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Topic: Bitcoin Replacing U.S Dollar as the global Reserve Asset (Read 463 times)

hero member
Activity: 2688
Merit: 588
The major reason that will pave the way for bitcoin to become the global reserve asset is the fact that Bitcoin has a fixed calculating supply of 21 million Bitcoin which can not be added and this makes the currency immune to inflation.
I don’t think that Bitcoin is becoming a global reserve any time soon, there are some countries that doesn’t accept it, and we are yet to know if it’s going to be accepted worldwide. It is not just about being worth a million dollar per Bitcoin, there is a lot more that goes into being a global reserve. But, whether it’s a global reserve or not, that’s not what matters, there is something that matters more than that, and it’s all about whether you’re benefiting from it. If you’re not benefiting from something ,then no matter what it is, it’s of no use to you. So, I don’t really look at all that being a global reserve and the rest of them, as long as it’s working for me, then I’m going for it.
sr. member
Activity: 1428
Merit: 252
In my insight when it comes to this topic it will probably become true that bitcoin will replace U.S dollar as a global reserve asset its because the upcoming generation bills money or coins will remove and it will change with the e-money or lets say crypto currency like bitcoin. Some country is now a cashless society thats why its possible to happen that the whole world will become a cashless thats why covid 19 virus created to make it possible in the near future.

The world's financial problems are very complicated and solutions are needed to make world finance easy, if the world can't be united with one currency then we have a strong community to make the world accept bitcoin, that is our long term hope so bitcoin can solve global financial problems.
sr. member
Activity: 532
Merit: 250
bitcoin replaces US dollar as global reserve asset,?? I don't think this will ever happen because Crypto Assets are very volatile - look at bitcoin - and because they are not really useful as a store of value, bitcoin is not backed by anything. They are more of an asset for speculation.Between the tug of war central digital bank currencies and cryptocurrencies There are stable coins. These tokens counter the volatility seen in cryptocurrencies by tying up the value of more stable assets such as government-issued currencies.
legendary
Activity: 1974
Merit: 2124
The main point of invention of bitcoin was decentralised P2P payments without any third party intervention and all this happening on a trusted network with security without any double spend issue and bitcoin solved this.But why we are we always speculating that it will replace fiat and used as reserve assest? The more adoption will increase when government regulates it and people use it as normal payment system like fiat over LN to avoid any fees related issues and making as many possible transactions.This is how we need to think of bitcoin and not as government will back it up as reserve asset because they are trying to fool you as US dollar have not been backed up and there are no federal reserve but only proclaimed policies of government.Bitcoin will find it's best way to grow as it has grown without any third party support and all those FUD and it is bubble so we can speculate its growth when all are ready to adopt it and remember the supply is limited to 21 million but it's not really the same due to lost coins and 1 million with Satoshi Nakamoto so have it soon without thinking anything.
member
Activity: 504
Merit: 57
@Kittygalore well, that is the simple truth duo but again things change may be in the future Bitcoin will gain adoption from more countries around and if the world trade organizations (WTO) adopt Bitcoin then countries will not have any other choice than to accept Bitcoin as a global reserve.
member
Activity: 868
Merit: 63
Due to the US economic recession, the sustainability of the U.S. dollar as the world's main reserve currency has been tested.
Although Bitcoin is a good currency and asset, it is impossible for it to replace the U.S. dollar as the world currency.
Bitcoin is a new type of encrypted digital currency that has emerged, and there are still many problems. Its price fluctuates greatly and cannot be used as a stable currency.
Bitcoin is only accepted and used by a few countries, and some countries are opposed to cracking down on and prohibiting the use of Bitcoin.

Even if it's tested due to recessions in the country, there's always a political intervention that will prevent a lot of country from agreeing that USD shouldn't be a reserve currency, and they've maintained their value even during that recession. Also, I feel like it's not going to be a good idea to use a volatile asset/currency as a reserve, you don't want to have less money when you really need it right?
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
You can't use 12 years of performance to make reliable forcasts into the future.
I'm seeing Bitcoin as something inevitable to success. Since the genesis block, it seems to me, personally, that it constantly grows in terms of serious adoption. Non-authoritarian governments can't stop Bitcoin, because they're developing far better than the authoritarian ones. They, supposedly, provide this freedom to the people. Maybe we're heading towards a more revolutionary era and internet might kicked the hornet's nest.

I think that the non-authoritarian governments have come to a dead end. I, indeed, thought, wrongly make assumptions from only twelve years of performance.
jr. member
Activity: 71
Merit: 5
Due to the US economic recession, the sustainability of the U.S. dollar as the world's main reserve currency has been tested.
Although Bitcoin is a good currency and asset, it is impossible for it to replace the U.S. dollar as the world currency.
Bitcoin is a new type of encrypted digital currency that has emerged, and there are still many problems. Its price fluctuates greatly and cannot be used as a stable currency.
Bitcoin is only accepted and used by a few countries, and some countries are opposed to cracking down on and prohibiting the use of Bitcoin.
full member
Activity: 462
Merit: 100
The Standard Protocol - Solving Inflation
I don't really think this will happen. It is too ideal, to begin with.

I concur with this opinion and the majority of responses. We would like Bitcoin to become a global reserve asset replacing the USD, but if that happens it will take a long time. It has some intrinsic characteristics that could allow it to be so in the future, such as its deflationary nature, but as of today it is more a fantasy than a reality. Would states and central banks have to buy Bitcoin for their reserves as well, for that to happen, and that is not likely to happen in the near future. .

The interesting part about Bitcoin becoming a global reserve currency would be that nobody could make Bitcoin that on their own. It would be the result of a common understanding that nobody suggested, but which Bitcoin causes everyone to gravitate towards with their opinions. It is not like there is a strong economy backing it (like in the case of the USD), but just the nature of how Bitcoin is and how it influences global decision making processes, it will cause nations around the world to consider it as a new global reserve asset. If that common understanding were to develop overtime, whether or not a single nation doesn't like it also doesn't matter. There is no choice but to accept it. Interesting thought experiments are imminent about this idea.
legendary
Activity: 2828
Merit: 1515
It's nonsense, there's no relation between inflation and global reserve asset.

To become global reserve asset need a lot requirement :
1. Flexible to convert and can be used in foreign countries.
2. Stability and transparent
3. Every countries accept and trust it.

Bitcoin can be global reserve asset when the price is already million, so it's will be more stable and of course every countries already accept since they already believe about Bitcoin. But 2025 is too soon, probably 10-25 years more we can see Bitcoin become global reserve asset.

I think he was saying that Bitcoin can't be inflated through creating new coins, because you can't.

Regardless, you can still have inflation if the banking intuitions on the governmental level start taking on debt in the form of securities that they can't pay back. You still end up increasing the money supply because you're interjection fiat onto private institutions which will then distribute the money through loans and such. Now, with Bitcoin you're not going to increase the supply of coin so BTC acting as a global reserve isn't a bad idea. It'll keep governments honest when they want to go out take on trillions in asset liabilities and want to mess with the inflation rate.
hero member
Activity: 1302
Merit: 503
If a currency becomes a global reserve asset, it must be accepted by all countries in the world.

As an emerging cryptocurrency with a history of more than ten years, Bitcoin has not yet been accepted by everyone, and some countries have even cracked down on banning the use of Bitcoin.

Bitcoin's price fluctuates greatly and is unstable, and it cannot be used as a stable currency. At present, it is impossible for Bitcoin to replace the U.S. dollar as a global reserve asset.

Bitcoin requires legality from all countries in the world in order to become a global reserve asset. And for now it is impossible for that to happen,
because there are still some countries that reject Bitcoin. But with Bitcoin's performance continuing to improve, it is expected that confidence
in Bitcoin will continue to increase. I know it's not easy for all countries to accept Bitcoin, but let Bitcoin show its quality. I believe even though
it is a long process, in the end Bitcoin can be trusted as a global reserve asset.
- The figures you said make me imagine that bitcoin has been accepted by the majority of countries and only a few are against when in fact a few are not against but the vast majority are hating anything related to bitcoin, its quality and performance is not the problem, the problem is how to convince the users to give it up and give it to the government at a friendly price to become a global reserve asset. Property coercion is also possible but freely providing information is everyone's right, they don't like to take inventory of property, reserve is also not applicable
legendary
Activity: 1372
Merit: 2017
I don't really think this will happen. It is too ideal, to begin with.

I concur with this opinion and the majority of responses. We would like Bitcoin to become a global reserve asset replacing the USD, but if that happens it will take a long time. It has some intrinsic characteristics that could allow it to be so in the future, such as its deflationary nature, but as of today it is more a fantasy than a reality. Would states and central banks have to buy Bitcoin for their reserves as well, for that to happen, and that is not likely to happen in the near future. .
full member
Activity: 1736
Merit: 116
If a currency becomes a global reserve asset, it must be accepted by all countries in the world.

As an emerging cryptocurrency with a history of more than ten years, Bitcoin has not yet been accepted by everyone, and some countries have even cracked down on banning the use of Bitcoin.

Bitcoin's price fluctuates greatly and is unstable, and it cannot be used as a stable currency. At present, it is impossible for Bitcoin to replace the U.S. dollar as a global reserve asset.

Bitcoin requires legality from all countries in the world in order to become a global reserve asset. And for now it is impossible for that to happen,
because there are still some countries that reject Bitcoin. But with Bitcoin's performance continuing to improve, it is expected that confidence
in Bitcoin will continue to increase. I know it's not easy for all countries to accept Bitcoin, but let Bitcoin show its quality. I believe even though
it is a long process, in the end Bitcoin can be trusted as a global reserve asset.
hero member
Activity: 3038
Merit: 617
I don't think US is going to like that idea although we will see China and Russia bolster their support of bitcoin as a reserve currency because they've always wanted to dethrone especially China, the dollar as a reserve currency for many countries because they see them as a competition.

Its not the primary goal of BTC but if it becomes a reserve currency, China wil be the first to jump to celebrate. They've been praying for USD's defeat for so long, some believed this is the goal of their CBDC. The over printing of USD today seem to be funny for their government.

Will it be good for us if most if not all countries will be using decentralized currency except China?
sr. member
Activity: 2436
Merit: 455
With the mainstream and institutional adoption of Bitcoin, the coast is becoming clearer to analyze bitcoin becoming the global reserve currency if the current trends continue till 2025 I see bitcoin rendering the present reserve system useless because Bitcoin will outperform another global reserve asset in terms of price and market cap and circulation reason being that.

Factors that will put Bitcoin over the U.S dollars as global reserves.

1. The major reason that will pave the way for bitcoin to become the global reserve asset is the fact that Bitcoin has a fixed calculating supply of 21 million Bitcoin which can not be added and this makes the currency immune to inflation.

Unlike the U. S dollars, the government can print additional currency notes at will, which makes it prompt to inflation, and has no calculating supply.

With the current global economic meltdown, which gave birth to a high inflation rate, the world trade union will not hesitate to replace U.S dollars with a currency that has a fixed supply and market dominance like Bitcoin in the future when the enabling environment is created.

WHAT ARE YOUR VIEWS ON THIS?

I don't really think this will happen. It is too ideal, to begin with.

I have a question. If you belong to the government, would you invest in something knowing that it is volatile? I think not. It has a low probability that the government would invest in something with a value that is highly volatile because the funds will be at a very big risk. When the market crashes, their funds will be compromised as well. Hence, why would they pick bitcoin to be a reserve asset?

In addition, the decentralized nature of bitcoin is non-negotiable for them. They can't control it because it is their nature in the first place. No matter how hard they try to regulate it, they can't totally erase the decentralized nature of bitcoin. They can't manipulate it and they can't just produce it and print it like what they usually do with fiat such as dollar whenever things go haywire. And they don't want that. The government loves to take control and take over almost everything, hence bitcoin and any cryptocurrency will be the last on their list if ever they will try to replace US dollars in global reserve.
member
Activity: 742
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Global peace initiative
the opps is looking at it from the economic and inflation perspectives and as that bitcoin have a long way to go in becoming a global asset, the level of bitcoin acceptance is still low and many countries of the world don’t recognize bitcoin as a legal tender.
member
Activity: 1120
Merit: 68
I don't think US is going to like that idea although we will see China and Russia bolster their support of bitcoin as a reserve currency because they've always wanted to dethrone especially China, the dollar as a reserve currency for many countries because they see them as a competition.
jr. member
Activity: 238
Merit: 2
In my insight when it comes to this topic it will probably become true that bitcoin will replace U.S dollar as a global reserve asset its because the upcoming generation bills money or coins will remove and it will change with the e-money or lets say crypto currency like bitcoin. Some country is now a cashless society thats why its possible to happen that the whole world will become a cashless thats why covid 19 virus created to make it possible in the near future.
hero member
Activity: 3164
Merit: 937
A financial asset can serve as a global reserve,only if it has a stable and predictable price.
This is the first requirement.I'm not going to discuss mass global adoption and the other requirements.
Does Bitcoin have a stable price?Nope...
It think that this discussion is pretty old and you didn't add anything new to the table.
Your theory is that Bitcoin will replace USD,only because it has scarcity.
Well,diamonds also have scarcity.Are diamonds accepted as a global reserve asset?Nope... Grin

jr. member
Activity: 54
Merit: 14
If a currency becomes a global reserve asset, it must be accepted by all countries in the world.

As an emerging cryptocurrency with a history of more than ten years, Bitcoin has not yet been accepted by everyone, and some countries have even cracked down on banning the use of Bitcoin.

Bitcoin's price fluctuates greatly and is unstable, and it cannot be used as a stable currency. At present, it is impossible for Bitcoin to replace the U.S. dollar as a global reserve asset.
legendary
Activity: 2030
Merit: 1189
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.
legendary
Activity: 3024
Merit: 2148
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.  Roll Eyes

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.
legendary
Activity: 3136
Merit: 1172
Leading Crypto Sports Betting & Casino Platform
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.  Angry

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.
legendary
Activity: 3178
Merit: 1054
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!

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.

legendary
Activity: 1512
Merit: 7340
Farewell, Leo
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.  Roll Eyes
member
Activity: 742
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Global peace initiative
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.
member
Activity: 116
Merit: 11
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.
legendary
Activity: 3542
Merit: 1965
Leading Crypto Sports Betting & Casino Platform
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.  Angry
member
Activity: 504
Merit: 57
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.
member
Activity: 116
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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.
legendary
Activity: 2716
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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.
hero member
Activity: 2926
Merit: 657
No dream is too big and no dreamer is too small
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.
sr. member
Activity: 1400
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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.
hero member
Activity: 2618
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DGbet.fun - Crypto Sportsbook
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.
legendary
Activity: 2114
Merit: 2248
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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.
legendary
Activity: 3024
Merit: 2148
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.
sr. member
Activity: 1313
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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 .
member
Activity: 504
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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!

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.
If you read through the thread carefully, you discover that all the items you mentioned towards the end of your last paragraph are clearly discussed, Bitcoin's major advantage that will put it at the top as a reserve asset is its deflationary value because of its limited calculating supply.
legendary
Activity: 1512
Merit: 4795
Leading Crypto Sports Betting & Casino Platform
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.
legendary
Activity: 3080
Merit: 1500
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!

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.
legendary
Activity: 3178
Merit: 1054
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!

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.
legendary
Activity: 3080
Merit: 1500
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!
member
Activity: 504
Merit: 57
Bitcoin can be global reserve asset when the price is already million, so it's will be more stable and of course every countries already accept since they already believe about Bitcoin. But 2025 is too soon, probably 10-25 years more we can see Bitcoin become global reserve asset.
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.
legendary
Activity: 2282
Merit: 3014
Count me in as a bit skeptical for anything like this happening.  I think that there are way too many countries right now that simply will not allow bitcoin to present on any sort of platform of theirs, let alone adopt it as the world's reserve currency.  Also, bitcoin has to act more so like a currency in order for it to be considering as the worlds reserve currency.  It is currently too slow and too expensive.
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
Bitcoin is, socially, something new. It may replace the dollar as a global reserve currency in the far future. I actually believe that it's a matter of time; that it is inevitable.

Although we shouldn't hold our breaths. Even if it never does, it'll surely be a recognized currency due to its resistance from the government. People usually seek for revolutionary solutions. Bitcoin will always be seen useful by some people and that's a fact whether the governments choose to use it or a small community of crypto anarchists.
hero member
Activity: 1305
Merit: 511
With the mainstream and institutional adoption of Bitcoin, the coast is becoming clearer to analyze bitcoin becoming the global reserve currency if the current trends continue till 2025 I see bitcoin rendering the present reserve system useless because Bitcoin will outperform another global reserve asset in terms of price and market cap and circulation reason being that.

Factors that will put Bitcoin over the U.S dollars as global reserves.

1. The major reason that will pave the way for bitcoin to become the global reserve asset is the fact that Bitcoin has a fixed calculating supply of 21 million Bitcoin which can not be added and this makes the currency immune to inflation.

Unlike the U. S dollars, the government can print additional currency notes at will, which makes it prompt to inflation, and has no calculating supply.

With the current global economic meltdown, which gave birth to a high inflation rate, the world trade union will not hesitate to replace U.S dollars with a currency that has a fixed supply and market dominance like Bitcoin in the future when the enabling environment is created.

WHAT ARE YOUR VIEWS ON THIS?

We are able to see the topic like this over a huge period.The reason behind this was very simple.Over 70 percentage of world population is holding of crypto currency for now.If the bitcoin replaced the U.S Dollars,we can able to see many new millionaire in a couple of days.If you want to became a billionaire,you need to hold the coin for 6 months after the exxchange.
legendary
Activity: 1288
Merit: 1081
Goodnight, o_e_l_e_o 🌹
The 21million cap you see as a factor for btc to becoming a global reserve currency is also its limitation. Have you also considered its volatility? Who will reserve wealth in a highly unstable asset you don't control?
Have you thought about the scalability issue?
Besides, its legal requirement and regulations across different countries is a limitation to it being a global reserve.
Let btc be what it is created to be and the most important to me is its sustainability and not to control the world.
legendary
Activity: 1834
Merit: 1208
It's nonsense, there's no relation between inflation and global reserve asset.

To become global reserve asset need a lot requirement :
1. Flexible to convert and can be used in foreign countries.
2. Stability and transparent
3. Every countries accept and trust it.

Bitcoin can be global reserve asset when the price is already million, so it's will be more stable and of course every countries already accept since they already believe about Bitcoin. But 2025 is too soon, probably 10-25 years more we can see Bitcoin become global reserve asset.
member
Activity: 504
Merit: 57
With the mainstream and institutional adoption of Bitcoin, the coast is becoming clearer to analyze bitcoin becoming the global reserve currency if the current trends continue till 2025 I see bitcoin rendering the present reserve system useless because Bitcoin will outperform another global reserve asset in terms of price and market cap and circulation reason being that.

Factors that will put Bitcoin over the U.S dollars as global reserves.

1. The major reason that will pave the way for bitcoin to become the global reserve asset is the fact that Bitcoin has a fixed calculating supply of 21 million Bitcoin which can not be added and this makes the currency immune to inflation.

Unlike the U. S dollars, the government can print additional currency notes at will, which makes it prompt to inflation, and has no calculating supply.

With the current global economic meltdown, which gave birth to a high inflation rate, the world trade union will not hesitate to replace U.S dollars with a currency that has a fixed supply and market dominance like Bitcoin in the future when the enabling environment is created.

WHAT ARE YOUR VIEWS ON THIS?
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