So if you think China will engage in war with US, that's a negative. US understands their power well and vice versa. If super powers engage themselves in war, that will be the end of the humankind. So neither war will ever happen, not bitcoin will become the world's reserve currency.
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