Bitcoin Replacing U.S Dollar as the global Reserve Asset

[SimpleMan]

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.

[lightning0]

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.

[BlackHatCoiner]

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.

[Kittygalore]

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?

[BIN-BIN]

@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.

[aysg76]

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.

[mrongos]

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.

[Wong Gendheng]

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.

[lixer]

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.