Topic: Do you think Bitcoin will lead the world's current market (Read 543 times)

All countries will not accept it because there are domestic economies that need to be supported, and bitcoin is not stable in order to use it as a means of payment,so countries do not accept it, which is logical.Perhaps in the future more countries will show interest, but it will definitely not be at the official level.

Until now there are still many countries that reject bitcoin, even many countries that are very strictly banned bitcoin, this is what is an obstacle to the development of bitcoin, but we have to be happy with the growth in the number of users so that the use of bitcoin is increasing, and of course bitcoin's function can never be like fiat because bitcoin is in a different position than fiat.

Now Bitcoin is starting to be adjusted by several countries for important matters such as payments as has been implemented by the Saudi Arabian state at this time where they have started to make leeway rules on cryptocurrencies and Bitcoin for international trade matters. So Saudi Arabia has also decided to accept Bitcoin and cryptocurrencies as additional payment options besides US dollars and their own country's currency.

After 48 years of ties solely with the US dollar, Saudi Arabia's Minister of Finance, Mohammed Al-Jadaan, said the kingdom was open to trading in currencies other than the US dollar. The remarks follow Chinese President Xi Jinping urging Gulf monarchs to accept yuan for oil, and Riyadh officials saying in March the country would consider accepting Chinese currency. Saudi Arabia's Move Away from the US Dollar Signals a Changing Economic Landscape. Source: news.bitcoin.com

The Kingdom of Saudi Arabia is a West Asian Islamic state with an area of over two million square kilometers and a population of 33 million people. Saudi Arabia has a petroleum-based command economy that generates one of the largest GDPs in the world, consistently being in the top 20 countries in terms of GDP. Legal bitcoin is Saudi Arabia. One can exchange and buy Bitcoins in Saudi Arabia.

However, Saudi Arabia's financial authorities issued a warning about Bitcoin trading and offered no protection for cryptocurrency-related losses. There are ATMs for Bitcoins in Saudi Arabia and maintain Bitcoin exchanges. The country's government is currently liberalizing its political and economic structure, making Saudi Arabia more hospitable to foreign investment and emerging startups. Source: cointelegraph.com

Even if bitcoin is widely accepted and used worldwide, it will never replace the US dollar or dominate the currency market as OP asks. Our world is a centralized world, and everything is controlled, so it is impossible for a decentralized currency to dominate the entire world market. I think the first person that will prevent that from happening is none other than the US, they will not give up any tricks if there is another asset or currency that wants to replace the dominance of the USD. Or if the US no longer dominates the world, there will be another country replacing the US, and they won't let that happen, they will prioritize their currency.

It cannot be said that Bitcoin is absolutely safe heaven, simply because it is one of the products of the market that is affected by the global circumstance and is subject to all its rules. During periods of dollar recovery, it is not possible to notice the extent to which Bitcoin is affected by this, but this can be seen clearly during crises, as I mentioned in my previous comment, where money loses its value due to the difficulty of making electronic transfers in addition to the risks of using cash. Take two important examples: the Corona crisis and the entry of the world into a prolonged quarantine period, as well as the Ukrainian war, which made Ukrainians need Bitcoin to receive foreign aid and carry out small transactions.

They have their own world, like in fiat, where the USD is the strongest and it is still not possible to change it as it is widely accepted in all countries. In crypto, bitcoin is also the strongest as it is transparent and decentralized, and we also use it as a payment method and send money easy and fast. It is just a bonus that we also use it as an investment as it has a high price. So for now, because there are still countries that have no internet or lack of technological structure, it is difficult for them to adapt to Bitcoin, which is why fiat is still the only solution and can't be exchanged with others.

Even though bitcoin is very well known in the crypto world, not all countries accept it. Some countries accept it and some don't. And it may not be easy for bitcoin to become the top currency. Because the US dollar remains the most important money in the world.

No, I don’t see it leading the current market, not even in the future. Because bitcoin is never designed to change the financial system and replace US dollar from its position. It is created so that people will have another option for payment method aside from fiat. And to think that most of the countries are still not open about bitcoin, not legalizing bitcoin as a currency, so it will always remain as an asset rather than a currency. And knowing how volatile its price is, people will only get confused if they consider it as a payment method.

Bitcoin also suffer during that time, have you seen the trend? We are just starting to recover from the effect of pandemic and the war, Bitcoin is not a safe haven just like the think of many here because it happened that it also follows the economy of the bigger countries. Well, Bitcoin will remain Bitcoin and it will never be the top choice when it comes to cryptocurrency simply because its serve its different purpose. Fiat money will be the lead option, followed by digital currency of course.

Bitcoin will only dominate in the crypto world, it is different when it comes to global trade because it was too hard to defeat USD. Well, I don't think that the US will also give up and give full support to Bitcoin when they know that they can't control and manipulate it. Perhaps, it is not a competition for what currency to dominate globally because Bitcoin is just been designed to be an alternative currency. People will make their decisions and pick which one is preferred for them.

More country is withdrawing from the US and holding gold. And after many cycles (3 IMO), you can see bitcoin has gained more and more reputation. So I am confident to say that bitcoin will soon become a top asset in the world market. The world is shifting toward digital. More and more devices are able to connect to each other and blockchain technology is everywhere. How bitcoin is used will determine its place in the future and you can see that many people are storing bitcoin for long term.

not only this.  Bitcoin has proven its efficiency in times of crisis.  It represents the best solution in war zones, where it is difficult to move and obtain money.  The Corona crisis was a global pandemic in which Bitcoin managed to spread more and gain people's trust.  And today Bitcoin is on the way to becoming a hero of all times, not just crises.

Bitcoin is already #1 among cryptocurrencies, and I think it will stay this way. Similarly, the USD is at the top in the world of fiat currencies. Although not quite, as it seems that at east by market capitalization, Chinese Yuan might be bigger (or not, I'm getting different results online, and I'm confused on this part). However, the USD is much bigger by official foreign exchange reserves, and the Chinese Yuan isn't even in the top-5. It's a little hard to compare fiat and cryptos because it's uncertain which metric should be used for fiat dominance. If the question is whether Bitcoin will surpass fiat currencies (either the USD or another top currency) by market cap, then it's possible that it will surpass a top one (after all, dollar's total circulation is 2.1 trillion, which isn't a totally unattainable value for Bitcoin (in terms of market cap)). If it's about a global reserve, I think it's less likely. If it's about actual regular usage as money, it's way less likely.

The influence of bitcoin is getting stronger and now more and more people are active in using bitcoin, negative campaigns carried out by haters do not affect it because Bitcoin has a solid global community and feels to get many benefits from Bitcoin, it is natural that in the future Bitcoin will be stronger and I'm sure there will be many a country that inaugurated Bitcoin.

The answer to this question will be more political than economic. Will we move from the unipolar stage, where there is one central reserve currency, or will we witness more currencies? If we are going to see more currencies, then this means that there are alternatives to the dollar, which will be gold and some other monetary currencies.

Bitcoin in its current form and current market capacity will not be a replacement, but who knows what will happen in several years.

Especially during the pandemic many started investing in Bitcoin,
Bitcoin will continue to grow so for sure it will be more interesting to wait,
Regarding legalization, I don't think it's easy to see many countries legalizing Bitcoin, but anything can happen.

It could happen but it must first go through a series of very long processes. Now, not all rulers are happy with the existence of bitcoin, even some of them want to get rid of it, that is the real challenge. Also bitcoin has to compete with the ruling governments in various countries. It would not be possible for the current currency that leads the world market to want to be shifted by bitcoin, they will definitely do everything they can to prevent that from happening.

Bitcoin continues to grow and often becomes trending on social media or on television, many countries are afraid that bitcoin is banned but slowly now more and more countries are legalizing bitcoin so that it makes a surge in users, and if bitcoin can last another 15 years then many countries will now banned will soon legalize.

It is not only the volatility but being decentralized, giving the government a hard time, if not impossible, to control its market.  We all know that the government always wanted to control everything because the government believe that controlling things is for the benefits of its citizen.

Although government had seen the potential of Bitcoin and blockchain technology, they are still hesitant to fully adopt it because they are having a hard time  creating regulation on the said cryptocurrency.  As a result, the government will only see Bitcoin as an alternative to their fiat currency.

Well, I am no expert but for crypto or bitcoin to become a reserve currency, there will a series of tests and other factors to consider. According to what I had read before, there are things like economic stability of the certain country but in the case od crypto I think due to its volatility it'll be quiet a challenge, but it also doesn't mean the chances are zero. Again I am no expert I only knew about it from somewhere when I was browsing about the next reserve currency.