Could Bitcoin one day become the global reserve currency?

[bestcoins1]

Of course you can, the number of bitcoin users continues to increase and the decentralized system brought by bitcoin has proven successful, only in about 10 years it already has hundreds of millions of users, if one day it becomes the global reserve currency then the world economy will be stronger and there will be no chaos because of the currency war.

If you look at it in more depth, the presence of Bitcoin, which has been more than 10 years, is not only meant to be a currency, but also more than just a currency and is expected to be very suitable for other things such as long-term investments. And for what has happened to Bitcoin, it is really proof that Bitcoin is very suitable for long-term investments and is also suitable to be a currency.

The success of Bitcoin cannot be denied by anyone now because of various events that have occurred in this world and this can affect the price of Bitcoin due to panic from users who try to release Bitcoin at a certain time. Things like that only make Bitcoin experience a decrease in price without making Bitcoin die, because Bitcoin can still develop in difficult world conditions and can still experience price increases when world conditions are getting better.

[Unbunplease]

I believe that bitcoin or another cryptocurrency with the same degree of reliability could well become a global reserve currency. Bitcoin has transparency, limited issuance, and other valuable features that a global reserve currency should have

[GeorgeJohn]

All these kinds of questions has been asked previously,  bitcoin is a that is above ten years after establishment,  so therefore I believe that bitcoin is developing,  so in future time  it's when we will know if bitcoin will be global currency,  right now nobody will predict accurately because any answers that says that bitcoin will develop more is base on that the person assumptions,  so theirs no theory or proof that portray when or bitcoin will be a global currency at given point in time

[Swordsoffreedom]

I believe that bitcoin or another cryptocurrency with the same degree of reliability could well become a global reserve currency. Bitcoin has transparency, limited issuance, and other valuable features that a global reserve currency should have

If bitcoin is recognized by most governments and is not too volatile, then I believe bitcoin can become the global reserve currency and will be chosen by governments. But for now and in the near future, that won't happen, bitcoin is still a risky and volatile asset, so no country will venture to choose bitcoin as their national reserve budget. Bitcoin is still more of a speculative asset than a currency or method of payment, and I don't think that can easily change. It will take a long time to change what is happening with bitcoin, I estimate up to 90% of people see bitcoin as speculation rather than currency.

[autumnleaf]

I also think that Bitcoin acting as the world's reserve currency is a good concept because of its popularity, usage, and desirability as an investment, even though its applicability at the time is debatable. Other members also mentioned that some countries are now moving forward, but I still believe it is too early to draw any conclusions.

[Gayong88]

In my opinion regarded The idea of Bitcoin becoming a global reserve currency has been debated among economists and cryptocurrency enthusiasts alike. While it is difficult to predict the future of any currency, there are several factors that could potentially make Bitcoin the perfect fit for this role.

One of the advantages of Bitcoin is that it is decentralized, meaning it is not subject to the same government control as traditional fiat currency. This could make it more resistant to inflation and political influence. Additionally, the limited supply of Bitcoin, with a maximum of 21 million Bitcoins ever created, could make it a more stable store of value in the long term.

However, there are also challenges to making Bitcoin a global reserve currency. One of the biggest challenges is its current volatility, which makes it difficult to use as a stable unit of account. In addition, the relatively slow transaction processing time and high fees make it less practical for everyday use compared to other currencies.

[Lubang Bawah]

Without legal recognition from the state, of course, bitcoin can already be said to be a global currency, now the community is growing and making bitcoin more and more popular so that when we want to pay with bitcoin, many understand, with communities spread in almost all countries, I'm sure one day bitcoin can be global reserve currency.

[speedy963]

Without legal recognition from the state, of course, bitcoin can already be said to be a global currency, now the community is growing and making bitcoin more and more popular so that when we want to pay with bitcoin, many understand, with communities spread in almost all countries, I'm sure one day bitcoin can be global reserve currency.

As a legal tender? I doubt it, the thing about making it as a global reserve is not something achievable at this moment or even in the near future.

Number one reason alone:

* Volatility

There is no immediate fix on that one and even if we manage to convince users, do you think the state will? It is indeed noticeable that crypto is in the rapid state of evolution and we could feel the changes that it offers, but it's not convincing enough to consider it to be treated as global reserve currency, though it is still unclear, in the meantime it is still considered a dream that seems impossible to become reality.

[blockman]

Without legal recognition from the state, of course, bitcoin can already be said to be a global currency, now the community is growing and making bitcoin more and more popular so that when we want to pay with bitcoin, many understand, with communities spread in almost all countries, I'm sure one day bitcoin can be global reserve currency.

Being a reserve is another separate topic but there's no question that it's a global currency right now or should we say, a global cryptocurrency that's being used widely. Since there have been a couple of countries that have announced their adoption of bitcoin as a legal tender, maybe the next development that will come from them is to see them start putting up bitcoins for their reserve funds. We have no idea if that's already part of their roadmap or if they're already planning about it. But to see bitcoin going to that position is one of the most exciting things that shall be part of bitcoin's development. We're already on the better part of it for which the taboo that it has been believed for so many years that it's only good as a digital currency on the dark and illegal marketplaces is about to break that thought for most people.

[19Nov16]

It takes a long way to make bitcoin a global reserve currency, of course it needs official recognition from many countries so that bitcoin's position is getting stronger, the biggest problem with bitcoin is very high fluctuations, a few days ago the price rose by more than 19% but bitcoin has also dropped more than 20% in a day, these considerations certainly make the government prevent the use of bitcoin.

[abralzain17]

Bitcoin is a technology that makes our life easier. It does not melt in the face of inflation like fiat currencies. It frees us from the bondage of banks, as it allows us to transfer money without the need for third parties. It has great features.

- However, despite being a new technology, it has very high energy consumption. However, everyone would like it to consume less energy.

- Also, it has been known and traded for years but still has very high volatility. With this appearance, it scares new investors. Because everyone expected it to have a more balanced price performance.

- World history is full of wars. Perhaps we are living through one of the best periods in history. But because of us homosapiens, our world is very prone to chaos. Coins that do not have an armed force behind them, such as Bitcoin, may be a little unlucky in this regard.

I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.

What do you think about the subject? Can you share some enlightening information for me?

In my opinion, bitcoin can be used as a reserve currency on this earth, even as we have heard that there are currently companies that keep bitcoin as a company reserve fund, and I think this is normal, because the fluctuation in the value of bitcoin will not have an impact on the company because only the reserve value is stored in the form of BITCOIN.

[Dr.Bitcoin_Strange]

The demand for Bitcoin always increases, and I believe that every year, thousands of new users around the world invest in Bitcoin for the first time in their lives. If the value of Bitcoin remains where it is (already known for its volatility, which is also the reason for the profit people get from it), then in the future it can become a reserve currency, because most people already understand the purpose of Bitcoin (and there is great adoption), but some still fear the price instability. From my observation, I noticed that there are two kinds of Bitcoin investors: those that panic when the price is dumping and those who don't panic because they understand that volatility is a major character of Bitcoin and that even if the price falls, after some time it will still go up.

[soramon]

While Bitcoin could theoretically become the world's reserve currency, it is highly unlikely due to its volatility, limited supply, regulatory challenges, and lack of infrastructure. Reserve currencies like the US dollar and the euro are preferred for their stability and widespread adoption, and central banks are unlikely to abandon them in favor of a relatively new and untested currency like Bitcoin. While Bitcoin may continue to disrupt traditional financial systems, it is unlikely to replace established reserve currencies anytime soon.

[BITCOIN4X]

Bitcoin is not going to become global reserve currency for one reason, I think the most obvious reason right now is that governments do not fully support bitcoin as a currency or means of payment. So far the government or relevant institutions do not hold large amount of bitcoin, hence bitcoin will not become a foreign reserve. After all, governments cannot control bitcoin, that is another reason why bitcoin will not become global reserve currency.

I'm not sure volatility is the most compelling reason why bitcoin can't be global reserve currency, but bitcoin's decentralization is the main reason why it can't be global reserve currency.

[VRExpress]

No I don't think so, some countries will accept bitcoin wholeheartedly but many won't, because bitcoin will forever remain a threat to the government and Fiat currencY, this is going to be a very long battle and we still can't say how it's going to end.

[Mpamaegbu]

I think these three problems may not be solved and these three problems may prevent bitcoin from being a reserve currency.

What do you think about the subject? Can you share some enlightening information for me?

Sincerely, I don't see Bitcoin becoming a global currency. How can that even be possible when there are so many hiccups and hurdles against it. There are poor nations that are still grasping with electricity challenges till date, include internet issues with it too. Even in years to come, these nations are not likely to have these basic amenities. We can't use Bitcoin without those two – electricity and the internet.

Come to think of it, despite how popular and influential the British Pounds is it's still not a global currency.

[RealMalatesta]

Being a reserve is another separate topic but there's no question that it's a global currency right now or should we say, a global cryptocurrency that's being used widely. Since there have been a couple of countries that have announced their adoption of bitcoin as a legal tender, maybe the next development that will come from them is to see them start putting up bitcoins for their reserve funds. We have no idea if that's already part of their roadmap or if they're already planning about it. But to see bitcoin going to that position is one of the most exciting things that shall be part of bitcoin's development. We're already on the better part of it for which the taboo that it has been believed for so many years that it's only good as a digital currency on the dark and illegal marketplaces is about to break that thought for most people.

I would say that it is a "reserve currency" for the people, maybe not so much for the governments, that could be the case in this situation. I agree that there are a lot of people who have savings in bitcoin right now and that is definitely a great thing, definitely something to cherish because it means the idea of "peoples money" instead of being America's money or brits or French or German's money, it's global, and that matters a lot.

I personally believe that the best thing to do today would be having some sort of understanding that we could be seeing some governments pick this up and realize people love it and eventually start investing into it a bit.

[odunybiz]

No doubt about this. This can happen after some years as some company as already accept it as a reserve currency. If this is fully achieved, it will be a great boom in the crypto space.

[doomloop]

It takes a long way to make bitcoin a global reserve currency, of course it needs official recognition from many countries so that bitcoin's position is getting stronger, the biggest problem with bitcoin is very high fluctuations, a few days ago the price rose by more than 19% but bitcoin has also dropped more than 20% in a day, these considerations certainly make the government prevent the use of bitcoin.

It's probably true that for Bitcoin to become a reserve currency, it will have to be more stable which isn't something that can happen since it's the nature of cryptocurrencies like Bitcoin to be volatile. So it's basically not made to be a reserve currency unless a country or a company doesn't care about the volatility and still uses it to reserve their funds.

The main downside for it is that the funds reserved in Bitcoin can lose significant value over time, though it can also gain value the negative impact is more powerful when it comes to the reserves of a whole country.

[Stable090]

Bitcoin can never be global currency, I don’t really know about other countries but it won’t happen in my country, you can’t visit markets and you will expect to pay with bitcoin, most of the market people don’t even know about bitcoin and they don’t even have mobile phones which you can use to connect to internet services, so those people won’t be able to accept bitcoin as payment methods.