Will bitcoin end the dollar’s reign?

[In the silence]

Bitcoin is unlikely to replace the dollar as a global currency. This is also said by one of the highest rated analysts of foreign currencies.

The global currency is the one that facilitates cross-border trade, including investment and international debt markets. Global central banks hold foreign exchange currencies to protect against significant fluctuations in exchange rates, as well as in exchange rates. I think we are a long way from when Bitcoin will be able to do that.

As today's current situation, dollar decreased from its reigning value for over several years. Yet, Bitcoin's value rises above from what we've been expecting and take note that the pandemic is still active while bitcoin's spreading its supremacy as a digital currency. For me, the current situation tells us that there's a possibility for bitcoin to replace us dollar and still bitcoin needs to have more progress from time to time.

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[ninabobo]

As I would see it, despite the fact that your inquiry is somewhat interesting. Indeed, I don't accept that bitcoin will end the dollar's rule. We need to believe that national banks that run the dollar have restricted assets. Cause they don't. What I accept is bitcoin can Coexist with the Dollar's next huge move. Furthermore, that is running their cash in computerized. This is the thing that I firmly accept and I previously made an examination about this.

[illete]

Bitcoin can certainly give an elective. It is more likely that statism or dictatorship will weaken the dollar with bitcoin being there to choose up the pieces vs bitcoin causing it. As before long as they begin corrupting fiat cash, it is misplaced. Any kind of fiat still not old system of being fiat however,Before it there was barter system a save cash based on a few objective esteem can final as long as the political course doesn't degrade it.

[sakbahagiaku]

As far as I know, dollar domination cannot be ended easily.  A lot of news has been circulating that China will issue digital yuan but I think it's too late because USDT (United States dollar) which is actually backed up with real dollars has been circulating in crypto markets.  So it will be very difficult to end the domination of the dollar for now.

[CryptocurencyKing]

China is known to have one of the most stable economy in the world following there productivity and all but then, its going to take a lot for either the Chinese Crypto Yuan nor bitcoin to take over from dollar. America would never allow that. Besides, the dollar reign as a reserved currency is backed by some gold reserve that keeps its value relative, a quality bitcoin itself represents as it's market has some synonymous relationship with the gold but then, cryptocurrency is still unwelcomed in some nations so, it being the reserved currency would simply mean general acceptance or some nation's won't be having reserves.

[StartupAnalyst]

The global currency is the one that facilitates cross-border trade, including investment and international debt markets. Global central banks hold foreign exchange currencies to protect against significant fluctuations in exchange rates, as well as in exchange rates. I think we are a long way from when Bitcoin will be able to do that.

If you look at bitcoin it is probably the best currency to replace any dominating currency for international trade and the only negative aspect you can tell is the high volatility and you cannot expect a currency to have really huge volatility and the traders will not trust anything that changes the valuation in a short period. If we overcome all those negatives then bitcoin could be a good alternative.

No doubt that today dollar is a global currency and it rules the economy of many countries as well as today BTC is far from becoming a dominant currency that can replace dollar. Think that can happen only if dollar will hyper-inflate and the world central bank can do nothing with this. In such case BTC can help because it's limited so it can’t inflate. Nevertheless I can hardly imagine how all that will work worldwide so as there is too little amount of BTC in comparison to seven billions of people.