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

[Victorycoin]

If countries will go against the United States which is tantamount to dropping their foreign reserves in dollars and adopting another  currency which could either be bitcoin or any other form, then they should be ready for some serious issues because most of these countries prepares their national budget based on the expected grants to be received from the united states, they tackle the issue if polio, malaria, flu based on support from the United States among other support

Hi time people realized all that are carrots before donkeys America uses to remain ahead of other countries and it doesn't solve anything. What these developing countries actually need is not handout from wealth their foreign reserves stacked in dollars obviously generates for America. It is little wonder why Russia and China are now fighting hard to disrupt petrodollar! I sincerely think Bitcoin is a better  choice for foreign reserve only it is still very volatile.

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[syaripudin]

I think this way is very difficult, United States is a superpower that keeps its foreign exchange reserves in the form of dollars, even the United States currently controls the stock market, even the uni erofa state, which already has the euro currency as a way to unite the strength of one benuapun Able to match the existence of American dollars, let alone for bitcoin that not many countries know in detail, I think it takes a long time to do this. Even today the United States has invested in industry in every country. This could make the American dollar stronger.

[cafucafucafu]

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, one of the components of Bitcoin which makes it popular and also risky is it's volatility. If bitcoin was more stable, which we know is not possible, I think that that would be feasible, but with the current state of Bitcoin now, it seems highly unlikely for that to happen.

The countries will still use USD, since it provides more advantages over Bitcoin and most importantly, is also stable. I would recommend 3rd world countries to invest in Bitcoin, but still keep the majority of their funds in USD, since it is more stable.

Bitcoin has not received that much media attention and I fee like with more of that, we could see this occur with 3rd world countries.

[ekoice]

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.

Its true but it will take a long time for such countries to hold bitcoins as foreign reserve currency.For that,bitcoin has to be used every where and it has to be legalized.Even now,itself,iran  is discussing to use bitcoin as secondary currency to bye pass US sanctions.Iran,China,Russia,North korea,Cuba might adopt bitcoin instead of dollar as their relationship with US is not that good and most of these countries are signing bilateral agreements to pay in otheir own currrencies while trading among themselves.But it would take a long time to happen all over the world.

[Kimi80]

I don't think so. All the countries hold their reserves in gold, it is the most secure and only way. It is great risk to experiment such a thing on state level despite the fact that they could improve their wealth on that way. Bitcoin price is unstable, could drop and make them great problem.

[iamTom123]

I don't see this coming into reality in the near future. Bitcoin can be a very good trading and speculative vehicle but as a reserve currency I don't think it is fit for that role. A reserve currency must be stable and not volatile otherwise without some sort of stability it can create havoc on a nation's planning process  and can even affect the whole economy.

In most cases, the choice of reserve currencies are dictated by law and regulations...in many places the use and ownership of Bitcoin can still be illegal or at least not recognized by the government. As it is their system is still working so there is no to shift gear and experience more uncertainties.

[Pearls Before Swine]

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.

That's idiotic.  Foreign countries hold the dollar because it's
stable.  Do you really think holding an unstable currency like
bitcoin would be a good idea?   That would be economic and political
suicide.  If the USD began to fail, countries would probably go with
Yen or the euro.   Or gold.  I get that people here love bitcoin, but
start using your heads.

[olushakes]

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.

That's idiotic.  Foreign countries hold the dollar because it's
stable.  Do you really think holding an unstable currency like
bitcoin would be a good idea?   That would be economic and political
suicide.  If the USD began to fail, countries would probably go with
Yen or the euro.   Or gold.  I get that people here love bitcoin, but
start using your heads.

You could have still passed you message without having to resort to name calling. However, I still hold same believe as you on the volatility to bitcoin is facing imagine a country having its external reserves in bitcoin and also a third world country which means they will still be import dependent and in the international market, the currency is US dollars how would they even survived and which bank or country would provide them the cover to always convert their bitcoin to dollars before having to import basic things? I am sure that alone will amount ilto frustration and adding volatility to it, will mean disaster.

[Cosbycoin]

I think this way is very difficult, United States is a superpower that keeps its foreign exchange reserves in the form of dollars, even the United States currently controls the stock market, even the uni erofa state, which already has the euro currency as a way to unite the strength of one benuapun Able to match the existence of American dollars, let alone for bitcoin that not many countries know in detail, I think it takes a long time to do this. Even today the United States has invested in industry in every country. This could make the American dollar stronger.

Yes, you have a point there. That will make the American dollar powerful (not very actually). But I still believe a country that uses bitcoin as a currency reserve, it’s likely to compete. For example, they reserve with bitcoin when it’s around $500, and then all of them withdraw around the time it’s $10,000. They’re likely to beat U.S.

[JL421]

Yes they will and they should holding gold reserves doesn't give any benefit to the government they can instead build a nice cold storage facility and then store their coins safely. Bitcoin can even allow the government to make good profits every year. I would love the idea of holding bitcoin rather than dollars

[wolongong]

I'd dump any and all reserves to get rid of the debts not denominated in the local currency first.

[BunnyShibe]

nope that would be absurd. why would anyone trust a country's fate to an unstable currency. there are many dangers, for example, someone hacked the private key to  a country's reserve, that would end the nation.

i also think that it may not be so easy. as third world country have many financial problems as they cannot even provide jobs to their people and majority of people are jobless therefore i do not think that they may have such reasonable. amount of money to hold them i form of bitcoin.

[denis_igorevich]

I read about ERP on blockchain, guys says there that  they can breakthrouth will third world country hold their foreign reserve in bitcoin against Dollar?. Their site www.darfchain.com, are they say truth?

[Yuhee]

nope that would be absurd. why would anyone trust a country's fate to an unstable currency. there are many dangers, for example, someone hacked the private key to  a country's reserve, that would end the nation.

i also think that it may not be so easy. as third world country have many financial problems as they cannot even provide jobs to their people and majority of people are jobless therefore i do not think that they may have such reasonable. amount of money to hold them i form of bitcoin.

Well i think 3rd world means that its economy is still unstable in itself. From what i know they have yet to stabilize there own infrastructures. Yes everything revolves around in dollars in some countries let alone having btc in there own agendum. There are still many issues to be handled to think outside there country. Some 1st world country are not even basing there reserve in dollars.

[GeniusAko]

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 think no. Our country is one of the third world country. Many people in my country is still not yet ware to what is the bitcoin. So I think there is no effect to the ceconomy.

[Gozie51]

That is not visible since governments have not started such spending with btc, thus, it is very risky.
Reserves in bitcoin isnt visible for now.