Topic: CAN BITCOIN ABDOPTION CRASH THE US DOLLAR? - page 2. (Read 338 times)
Bitcoin is the digital currency of of upcoming digital world. It’s so popular already among the peoples worldwide which has almost 0% fees. So it can be possible by Btc to beat fiat money one day.
Actually this is not possible; at least in the short run it is totally impossible. You cannot reduce your dependence overnight. Moreover such sudden limits will also worse the situation of this country. Allowing crypto currency will have impact but it will need time to see its significance.
This really seems an impossible feat to achieve in the long run. Also this seems to be a bad idea for the market rather than something good instead.
During the heavy boom of bitcoin last year, when it went to $20,000ATH. I had a thought within me if countries that normally rely on US dollars for their international transactions could crash the dollar in their country when the government agree to direct bitcoin conversions to the fiat of any nations her citizens where going to import goods and services from instead of first converting to dollars and at the point of purchase, they convert back to the other country's currency for onward purchase.
For example, Nigeria is a country that relies heavily on imported goods from other countries since the country is riddled with ineffective government officials. They usually will put pressure on the US dollars forcing their local currency called Naira to fall heavily against the US dollars and other major currencies of the world. However, the naira is been supported or pegged from dramatic free fall in the FX market by defending it with sales from crude oil which the country has in abundance but been mismanaged, as I write, the country has no functional petroleum refinery, so they depend on imported petroleum products majorly from the UK.
Now, my question is that is it possible for the country's naira to strengthen against the dollars when they limit by 80% their dependent on the US dollars and allow business men to adopt bitcoin as means of international transactions? I want to hear from you.
For example, Nigeria is a country that relies heavily on imported goods from other countries since the country is riddled with ineffective government officials. They usually will put pressure on the US dollars forcing their local currency called Naira to fall heavily against the US dollars and other major currencies of the world. However, the naira is been supported or pegged from dramatic free fall in the FX market by defending it with sales from crude oil which the country has in abundance but been mismanaged, as I write, the country has no functional petroleum refinery, so they depend on imported petroleum products majorly from the UK.
Now, my question is that is it possible for the country's naira to strengthen against the dollars when they limit by 80% their dependent on the US dollars and allow business men to adopt bitcoin as means of international transactions? I want to hear from you.
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