Topic: Do you think Bitcoin will lead the world's current market (Read 559 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.

I doubt that BTC would lead the world's current market given its overall influence and impact in the world.

Sure, there has been an increase of people investing in BTC over the years and its market liquidity is significantly large. But I doubt that it will dominate to the point that it will takeover the dollar and other currencies. Remember that BTC has been banned and prohibited in some countries. That fact alone makes it impossible for it to lead the world market.

Also you have to consider that once BTC dominates, expect tighter and stricter regulation on its end. Countries would try to implement it but there will be some sort of control by the government which could be a double-edged sword in the long-run for us investors.

The problem is that not all countries consider Bitcoin as a common currency, so it still takes more time for Bitcoin to be recognized as a common currency in the world, although this will not prevent Bitcoin from continuing to grow and get promotions from countries that have adopted it. as the legal currency in terms of payment for goods. So it is only about time for Bitcoin to be considered as a common currency in all parts of the world.

US dollar still remains the same nothing changes and nothing added, and as far as i know is always generally acceptable all over the globe. Get this for sure, bitcoin is not created to compete with any banknote or currencies, but it's created to serve a purpose as an alternative means of payment or use of transactions which I strongly believe it have been achieved today, and through bitcoin it gives formation of other cryptocurrency such as the altcoins also serving same purposes as an alternative means of payment the give us rise to a financial freedom.

No, Bitcoin will always be an alternative currency.  Powerful governments will not allow Bitcoin to be their main currency because Bitcoin is decentralized and is not controlled by the government.  the government think that it will be catastrophic if they lose control over their financial system so I think the best position bitcoin have is just being an alternative.  Nothing more.  Bitcoin can lead the cryptocurrency industry but it will not replace fiat currency to dominate the global market.

This is highly possible. Bitcoin can be a general currency spent by the whole world if the world want to have a general currency.

As long as it’s centralized, bitcoin will never have any chance to replace the position of fiat no matter how high it’s adoption rate. And seeing a lot of governments are also not supporting bitcoin, so it’s hard to put bitcoin at the top of the market when fiat will always be in high demand from its users. So you’re right, let’s leave bitcoin as the best crypto investment in the market, not as a currency.

Fiat will never be extinct and will continue to be the only one official currency in the whole world, leaving bitcoin as next to fiat since it’s never intended to compete with fiat in the first place. So even if the adoption rate is  very high, you cannot expect that people will shift easily and leave fiat as easy as that. Although I believe that bitcoin has really that huge potentials to rule the market, but I don’t think all countries government will root for it.

USD is the strongest currency in the world right now, and it doesn't matter that it has recently lost a lot of its value due to inflation - other currencies lost even more. The US is still the dominant global economic, military and cultural power. And there's actually no strong signs that it will change in the near future, so what reason does the world have to switch away from it? Especially switching to Bitcoin, because Bitcoin still hasn't fully solved scaling, and its volatility makes it impossible to plan economic activity, which makes it a rather poor candidate for the #1 currency in the world. Even most Bitcoiners don't actually use Bitcoin as a currency, just a tool to get more US dollars.

For future adoption it is still possible but when it comes to being a leader for the market I think not because the goal from the start was also not for that.
Bitcoin is getting more and more widely known and now their development is even better even though we are still not out of the bearish period this time but in terms of introducing new people it is clear who now does not know and hear about bitcoin even though they are still not fully part of it .

Yeah this is pretty much it. There were people still asking back then if Bitcoin would even take over our local currencies and become a global currency instead. It just does not make sense for me for something decentralized to take over on centralized economy.

I can just imagine Bitcoin being like those alternative payment methods you can see in every e-commerce sites along with the usual other alternatives like credit cards from banks and stuffs.

Bitcoin is acceptable worldwide because it is borderless, and resistant to censorship but the big guys who control the traditional financial market will not allow it to prevail the way it will naturally spread if they don't use their power to suppress it. However, power fade with time, those who think they control it now will some how lose their energy and opportunity for bitcoin will open, that's when you will here that Mr.A has 10 bitcoin worth billions of dollars. The world revolve and the people you think today that controls this traditional finance will become insignificant tomorrow, bitcoin will lead but we should accept it that no matter how valuable bitcoin is, not everyone will like it, that's the reality of life.

Bitcoin is designed to be an alternative currency for fiat and not to compete with it or become the top currency worldwide. Though it could be the top crypto investment, but when it comes to a currency, fiat will always be the official and number 1 currency, and bitcoin is only an alternative. And knowing the fact that bitcoin is decentralized and has high volatility, then people will be confused using it seeing its value is not fixed and is kept on dumping or pumping.

I don't think this will ever happen, no country will be able to be this much sure to sell it's currency to a Cryptocurrency to do a transaction and similarly redeem the cryptos received for a transaction to another currency. This will give a huge foreign exchange exposure to all the countries and their currencies as well. Infact to protect themselves from this most of the countries have decided to forego USD as well so definitely they are not going to move to btc for this.   

Not even to the limit of $100,000 but bitcoin us going far beyond it with all expectations coming from the 2024 halving about to take place next year, if we are to jusge by the current market situation now, we could see that it present us with more hope as we are approaching the halving while the bitcoin price is still dip and yet maby were accumating the buying, because they wanted to take part in the next bullrun a d since everyone wants to have a future with their bitcoin investment then this will encourage more demands to make the price goes higher thore since the market is on demand and supply equilibrium system and with time it can be the lead of every other economy around the world.

Bitcoin model doesn't serve interest of any country so no. Inlfation for fiat money and removing gold peg is done by design. It can help in the times of crisis with short term fixes like .when you can print emergency financial aid. Binance isn't designed to be official currency of countries, it's people's money and storage of wealth.

That'sstill too soon to talk about bitcoin becoming the world leading currency and becoming stronger than the US dollar because there is still a long way ahead for bitcoin and in order to reach that level there are a few things to happen for bitcoin and the adoption of bitcoin. However and regardless of that, I don't think if that's ever possible to compare a centralized and fiat currency with bitcoin because these two are really different and the supplier of the US dollar can easily change the total supply while that's not something to happen for bitcoin, also there are more countries they need to accept bitcoin and step into the adoption before bitcoin become the leading currency of the world.

In order for bitcoin to lead the international market, it is necessary for states to use it for settlements in their international agreements. But this is hardly to be expected either in the near or in the distant future. Non-cash settlements of states are obsolete, but they will move to national and regional CBDCs both based on the blockchain and without it. High price volatility and lack of control over decentralized cryptocurrency will not allow states to use cryptocurrency on the world market. But citizens of different countries can do it.

Bitcoin is still growing and we hope that Market will reach a level where it will be bigger than all other market. This is a journey that is going to be accomplished even though it's going to take a longer time. The cryptocurrency market is here to stay and we are going to see more of the greatness when Bitcoin reaches like 100k dollar.

It is indeed very possible to happen to Bitcoin if the whole world wants to accept Bitcoin as currency in any case including world trade. But to become a commander in a market like the US dollar will not be as easy as we think. Because rivaling the US dollar which is so popular in the world, it is clear that it takes a lot of time and the recipient must also think about what risks they have to face by accepting Bitcoin in their trading.

The US dollar currency is a currency that is very guarded now so other currencies and Bitcoin I think can only be an additional option in payment in trading because it's not going to be easy enough to get rid of the US dollar and surpass it in any case in a short time, because Bitcoin needs to move all sectors and lines in order to accept it in all respects.

While many people see Bitcoin as the lead, in actual fact it seems to be the follower to what is happening in the main economies of the world. You could see this for yourself if you were paying attention to the interest rates, it was no coincidence that when cheap borrowing started to get more expensive, that the most risky assets were the first ones to drop. All that cheap money was creating a bubble of speculation which drove Bitcoin up to the high price it hit. Even before the latest disasters like the Russian invasion of Ukraine, you could tell that companies were starting to wobble with profits and consumers were starting to rein in their spending as the years of excess give way to the years of bust. Bitcoin rid the wave, some people made lots and others got burned.

Not by any chance. Bitcoin is not even accepted to most countries which makes this statement blurry. And even if more countries accept it, it is hard to see Bitcoin 'leading' the currencies. Many people or governments are even against its usage or promotion towards their people because doing so will put them at risk of losing because of market price volatility. Unlike with USD perhaps which has a stable market value and is being used across majority of countries. This technology is indeed having advantages in terms of fees and it also promotes faster transactions. But let us accept that Bitcoin and other cryptocurrencies are more beneficial as an asset or type of investment, to its users.

Do you mean like replacing the gold reserve? US is still conservative about bitcoin although it's not closing its window to it but I think we're far from seeing bitcoin as the world's standard for most currency to all countries.

But let's just settle it that bitcoin is in another market and cannot be mixed up with the traditional one. The good thing here is that these countries despite with those conditions, they're able to recognize bitcoin and are no longer ignoring the market and value that it has.

I do not think that even at a much higher adoption rate, it will not "lead" the worlds market, it will be a good alternative and it will be used by many people but I do not think that it will be leading anything at all.

It will probably be something normal and it will probably be used by a lot of people, tens of millions of people already owns or owned bitcoin before, maybe it will reach a billion one day, not number of people who holds it, but at one point ever had it, and if that's reached that would be awesome. But the whole world is using fiat now, and I think it will continue to be like that for a long time and it would not be that easy to stop doing that anytime soon.

With a trillion dollar market cap and an ever-growing industry, it is quite possible that in the near future, cryptocurrency could play a major role in the world market, especially when global adoption is realized. But for now, it wouldn't be the case because as it stands, cryptocurrencies and bitcoin adjacently is still in its infant state. A lot of improvements within the infrastructure and also within the industry itself must be changed before it could take on the world market. For instance, it's heavy reliance on its deflationary nature makes it not fit for long-term usage, as the developers would have to choose between high value, or more customers. Scams are also rampant in this industry, but so is anywhere else, the problem is that this is debilitating for an industry as recent as the cryptocurrency world.

One of the reasons to get you convinced about the role bitcoin is playing in the world is in going towards the rate it has been adopted and how the people has been on the look in finding an alternative through the use of bitcoin in their financial economy, one thing that keeps giving more confidence with bitcoin is the decentralization which is perfectly different from the one being used in fiat currency and other form of commodity assets.

No. Bitcoin will not be at the top when it comes to being the top currency. As was stated here again and again, bitcoin does not fit the criteria of being used on a widescale. First, its supply cannot be controlled and has very limited number that can be produced. Second, it's decentralized; its value lies on it being held by a lot of people around the world. Lastly, it's highly volatile, meaning its price will be an issue if ever it's used in world trades. Perhaps it will be the top dog when it comes to investments and that's it, but not the leading currency that nations can use.

We know the US dollar is the world-accepted banknote and can be used as a medium of trade.  In the crypto world, Bitcoin is the most popular and the highest-received currency with incredible value. Different nations have authorized bitcoin for transactions and multiple of them are sentiments. Its approval is slowly expanding day by day. Do you think bitcoin will be the commander of the world’s currency market like the US dollar in destiny?