Bitcoin as a global reserve currency?

[red4slash]

I agree on it. We all know that the changing world becomes digital based and financial market is fast-changing as well. People are very aggressive and always want fast and efficient transactions by the influence of internet. In this way we are really going into digital currency in the future and slowly happening today. That's why its really possible to make bitcoin as a global reserve currency.

we do realize that the needs of the digital world are increasing, people are slowly leaving the traditional way and turning to technology. I also believe that bitcoin can be an alternative for financial transactions, and as long as the growth of technology continues to be developed, the position of bitcoin has the potential to be a digital asset for people's investments or financial transactions

[Gheka]

I agree on it. We all know that the changing world becomes digital based and financial market is fast-changing as well. People are very aggressive and always want fast and efficient transactions by the influence of internet. In this way we are really going into digital currency in the future and slowly happening today. That's why its really possible to make bitcoin as a global reserve currency.

we do realize that the needs of the digital world are increasing, people are slowly leaving the traditional way and turning to technology. I also believe that bitcoin can be an alternative for financial transactions, and as long as the growth of technology continues to be developed, the position of bitcoin has the potential to be a digital asset for people's investments or financial transactions

I also accept that the demand for technology around the world is increasing when the society is so developed, people always want something faster and more efficient, instead of traditional tools but the development of new technology is always based on the old technology, developers and users always want something friendly, not entirely new. Currency and the upgrade will be the reserve currency, the development of basic currencies will become online databases, people will not need to carry too much paper money, Bitcoin may be called a currency but it is unfriendly and it is too volatile around the world, the world will not accept reserves it

[Reid]

Bitcoin as a global internet currency.
Or any electronics currency. You could still use it offline. 

Fiat should not be taken away and I doubt it will be.
If you are leaving in condominiums or subdivisions then you might not be seeing it.
Trying living in rural places. Everything is about paper money. They don't even have any electrical device besides lights, radio and others for security.

As a global reserve though. I still doubt that will happen.

[Eclipse26]

It can't happen since Bitcoin still isn't accepted worldwide. Even if the current global reserve currency go down, there's still a lot other currency that can be the next reserve currency like Euro and yuan. Digital currency has a great potential in the future but as a reserve currency, it's possible for a centralized one. There's still a lot of ongoing debate about bitcoin's acceptance so it's still vague

[bitvalak]

Bitcoin offers innovation on the weakness of fiat currencies, if used as a temporary reserve I will agree because it takes a long process to be able to replace the major currencies.
But if you underestimate bitcoin, I disagree, because what is provided by bitcoin can cover the shortcomings of the FIAT currency which is currently polemic and can be manipulated printed without any definite amount.

[aoluain]

Bitcoin will never be a global reserve currency, and is cannot be controlled by governments or the elite. It will become a global store of wealth, and one of a range of assets that can be used as securities. Watch out for fireworks when the banks start to rehypothecate when Bitcoin is in a portfolio. The volatility will cause havoc when they get things wrong.

seems a lot of posters have not read this post by Jet Cash.
Bitcoin is currently a global currency and is becoming a store of wealth.
While some people claim that banks globally are buying Bitcoin, and
from this year EU banks will be permitted to, it will not be a reserve currency
because of the points quoted above.

https://www.fxstreet.com/cryptocurrencies/news/new-eu-law-states-that-banks-may-hold-and-sell-bitcoin-from-2020-201912030544

[Wipeout2097]

Its true that BITCOIN is decentralized,uncontrolled and digital currency. Government official will not allow Bitcoin as reserve till find the way to track the transaction f Bitcoin.Controlling bitcoin will help to generate revenue from Bitcoin transactions to use for further projects t stable the economy.

It seems impossible in near future because till now no one can stop or ban the Bitcoin,Another side if it came as global reserve more investors,corporate sectors,individuals will get benefit from it.

[pushups44]

No country would keep bitcoin as a reserve currency in its current state.

It's highly volatile, susceptible to drastic price changes and manipulation albeit the regulation kept in place to ensure that no such thing would ever happen. Perhaps in the future, one country might take bitcoin as a part of its hybrid reserve currency system but for the meantime it's only an idea worth pondering upon.

Having said that, perhaps some country might start creating their own version of bitcoin to use as a reserve currency or in replacement for their paper and coins which has proved to be costly over time.

I agree that bitcoin is far too volatile to be a reserve currency now, but I wouldn't be shocked if some countries are stockpiling it as a portion of their reserves. We already know major banks and corporations are mining bitcoin. We are seeing gold play a greater role in the global financial system, especially with massive purchases from Russia and China.

Perhaps in five to 10 years the sentiment about bitcoin will change as prices stabilize somewhat.

[Hypnosis00]

Its true that BITCOIN is decentralized,uncontrolled and digital currency. Government official will not allow Bitcoin as reserve till find the way to track the transaction f Bitcoin.Controlling bitcoin will help to generate revenue from Bitcoin transactions to use for further projects t stable the economy.

It is already been tracked by. The only thing that the government would like to happen is to controlled the entire crypto market which they hated most cause they can't and definitely not to happen.

It seems impossible in near future because till now no one can stop or ban the Bitcoin,Another side if it came as global reserve more investors,corporate sectors,individuals will get benefit from it.

Bitcoin is already been used by big companies, not possible that the others will do the same. The only thing that makes them been doubtful about using bitcoin is because of its volatility and funds security.

[Bitcoin_bullish]

I am certain that Bitcoin can assist in economic terms global finances. It can be used as a reserve currency to minimize exchange rate dangers for the national fiat money (as a backing like gold), but I also think that it can be used as a parallel currency and become accepted by governments as a legitimate payments method.

This could help any country facing financial disaster (extreme recession, devaluation of the national currency, mass inflation), but also it can be of help to booming economies as well.

Bitcoin can be used as a store of value in order to protect the national currency from massive reduction in value and also it can provide the economy an escape from their crumbling financial system.

Running two currencies in parallel was implemented for a while, in most countries that adopted euro and it is not impossible for Bitcoin to become a parallel method of payments or even the main one.

[crossabdd]

i don't think like that. the rapid growth of the blockchain led countries to adopt it, and began to build a centralized national currency. but what about bitcoin, is still controversial. I think bitcoin will live with people's adoption, while the country makes its personal currency. so, bitcoin will become a commodity. not as a currency. this is in my opinion in the future.

[MuffinMaster]

The idea is great to have a currency that is universally accessible for everyone without any restrictions. The current fiat system has kept almost 2 billion people out of banking system due to different regulations. Bitcoin is the only way to bring all of them into banking system. I don’t think government bodies will ever allow this to happen.

[minersday]

Bitcoin is the perfect financial entity to be used as a global reserve currency but the only problem is that its decentralized nature and the limited amount of it  will prevent majority governments from using it as a global reserve currency.  A lot of countries governments will prefer that they are the ones in charge of control the inflow of the crypto coin in the financial ecosystem. Since Bitcoin is not like that, it might be very difficult for them to consider it as a global reserve currency.

[joinfree]

I don't think Bitcoin is fit to be called a currency mate. It's too volatile and did i hear the OP say bitcoin is not volatile? lol, when was the last time you checked Coinmarketcap? i think bitcoin just as gold is suitable as an asset to store value rather than a currency to be used in our daily activities. You can monitor the fluctuations in the price of bitcoin over here

[Shasha80]

In my opinion it is impossible for bitcoin as a global reserve currency, because the government will never agree. Because bitcoin cannot
be controlled and its price volatility, for these two reasons makes bitcoin difficult to become a global reserve currency. A country as big
as China only supports blokchain and does not support bitcoin. Therefore in my opinion bitcoin will still be accepted as a digital asset,
by most countries in the world. If cryptocurrency in the future will become a global reserve currency but certainly not bitcoin, but rather
the possibility of cryptocurrency created by each country in the world. Like China which is making cryptocurrency themselves.

[julius caesar]

We all know that bitcoin is not controlled by any of the government. Meaning, it is impossible for it to become a global reserved currency. They do not trust bitcoin that much because of its complexity unlike having a fiat in their hands. Plus the fact that bitcoins price is volatile and continuously changing day by day.

[puertorikosena]

I’m not sure that Bitcoin can be the world's reserve currency. Primarily because of its volatility. But, in the case when the capitalization of bitcoin will be ten times greater than now, then this scenario is quite possible.

[crisanto01]

I’m not sure that Bitcoin can be the world's reserve currency. Primarily because of its volatility. But, in the case when the capitalization of bitcoin will be ten times greater than now, then this scenario is quite possible.

Given this fact, yes, we can really tell and can't figure out for now how the world will make it as a reserve currency, for now, we can just say that it can be one way tool for all the countries which suffering from financial crisis to be one of their option and alternative while they are still recovering the financial crisis in their country.

[CarnagexD]

Bitcoin's intangibility and security can be a stepping stone for a currency that could be used for global reserves, as it ensures that nobody that is unwanted would be able to get a hold of the important funds the reserve contains, but bitcoin itself being used as a global reserve might be too farfetched if we take into consideration the current state of bitcoin, it's volatility could cause problems especially with audit and setting up projects that would need those funds.

[ReiMomo]

We all know that bitcoin is not controlled by any of the government. Meaning, it is impossible for it to become a global reserved currency. They do not trust bitcoin that much because of its complexity unlike having a fiat in their hands. Plus the fact that bitcoins price is volatile and continuously changing day by day.

This is the fact because there are still countries who hated bitcoin and they dont accept bitcoin as a currency. Does this mean that bitcoin is good to be an asset to us where we store at the safe wallet and waiting to harvest anytime soon as we saw that our profit was there? But to become a global currency? Probably it will take a longer time or probably it will not.