What role will Bitcoin play in the face of superpowers in the future?

[hatshepsut93]

I guess that in the coming decades, more and more African or Latin American countries will tend to use Bitcoin as their legal currency, which can help them resist the erosion of the US dollar. However, the Super Congress insisted on issuing its own legal currency and controlling its exchange rate with Bitcoin. I guess that for China, the final result may be to ask the public to hand over its bitcoin to the country and give it the equivalent value of CNY.

It's way too early to make such predictions, we need to see how El Salvador's experiment will play out. If it will flop, few countries will want to repeat this, especially with programs like giving away pre-loaded wallets, or just updating their infrastructure to accept Bitcoin transactions, which can be too costly for poor countries. It will take 2-4 years to see the results of El Salvador's decision.

[Tina H]

I think some world powers do not support Bitcoin very much. China and the United States have begun to restrict Bitcoin. China is the worst. On the contrary, some countries with poor economies, such as El Salvador, use Bitcoin as their legal tender. In fact, it does not matter what policies the governments of these countries adopt. People's demand for Bitcoin completely allowed it to recover quickly under negative news. Bitcoin is decentralized and does not need to rely on countries.

[Sterbens]

Bitcoin role for the future is to eliminate superpowers. Why is that? because when we make the only country that pioneered the superpower, we have seen how powerful the impact of arbitrary power, policies and rules.

Bitcoin needs to get over this, and bring each asset down the same path. freedom of individual rights, no attachment to world order, and also no need to expect each other to be centralized states. because with our country we always rely on policies that only prioritize personal and group interests. the economy must have benchmarks, and Bitcoin needs to generalize to the system.

[DrBeer]

I have known Bitcoin for a while, and I think I understand the value and significance of Bitcoin. But from an economic point of view, I would like to know what role Bitcoin will play in the face of superpowers like China and the United States in the future.

El Salvador has adopted Bitcoin as its country's legal tender. Panama, Colombia and Uruguay also seem to be interested in Bitcoin. Indeed, for some countries that have been unable to control their own economic development through macro-control, Bitcoin gives them another choice. When the volatility of fiat currency in one's own country has far surpassed that of Bitcoin, the biggest shortcoming of Bitcoin as a fiat currency no longer exists. This is a success in the history of Bitcoin, but how about superpower?

Now, the United States regards Bitcoin as an investment asset. China allows Bitcoin to be held but prohibits mining and trading. The world's largest and second-largest economies have very different attitudes towards Bitcoin. But as we all know, Satoshi Nakamoto's definition of Bitcoin is "A Peer-to-Peer Electronic Cash System", and now people seem to be more inclined to define it as a reserve asset or a price anchor. But for the superpower, neither of these two definitions seems impossible. If Bitcoin is used as a currency for daily use, it will undoubtedly destroy the status of the RMB or the US dollar. If Bitcoin is used as a store of value similar to gold, due to the decentralization of Bitcoin, it is difficult to hoard a large amount of Bitcoin together. I am not a student of economics, and Bitcoin seems to be of little use to the current economic system.

I guess that in the coming decades, more and more African or Latin American countries will tend to use Bitcoin as their legal currency, which can help them resist the erosion of the US dollar. However, the Super Congress insisted on issuing its own legal currency and controlling its exchange rate with Bitcoin. I guess that for China, the final result may be to ask the public to hand over its bitcoin to the country and give it the equivalent value of CNY.

Most likely, bitcoin will not affect either supercountries or others. Let me explain.
Bitcoin is not a replacement for the financial system or an alternative development option for the financial structure of the state.
By the way, this is a reason to consider the moves of Venezuela, Panama, Colombia ill-considered - how can the financial system of a state be based on a speculative, unstable asset, with dubious price formation. This is political "infantilism".

The United States and major countries are likely to choose one or more of three options:
- prohibition as a means of payment
- recognition as an investment instrument by analogy with shares
- prohibition of any use.
And any of the options, in fact, nullifies the ability to influence GLOBALLY on some processes. Tell me - will the appearance of the shares of the new company greatly affect the supercountries in the future? The correct answer is NO. As long as the state has centralized control, it is the state that will regulate the market, economy, financial stability, and assets such as cryptocurrency can in no way influence this process.

[Lorence.xD]

I think the Super powers are already trying to limit the power of Bitcoins right now. China keeps issuing new warnings about possible future bans. And USA and China both are heavily promoting their own digital currency. Bitcoins will likely play a smaller role in the currency war between the two. So it is more likely that smaller countries will adopt bitcoins to lose dependency on the super powers.

I disagree, the fact that they made their own cryptocurrency means that they were inspired by bitcoin or so because if bitcoin wasn't there in the first place, then in a way, digital currency won't be a thing for a really long time. So technically, bitcoin already contributed to the face off of superpower nations as an inspiration.

[(o)(o)ilikeboobs(o)(o)]

Bitcoin gives financial power to its holder, so if there is a currency war, people will just look at Bitcoin more because it is not affected by national economies. We have seen how Bitcoin thrives during pandemics and recessions from 2020. So Bitcoin will only grow stronger if the superpowers attack each other.

[Silberman]

I don't think that financial authorities and governments of the superpowers will become totally friendly towards Bitcoin unless they have to. When your economy is already strong, the incentive of taking a risk and adopting Bitcoin  is very low. In countries which are economically doing very badly, on the other hand, there's a good incentive because not  only Bitcoin growth can be profited from, but letting in crypto companies means creating jobs, more people having more money to spend and thus other people having resources to produce stuff. Overall, being crypto-friendly can help boost economies of developing countries, but I don't think it's enough to change the balance of economic power in the world.

Exactly, those governments are going to have to be forced to adopt bitcoin, but how this can be done? And it is simple the people will have to force their hand, lets take a look at what is happening with the legalization of cannabis all over the world, cannabis has been illegal for a long time and despite this people want to consume it, this has been going on for so long that governments are literally giving up on chasing their citizens and allowing them to do so and something similar could happen with bitcoin.

[Shenzou]

In my opinion, i think that bitcoin was created at first to counter the government system, it came to to move from the control forced to us by the system, and with bitcoin getting more and more attention we see a lot of government either banning and taking severe actions against the people who use it, government are controlled y people with limited vison and they only care about their own investment and about the things that they can control, and bitcoin can't be controlled by anyone, so i don't think that bitcoin will ever reach a point where it is fully used in every country.

[just_Alice]

I think, at this point, the US might pose an even bigger threat to cryptocurrencies than China. Yes, due to the ban and threats we've lost quite a large portion of miners and users, but mining will recover over time as the new farms will be established and users will always find their underground ways.

The US, on the contrary, acts as if they're in favor of cryptocurrencies, while if we look at the regulations it can be seen how they try to take control and shift the paradigm from currency to asset. China will be out of the game soon, but the US is in, and in case of Bitcoin not using it would be better than misusing. The first can be fixed as Bitcoin spreads all over the world, but the latter is much harder to change.

[arwin100]

I think the Super powers are already trying to limit the power of Bitcoins right now. China keeps issuing new warnings about possible future bans. And USA and China both are heavily promoting their own digital currency. Bitcoins will likely play a smaller role in the currency war between the two. So it is more likely that smaller countries will adopt bitcoins to lose dependency on the super powers.

I disagree, the fact that they made their own cryptocurrency means that they were inspired by bitcoin or so because if bitcoin wasn't there in the first place, then in a way, digital currency won't be a thing for a really long time. So technically, bitcoin already contributed to the face off of superpower nations as an inspiration.

Its given that bitcoin contributes welll to the economy but I don't really think they will give a huge role on it interms of economical aspect since as of now China had ban rumorsas Mauser said so for this we can say that they really don't need bitcoin in economic wars and their main focus is to strengthen their main currency on economical stand in the world. Maybe they got an idea with bitcoin but for sure they will just give a low prioritization since they want to deal up heavily on their own currency.

[Robinson66]

No one can control Bitcoin, but the government wants to control the people through fiat currency. If certain countries are allowed to set Bitcoin as legal tender, this is a bit but may be successful. After all, there are many examples of Bitcoin as legal tender. Yes, but there will still be opposition parties. Everyone has a Bitcoin investment mentality. They have not yet used Bitcoin for daily payments. If you use Bitcoin to use legal tender, the government may ban Bitcoin. Because the government feels he cannot control people.

[Davidvictorson]

In the future Bitcoin will coexist with the  digital currencies created by the worlds' super powers. Bitcoin is here to stay and will probably be around for a long time.

In the future, the worlds' super powers and Bitcoin investors and champions will find a common ground on its transactional and regulatory issues. While underdeveloped countries may lag behind, they will most probably adopt Bitcoin as a legal tender to boost their economy and attract investors.

[AicecreaME]

I have known Bitcoin for a while, and I think I understand the value and significance of Bitcoin. But from an economic point of view, I would like to know what role Bitcoin will play in the face of superpowers like China and the United States in the future.

El Salvador has adopted Bitcoin as its country's legal tender. Panama, Colombia and Uruguay also seem to be interested in Bitcoin. Indeed, for some countries that have been unable to control their own economic development through macro-control, Bitcoin gives them another choice. When the volatility of fiat currency in one's own country has far surpassed that of Bitcoin, the biggest shortcoming of Bitcoin as a fiat currency no longer exists. This is a success in the history of Bitcoin, but how about superpower?

Now, the United States regards Bitcoin as an investment asset. China allows Bitcoin to be held but prohibits mining and trading. The world's largest and second-largest economies have very different attitudes towards Bitcoin. But as we all know, Satoshi Nakamoto's definition of Bitcoin is "A Peer-to-Peer Electronic Cash System", and now people seem to be more inclined to define it as a reserve asset or a price anchor. But for the superpower, neither of these two definitions seems impossible. If Bitcoin is used as a currency for daily use, it will undoubtedly destroy the status of the RMB or the US dollar. If Bitcoin is used as a store of value similar to gold, due to the decentralization of Bitcoin, it is difficult to hoard a large amount of Bitcoin together. I am not a student of economics, and Bitcoin seems to be of little use to the current economic system.

I guess that in the coming decades, more and more African or Latin American countries will tend to use Bitcoin as their legal currency, which can help them resist the erosion of the US dollar. However, the Super Congress insisted on issuing its own legal currency and controlling its exchange rate with Bitcoin. I guess that for China, the final result may be to ask the public to hand over its bitcoin to the country and give it the equivalent value of CNY.

IMO, governent and financial institutions wouldn't really fit into bitcoin's nature. These organizations won't just even be put in a sentence because they uphold different principles and nature in general. Bitcoin has a decentralized nature while financial institutions such as banks is the total opposite of it. Meanwhile, government is usually the one against the legality of bitcoin in their country. Hence, asking the role of bitcoin in superpower nations sounds ridiculous to me.

The government, particularly of the first-world countries wouldn't accept bitcoin open-arms like how we want to view it. Bitcoin is often scrutinized nowadays due to the various issues associated with it. That is why most countries aren't really in favor of making it legal on their place. Sure, there are several countries that decided to give it a try and make bitcoin legal, but we can't always assume it would go that way in every country. The government will not allow bitcoin to take over, most especially it has decentralized nature that they will not be able to control nor manipulate because they hate that.

[jaberwock]

Its given that bitcoin contributes welll to the economy but I don't really think they will give a huge role on it interms of economical aspect since as of now China had ban rumorsas Mauser said so for this we can say that they really don't need bitcoin in economic wars and their main focus is to strengthen their main currency on economical stand in the world. Maybe they got an idea with bitcoin but for sure they will just give a low prioritization since they want to deal up heavily on their own currency.

You can grow your main currency with the help of bitcoin. So let's say you are a small nation with maybe a decent size population, get Nigeria for example which is not a super power at all, economically not a great nation, and still has a very good number of population. Your fiat (Nigerian fiat whatever it's called) is weaker against USD and basically USD is the world's most powerful money for some reason and everything is calculated with it.

Instead of banning bitcoin or disliking it or making it harder for people to use, just support it, make it legal, give regulations and allow people to spend bitcoin freely. What this will do is that people in Nigeria will have the chance to actually get money from other nations, mainly USD since they are biggest, and Nigeria will have more and more bitcoin, which can be cashed out into USD and this will mean Nigeria as a whole will have more USD and that is what powers a nation, having more money of the other nations.

[sana54210]

IMO, governent and financial institutions wouldn't really fit into bitcoin's nature. These organizations won't just even be put in a sentence because they uphold different principles and nature in general. Bitcoin has a decentralized nature while financial institutions such as banks is the total opposite of it. Meanwhile, government is usually the one against the legality of bitcoin in their country. Hence, asking the role of bitcoin in superpower nations sounds ridiculous to me.

The government, particularly of the first-world countries wouldn't accept bitcoin open-arms like how we want to view it. Bitcoin is often scrutinized nowadays due to the various issues associated with it. That is why most countries aren't really in favor of making it legal on their place. Sure, there are several countries that decided to give it a try and make bitcoin legal, but we can't always assume it would go that way in every country. The government will not allow bitcoin to take over, most especially it has decentralized nature that they will not be able to control nor manipulate because they hate that.

Well, governments are basically accepting bitcoin with open arms in many places? I mean look at USA, they literally let it be so liberal that there is a crypto exchange in the stock market which you can buy a stock of these days, that is something seriously awesome, then there is Germany that already greenlight the whole banks and crypto collaboration thing and now there are over hundreds of billions of dollars worth of  crypto moving to banks instead. Even the whole UK thing is just regulations and there will be something better.

Long story short we are talking about something that is not doing that bad and I feel like it is going to get better in the future as well, hence nations are accepting bitcoin with open arms if you ask me aside from few bad apples like china but when did china ever be nation of freedom anyway? Which is why I believe we should be feeling fine and not be worried about governments.

[maxreish]

If the time comes that it will become a legal currency then how about the fiat currency of each country? Will it be replaced then?

Or they may say bitcoin will become an "alternative and legal currency", and it will be the other choice for payment system aside from fiat. Government still doesnt want decentralized system and that makes it more complicated because as we all know, government wanted centralized system that can be controlled by them.

[cabron]

Both US and China will hold their ground as superpowers but clearly, they act the same way to control the people under them. Whether they treat BTC as an asset or not, both of them will try to colonize countries under them. This could be the reason why as of now they are cracking down on tech companies for the data acquired by these tech companies.

Data is the next valuable asset for the two in the future and Bitcoin will be their tool to get these data. China I believe is winning the race because of its 5G and its expansion to the west.

[Silberman]

I think, at this point, the US might pose an even bigger threat to cryptocurrencies than China. Yes, due to the ban and threats we've lost quite a large portion of miners and users, but mining will recover over time as the new farms will be established and users will always find their underground ways.

The US, on the contrary, acts as if they're in favor of cryptocurrencies, while if we look at the regulations it can be seen how they try to take control and shift the paradigm from currency to asset. China will be out of the game soon, but the US is in, and in case of Bitcoin not using it would be better than misusing. The first can be fixed as Bitcoin spreads all over the world, but the latter is much harder to change.

I understand what you are saying and it makes sense however the reason they are taking this approach has to do with the culture of each country, the Chinese government controls everything so they can more easily ban something than the US, the US cannot do this so openly or their citizens are going to protest against it, after all why is the US government banning bitcoin when it does not damage anyone? So they are trying to regulate it as much as they can, but we know this path is going to fail as bitcoin was built from the get go to resist regulations coming from centralized parties.

[tygeade]

First, I don’t think that different countries around the world can be making use of Bitcoin as their currency all at once. Maybe they can just say that it is legal for them, but they wouldn’t use it as a replacement for their main currency that they all already have.

Another thing is that the way people see Bitcoin doesn’t really matter, everyone wouldn’t have the same views, it’s always going to be different. There are people who will see as store of value for sure, and there will also be those that will see it as a peer to peer methods of transactions. It’s up to you choose what you think works best for you. You shouldn’t expect others to be the same with you, it’s always going to be different.

[Dragonfund]

If the time comes that it will become a legal currency then how about the fiat currency of each country? Will it be replaced then?

Or they may say bitcoin will become an "alternative and legal currency", and it will be the other choice for payment system aside from fiat. Government still doesnt want decentralized system and that makes it more complicated because as we all know, government wanted centralized system that can be controlled by them.

Let's try to stretch out some points.
Decentralization, of course no government of any nation would want to adopt anything that they cannot have sovereign authority over. It will be fastly rejected upon submission except if it might help generate huge tax to their pockets 
Perhaps, it might become a store of value, as a means of exchange might comes with terms and conditions and I.e if the receiver might want to accept but I don't think it will be compulsory rather an option.
Fiat replacement? Perhaps if every country has a possession of in equality I their treasures otherwise that dream will never be actualize and accomplish.