Bitcoin will be the world's next reserve currency?

[fikrett]

It's already becoming so. I read a thread today about Japan adopting a Bitcoin reserve as well. Over time, global adoption will grow; that's practically what's happening gradually. It's possible that Bitcoin will serve as a backing, much like gold in the past or the dollar today.

It's an adoption from the top, not from the low, which is not as good for common retailers, imo, but still it's not as bad as not doing reserves of BTC at all.

[AmaGold70]

It cannot come to reality seeing the stance of current governments.

No doubt, bitcoin has proved itself useful but the governments do not want to loose their control. They want systems in place which keeps them powerful. If they make bitcoin reserve currency, they will loose a lot of power. And if they bring some type of restriction on bitcoin and then make it reserve currency, users might not be comfortable with such a situation.

Exactly what I thought, world leaders would never allow Bitcoin to be the most important or reserved currency in the world because they will definitely loose control over the financial system completely and that would make them loose power too. Bitcoin is a decentralized currency and it gives its holders the power without any interruptions from the government, the leaders knows fully well Bitcoin as a decentralized currency would only give individuals control and they won't benefit from it so I don't think the government will give Bitcoin the chance to shine more over our fiat currency. Making it a reserved currency and then putting some restrictions on it still isn't going to work out fine for them because Bitcoin was originally created to give its users the freedom of power.

[lionheart78]

What I think is that if bitcoin continue to remain a deflationary coin and if the price continue to rise,

If Bitcoin continues to be deflationary, then I think it won't be the next reserve currency but rather the "preserved" currency  .  This way government will act like Bitcoin is an endangered species that is about to go instinct or ultra-rare due to many Bitcoins being lost along the process of history.

Anyway, with the action of the US of not buying Bitcoin but rather making their seized Bitcoin their Bitcoin reserve kill the idea of Government investing money to get BTC. Rather, i believe the government will will just heighten their security and tracking to spot illegal Bitcoin transactions and apprehend the culprits and seize their BTC to make them the country's Bitcoin reserve.

more countries will make it to be part of their reserves. I think it will compete with gold and probably later compete with dollar. Just that time is important, people needs to be patient as this may take years or decades.

I think this is already happening since in my country, one of the congressmen proposed a bill about having a Bitcoin reserve, and probably many country will propose such bills too.  I think we just need to wait until this bills are approved or rejected.

[tabas]

Russia did so already when they were sanctioned, they've relied on some of their transactions on Bitcoin. But I don't know clearly the stance of their government if they're for it to have as a reserve. While they won't agree to any country to rely on for them as a reserve, when it's mostly with US Dollars for its allies and then Chinese Yuan for its allies in the BRICS too. Having Bitcoin is good in their middle if they can't rely on any other country. But, it won't be their main priority IMHO because it is decentralized and they have no control over it. Or soon, they will realize that it's still early for them and they can have a huge portion of its entire economy and market cap once they dive in.

[CryptSafe]

Russia did so already when they were sanctioned, they've relied on some of their transactions on Bitcoin. But I don't know clearly the stance of their government if they're for it to have as a reserve. While they won't agree to any country to rely on for them as a reserve, when it's mostly with US Dollars for its allies and then Chinese Yuan for its allies in the BRICS too. Having Bitcoin is good in their middle if they can't rely on any other country. But, it won't be their main priority IMHO because it is decentralized and they have no control over it. Or soon, they will realize that it's still early for them and they can have a huge portion of its entire economy and market cap once they dive in.

Russia made a good move to resolve in using Bitcoin for their transactions as there is no other way they could have been doing a wire transfer from their country to other countries without having issues with the US so what they did was the only way out and it worked out perfectly well for them and I believe they would adopt Bitcoin but Russia is  a country that does not believe in too much noise like the  US so we should not expect them to come out publicly to tell the world about their reserve  when we all know that the US can go to any extent just to get at them. The possibility of their reserve been attacked if made public would be high so do not expect them to make public their Bitcoin reserve.

[melinoe]

It cannot come to reality seeing the stance of current governments.

No doubt, bitcoin has proved itself useful but the governments do not want to loose their control. They want systems in place which keeps them powerful. If they make bitcoin reserve currency, they will loose a lot of power. And if they bring some type of restriction on bitcoin and then make it reserve currency, users might not be comfortable with such a situation.

Exactly what I thought, world leaders would never allow Bitcoin to be the most important or reserved currency in the world because they will definitely loose control over the financial system completely and that would make them loose power too. Bitcoin is a decentralized currency and it gives its holders the power without any interruptions from the government, the leaders knows fully well Bitcoin as a decentralized currency would only give individuals control and they won't benefit from it so I don't think the government will give Bitcoin the chance to shine more over our fiat currency. Making it a reserved currency and then putting some restrictions on it still isn't going to work out fine for them because Bitcoin was originally created to give its users the freedom of power.

Or they would just push for the usage of BTC as for transforming it back to fiat when you do operations with it - which completely gets off the point of using BTC in the first place if it's done like that.

[Iranus]

Russia made a good move to resolve in using Bitcoin for their transactions as there is no other way they could have been doing a wire transfer from their country to other countries without having issues with the US so what they did was the only way out and it worked out perfectly well for them and I believe they would adopt Bitcoin but Russia is  a country that does not believe in too much noise like the  US so we should not expect them to come out publicly to tell the world about their reserve  when we all know that the US can go to any extent just to get at them. The possibility of their reserve been attacked if made public would be high so do not expect them to make public their Bitcoin reserve.

The war between Russia and Ukraine broke out in 2022 and they have been subject to thousands of sanctions from the US and EU, including asset freezes and isolation from the global financial system. But it wasn't until this year that they started thinking about using bitcoin as an alternative. That means they have many solutions, not just depend on bitcoin and it can only be a temporary solution.

Regarding national reserves, just like any other country. I don't think they will consider this anytime soon as they have more important things to focus on and prioritize the national economy.

[hd49728]

The war between Russia and Ukraine broke out in 2022 and they have been subject to thousands of sanctions from the US and EU, including asset freezes and isolation from the global financial system. But it wasn't until this year that they started thinking about using bitcoin as an alternative. That means they have many solutions, not just depend on bitcoin and it can only be a temporary solution.

They developed their CBDC and they can start with alternative global financial system with engagement of countries in BRICs but it takes a lot of time for them to do necessary developments.

In contrast, with Bitcoin blockchain, it has been existed since 2009 and worked very well so far, so Russia don't need to develop anything. It's simple and easy for them to take advantage of Bitcoin blockchain as a free alternative.

I don't believe that they will use Bitcoin blockchain as a short term solution and in the future, they will continue to use it when the world will become more adaptive with Bitcoin.

Type Russia, and you can find information on their CBDC.
https://cbdctracker.org/
This page is for Russian Federation's Digital Ruble.
https://cbdctracker.org/currency/russian_federation-digital_ruble

[daxkie]

I think Bitcoin has the potential to be used as a global reserve asset, but it will take time. Right now, it is more likely to compete with gold first because it is borderless, transparent, and not controlled by any country. At the same time, there are challenges. Governments don’t want to lose control of money, and Bitcoin’s price is still very volatile. For it to be considered a true reserve currency, stability and wider adoption are needed.

[9ja Amaka]

What I think is that if bitcoin continue to remain a deflationary coin and if the price continue to rise, more countries will make it to be part of their reserves. I think it will compete with gold and probably later compete with dollar. Just that time is important, people needs to be patient as this may take years or decades.

Bitcoin can compete with gold later in the future, even if it is gradually doing that via return of investment over years. But the US wont allow Bitcoin to compete with their Dollar. I feel it is the main reason why they want to be the top 1 Bitcoin country in the world. Because they know they can influence the price, limiting the chances of it competing with the US Dollar later in the future.