Bitcoin Replacing U.S Dollar as the global Reserve Asset

[BIN-BIN]

With the mainstream and institutional adoption of Bitcoin, the coast is becoming clearer to analyze bitcoin becoming the global reserve currency if the current trends continue till 2025 I see bitcoin rendering the present reserve system useless because Bitcoin will outperform another global reserve asset in terms of price and market cap and circulation reason being that.

Factors that will put Bitcoin over the U.S dollars as global reserves.

1. The major reason that will pave the way for bitcoin to become the global reserve asset is the fact that Bitcoin has a fixed calculating supply of 21 million Bitcoin which can not be added and this makes the currency immune to inflation.

Unlike the U. S dollars, the government can print additional currency notes at will, which makes it prompt to inflation, and has no calculating supply.

With the current global economic meltdown, which gave birth to a high inflation rate, the world trade union will not hesitate to replace U.S dollars with a currency that has a fixed supply and market dominance like Bitcoin in the future when the enabling environment is created.

WHAT ARE YOUR VIEWS ON THIS?

[Jawhead999]

It's nonsense, there's no relation between inflation and global reserve asset.

To become global reserve asset need a lot requirement :
1. Flexible to convert and can be used in foreign countries.
2. Stability and transparent
3. Every countries accept and trust it.

Bitcoin can be global reserve asset when the price is already million, so it's will be more stable and of course every countries already accept since they already believe about Bitcoin. But 2025 is too soon, probably 10-25 years more we can see Bitcoin become global reserve asset.

[KingsDen]

The 21million cap you see as a factor for btc to becoming a global reserve currency is also its limitation. Have you also considered its volatility? Who will reserve wealth in a highly unstable asset you don't control?
Have you thought about the scalability issue?
Besides, its legal requirement and regulations across different countries is a limitation to it being a global reserve.
Let btc be what it is created to be and the most important to me is its sustainability and not to control the world.

[ajochems]

With the mainstream and institutional adoption of Bitcoin, the coast is becoming clearer to analyze bitcoin becoming the global reserve currency if the current trends continue till 2025 I see bitcoin rendering the present reserve system useless because Bitcoin will outperform another global reserve asset in terms of price and market cap and circulation reason being that.

Factors that will put Bitcoin over the U.S dollars as global reserves.

1. The major reason that will pave the way for bitcoin to become the global reserve asset is the fact that Bitcoin has a fixed calculating supply of 21 million Bitcoin which can not be added and this makes the currency immune to inflation.

Unlike the U. S dollars, the government can print additional currency notes at will, which makes it prompt to inflation, and has no calculating supply.

With the current global economic meltdown, which gave birth to a high inflation rate, the world trade union will not hesitate to replace U.S dollars with a currency that has a fixed supply and market dominance like Bitcoin in the future when the enabling environment is created.

WHAT ARE YOUR VIEWS ON THIS?

We are able to see the topic like this over a huge period.The reason behind this was very simple.Over 70 percentage of world population is holding of crypto currency for now.If the bitcoin replaced the U.S Dollars,we can able to see many new millionaire in a couple of days.If you want to became a billionaire,you need to hold the coin for 6 months after the exxchange.

[BlackHatCoiner]

Bitcoin is, socially, something new. It may replace the dollar as a global reserve currency in the far future. I actually believe that it's a matter of time; that it is inevitable.

Although we shouldn't hold our breaths. Even if it never does, it'll surely be a recognized currency due to its resistance from the government. People usually seek for revolutionary solutions. Bitcoin will always be seen useful by some people and that's a fact whether the governments choose to use it or a small community of crypto anarchists.

[ChiBitCTy]

Count me in as a bit skeptical for anything like this happening.  I think that there are way too many countries right now that simply will not allow bitcoin to present on any sort of platform of theirs, let alone adopt it as the world's reserve currency.  Also, bitcoin has to act more so like a currency in order for it to be considering as the worlds reserve currency.  It is currently too slow and too expensive.

[BIN-BIN]

Bitcoin can be global reserve asset when the price is already million, so it's will be more stable and of course every countries already accept since they already believe about Bitcoin. But 2025 is too soon, probably 10-25 years more we can see Bitcoin become global reserve asset.

I don’t think the price of bitcoin has to reach a million dollars before bitcoin can serve as a reserved asset, with a stable price at $100,000 Bitcoin can attain that rank in the exchange market.

[avikz]

Lol! I don't see it happening ever. Unless,

1. China attacks America with nuke and vice versa and then both countries disappear
2. Hyperinflation enters US
3. Taliban overtakes Washington DC

In a nutshell, US has to fall from the position of a superpower for bitcoin to become a reserve currency. Also most other nations should not be in a position to become another superpower.

Government dislikes anything that is not controlled by them. So I don't see it happening ever!

[electronicash]

Lol! I don't see it happening ever. Unless,

1. China attacks America with nuke and vice versa and then both countries disappear
2. Hyperinflation enters US
3. Taliban overtakes Washington DC

In a nutshell, US has to fall from the position of a superpower for bitcoin to become a reserve currency. Also most other nations should not be in a position to become another superpower.

Government dislikes anything that is not controlled by them. So I don't see it happening ever!

you can actuallly forsee it coming because all these super power countries today seem preparing for war. even UK that isn't too powerful is trying to portray like they are in South China Sea.  for now you can see skirmishes in Lebanon, Afganistan which Biden is once again sending troops.

if BTC becomes Digital reserves without war, then all the.series of debates about crypto bill amendment are just soap opera.

[avikz]

Lol! I don't see it happening ever. Unless,

1. China attacks America with nuke and vice versa and then both countries disappear
2. Hyperinflation enters US
3. Taliban overtakes Washington DC

In a nutshell, US has to fall from the position of a superpower for bitcoin to become a reserve currency. Also most other nations should not be in a position to become another superpower.

Government dislikes anything that is not controlled by them. So I don't see it happening ever!

you can actuallly forsee it coming because all these super power countries today seem preparing for war. even UK that isn't too powerful is trying to portray like they are in South China Sea.  for now you can see skirmishes in Lebanon, Afganistan which Biden is once again sending troops.

if BTC becomes Digital reserves without war, then all the.series of debates about crypto bill amendment are just soap opera.

Let everyone be prepared for war! But an actual war amongst the super powers are very very unlikely to happen! There will be wars in middle east or similarly weaker countries. But when it comes to super power, no wars will take place. So if you think China will engage in war with US, that's a negative. US understands their power well and vice versa. If super powers engage themselves in war, that will be the end of the humankind. So neither war will ever happen, not bitcoin will become the world's reserve currency.

[Charles-Tim]

I don’t think the price of bitcoin has to reach a million dollars before bitcoin can serve as a reserved asset, with a stable price at $100,000 Bitcoin can attain that rank in the exchange market.

What do you think as global reserve? If gold is estimated to worth over $10 trillion dollars while commenting that Bitcoin will replace US dollar as global reserve? Bitcoin is still yet considered as a speculative asset, it is also a store of value as it usually reach all-time-high. Bitcoin will surely still reach $100000 and more, but why implying it replacing US dollar as the global reserve. You may see Bitcoin as a currency, but yet it is an asset, that is why I do not compare Bitcoin to Fiat because of this reason, but if comparing it in such a way that Fiat are inflationary while Bitcoin is deflationary and an appreciative asset, it would have been better.

[BIN-BIN]

Lol! I don't see it happening ever. Unless,

1. China attacks America with nuke and vice versa and then both countries disappear
2. Hyperinflation enters US
3. Taliban overtakes Washington DC

In a nutshell, US has to fall from the position of a superpower for bitcoin to become a reserve currency. Also most other nations should not be in a position to become another superpower.

Government dislikes anything that is not controlled by them. So I don't see it happening ever!

you can actuallly forsee it coming because all these super power countries today seem preparing for war. even UK that isn't too powerful is trying to portray like they are in South China Sea.  for now you can see skirmishes in Lebanon, Afganistan which Biden is once again sending troops.

if BTC becomes Digital reserves without war, then all the.series of debates about crypto bill amendment are just soap opera.

Let everyone be prepared for war! But an actual war amongst the super powers are very very unlikely to happen! There will be wars in middle east or similarly weaker countries. But when it comes to super power, no wars will take place. So if you think China will engage in war with US, that's a negative. US understands their power well and vice versa. If super powers engage themselves in war, that will be the end of the humankind. So neither war will ever happen, not bitcoin will become the world's reserve currency.

If you read through the thread carefully, you discover that all the items you mentioned towards the end of your last paragraph are clearly discussed, Bitcoin's major advantage that will put it at the top as a reserve asset is its deflationary value because of its limited calculating supply.

[bocyaj]

it is not impossible that bitcoin will be able to replace the USD dollar currency as the world's currency at this time, the development of this messaged bitcoin can be said to be very rapid so it has the option to become the number one currency which can be said to be more dominant against the USD dollar, moreover Currently bitcoin is reaching such a high level of popularity especially for digital currencies

Seems to be real fact.Because currently,the U.S Dollar made a huge investors.I had huge amount of investors all over the world.Some dominant of dollar was always their among the bitcoin.But the investing of dollar was always in the bitcoin.So the need of both bitcoin and dollar was inevitable .

[hatshepsut93]

Why would governments hold something as volatile as Bitcoin in their reserves? The lives of millions of people in each country depend on those reserves, now imagine there's the usual 50% "dip", how would a country survive that? Not to mention that Bitcoin's current scalability is not ready for active use by a large portion of human population, even if just as store of value.

[Upgrade00]

WHAT ARE YOUR VIEWS ON THIS?

Bitcoin does not need to replace the U.S dollar or any other asset as a global reserve tool. Those currencies are highly politicized and there is a stiff competition to determine which currency is globally accepted. Bitcoin does not need to be part of that politics or does it need to be well defined, each person can use it the way they seem fit.

[n0ne]

There is no requirement of replacement for US dollar and let the cryptocurrency- bitcoin grow on its own. Everything needs to do its own growth and make changes in the global economy. What is the good on US dollar replaced by bitcoin. It might be having the highest adoption rate and increased usage, but it'll serve similar toa currency that is centralized. Let this be the global reserve asset, bit not an replacement for USD.

[Shenzou]

The current state of bitcoin is in no condition can be used as widely used currency nor to replace the current financial system, the long transaction time and the high fees make it difficult to be used for the day to day microtransactions that are what makes most of the global economy, so saying that bitcoin can replace the us dollar as a global reserve is an impossible thing at least for the current state, and not to mention the high volatile price that it has.

[Distinctin]

The current state of bitcoin is in no condition can be used as widely used currency nor to replace the current financial system, the long transaction time and the high fees make it difficult to be used for the day to day microtransactions that are what makes most of the global economy, so saying that bitcoin can replace the us dollar as a global reserve is an impossible thing at least for the current state, and not to mention the high volatile price that it has.

Bitcoin is growing day by day not just the price itself but along of its currency adoption. But its not enough really to replace US dollar and make it as the world's reserve currency. Bitcoin is not even a legal currency yet that is highly supported by the government and i think it will take a long way processing before it can be counted as one.

However, since US dollar is into its deflationary state, then people would surely want to have another currency that will be more convenient to them. And bitcoin is definitely is in the right track. Once its high volatility will be controlled by the government, then maybe bitcoin will become a worlds currency in the near future.

[taufik123]

Bitcoin's pros and cons are still there. Bitcoin is indeed growing every day and is becoming a very valuable digital currency today. several countries have started to legalize the use of bitcoin especially the country of El Salvador which uses bitcoin as a legal payment option in addition to using their own currency. but not all countries legalize bitcoin.

To become a world currency and become a global reserve asset is still a long way off, because Bitcoin is still new. There are many problems that exist in bitcoin that make it unable to become a global reserve asset.
Bitcoin is still a highly volatile speculative asset. become a commodity asset as a digital investment that is in great demand today.

[jinneas]

The U.S. government’s monetary policy in response to the epidemic has continuously increased the issuance of currency, which has caused depreciation panic. Due to the U.S. economic recession, the sustainability of the U.S. dollar as the world's main reserve currency has been tested, which may cause the U.S. dollar to fall from its status as the world's reserve currency.
From the current point of view, Bitcoin has withstood the test of the market. As people’s worries about the future of the world’s reserve currencies are increasing day by day, there is now a pattern of currency diversification in international reserve currencies, and Bitcoin is now more trustworthy than the U.S. dollar. Many investors bought bitcoin in large quantities during this period. Many believers believe that bitcoin is a basic asset for breaking through centralized control and realizing financial democracy. Bitcoin's decentralization and scarcity will also have the opportunity to obtain the status of reserve assets, and may enter a new era of global reserve assets.