Will third world country hold their foreign reserve in bitcoin against Dollar?

[Bagaji]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

[TechnoMusic]

That will have positive economy results.Like example for Europe countries will be good because if America have less power than Europe can get that power and more money and better economy.

[arpon11]

Dollar is what is affecting development in most of the third world currencies. I keep on saying that the only way to destroy the strength of dollars on the third  world countries' currencies is by using bitcoin as a gold standard for their individual country currency.

[Lieldoryn]

This will never happen. Third world countries become dependent on the U.S. dollar due loans at very low interest rates. Who will they lend in bitcoins? Besides, no one will take a loan in an unstable currency. It is very dangerous.

[MMA]

This will never happen. Third world countries become dependent on the U.S. dollar due loans at very low interest rates. Who will they lend in bitcoins? Besides, no one will take a loan in an unstable currency. It is very dangerous.

yes that is very right and i think most of the backward countries may have  no such idea about bitcoin, i think most of the backward countries are taking loan from USA in Dollar form, which they for them most of time do not capable to return, they are every running their countries on foreign donations and loan. and if the donors will stop their donation for them, i do not think that they will survive for a long time.

[pitham1]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Nope. Why would they do so? Foreign reserves are meant to protect their country against a crisis.
If Bitcoin drops suddenly, it could trigger a crisis. 

[dihari]

Do you know how's the third world countries population and economics? Maybe some of them knowing bitcoin, but not at all. Not all the people know bitcoin, so how it can give massive impact? I think it's just a little bit confused.

[deisik]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Is this yet another thread where we will no longer see OP?

Nevertheless, it is next to impossible that countries which hold their reserves in dollars (personally, though, I wouldn't call Japan as a third world country) would switch to buying up bitcoins. Bitcoin is just too marginal for that, it is not even traded on major exchanges (read it is still considered too outlandish by the financial world). Apart from that, countries don't keep the American dollars as such, they stash the US government bonds (Treasuries) on which they receive interest paid by the US government

[gabbie2010]

It will be a good development if the third world countries hold their reserve in Bitcoin this will curtail the  influence of world economies on US dollar. The chinese had been trying to do that using yen if bitcoin is globally accepted then it will be easier to reserve their money in bitcoin.

[South Park]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

I don’t think so, would you store something that in theory could be very easy to steal, storing gold, has its issues but stealing gold is difficult because you need to transport a lot of tons of gold, storing dollars is not complicated but even if someone stole them you could always track them or reverse the transaction if it was electronic.

[merchantofzeny]

I don't think so. After all, we're third world, not a lot of people even know about this, much less the gov't, which were pretty late to the party. They probably only released guidelines fearing it'll be used to launder money. Besides, like many here pointed out, it's still quite unstable. The increase in price might look attractive but what happens when it crash?

[VC George]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

That's equal (maybe even worse) to Iraq converting it's foreign currency reserves to Euro before the US invaded to restore the order

Best case scenario I can see is a middle to upper class (in terms of GDP) country converting up to 10~20% of their gold stash into Bitcoin in 10 years from now. The prime reason about that would be the beginning of the space mining industry. A relatively "small" space rock would be enough to inflate the precious metal market enough to convince a country to switch some of their stash into Bitcoin   You can't find Bitcoins in space! 

[JeffBrad12]

The dollar has big domination for the fiat currency. That's why the 3rd countries are using it to hold their foreign reserve. But if the bitcoin can make a domination to the dollar and i can say if that will be possible in the future.

We know that the price of bitcoin will always be increasing every time and it will make the bitcoin has a big deal with the dollar exchange. That will bring more on the economic. that means if that will be a positive impact.

[Hydrogen]

To a degree one might say iceland experimented with this concept via introducing aurora coin.

Russia too could be experimenting with this with their announced plans of creating a national crypto currency.

One might say: it is already happening.

Most nations are getting into crypto, except for the united states which appears determined to dwell in the currency dark ages forever.

As america is the "best country in the whole world" and thus is exempt from keeping up with emerging technologies or innovations.

[ged00u]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Yeah, no third world country is holding bitcoin right now and I do believe that some of them dont even know what BItcoin is and what they can do with bitcoin. Moreover, those countries do not have enought technology and knowledge to understand deeply about bitcoin. Therefore, don't expect that those countries will make a huge impact in the bitcoin price.

[Faiyz]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Yeah, no third world country is holding bitcoin right now and I do believe that some of them dont even know what BItcoin is and what they can do with bitcoin. Moreover, those countries do not have enought technology and knowledge to understand deeply about bitcoin. Therefore, don't expect that those countries will make a huge impact in the bitcoin price.

There is a report in my country Philippines that the national bank is accepting btc but i dont really have a full speculation about it. It seems that the bank will accept it as a means of payment for any transaction that could take place in the bank. If there are any other Filipinos out there could you please clarify it. What i have in my mind is that you could pay loans directly with. I thought you could pay goods but it was just the bank that accepts it.

[eaLiTy]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Hope you know that the reserve currencies are held in more than one currency and not in dollar alone.No country will be playing with their foreign reserves and they wont take any unnecessary risks as it could hurt their growth and it could lead to a huge debt and the main reason they wont accept bitcoin is simply because of its volatility and the price fluctuations is really huge to be accepted as a reserve currency.

[qiwoman2]

I don't know how far Governments in developing countries will go in order to stash Bitcoin but individuals and companies will do that by default as many don't have access to traditional banking services but mobile technology is getting everywhere and is more affordable. I think many young people with access to mobile phones will be hoarding bitcoin and looking for ways to earn it for free as they have no access to the traditional work market and banking.

[olushakes]

I doubt if any third world country will be able to take that risk simply because of no other reason than volatility that in the case of bitcoin crashes, then they become poorer in which case they have no alternative which is the most scary part. Another reason is that based on the level of technological development in such country, I wonder how they will be able to adopt bitcoin and also most of this countries relies on foreign aid from the United States and the moment they change then they might be losing from both ends.

[raven7886]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Not all countries in the third world are fans of dollars. They have their own financial policy and most hold their reserves  in real Gold. But in near future we can expect or at least personally I would love to see all countries holding their wealth in bitcoins - of course all countries have to first officially accept and come to a consensus on it.

I do believe for some African countries, bitcoin must suit as a national currency rather than just a foreign reserve. Because bitcoin seemed stable compared to their rapidly falling local currencies.