Could Bitcoin one day become the global reserve currency?

[Adbitco]

Because everyone expected it to have a more balanced price performance.

The bitcoin price can't be balance because is not a stablecoin, all cryptocurrency doesn't have a stable price or being balanced. The only coin that balance in price is only stablecoins such as BUSD, USDT and USDC, DAI. Besides its a principle that governs the bitcoin progression by moving sideways that has resulted with the decrease and increase in price to completes the trading circle of being volatile.

[posi]

Because everyone expected it to have a more balanced price performance.

The bitcoin price can't be balance because is not a stablecoin, all cryptocurrency doesn't have a stable price or being balanced. The only coin that balance in price is only stablecoins such as BUSD, USDT and USDC, DAI. Besides its a principle that governs the bitcoin progression by moving sideways that has resulted with the decrease and increase in price to completes the trading circle of being volatile.

But if bitcoin can't be balanced in price or never stable, then bitcoin will never be able to become the currency of the world. Instead, Bitcoin will be a commodity or asset like gold whose value rises and falls with demand. The currency still has volatility but is low volatility, and if bitcoin continues to remain highly volatile, it is only good for trading, and not suitable as a currency. But that doesn't make any sense either because people are also treating bitcoin as an asset rather than a currency.

[Aanuoluwatofunmi]

But if bitcoin can't be balanced in price or never stable, then bitcoin will never be able to become the currency of the world.

Why not, bitcoin can be the most reserved digital currency just as it is already now, and with time also becomes the global most recognized currency, being volatile doesn't mean that bitcoin can make you loose your entire asset, the same vein you have in loosing little part of it is the same as the one you get from making profits from it as well, take a look as at now and you will discover that bitcoin is the only leading digital form of currency both in crypto and fiat.

[AnonBitCoiner]

The volatility of bitcoin is not as higher as that in past and now bitcoin is very higher in cost. I think that people are still interested in investment in bitcoin and they avoid its higher energy consumption.

Bitcoin is the only currency which enhances the abilities of users to increase value of their cash and use as a payment method so there are still a large number of crypto users who use bitcoin as a reserve currency. Most of the companies prefer bitcoin and one cannot denied the benefits of bitcoin.

[posi]

But if bitcoin can't be balanced in price or never stable, then bitcoin will never be able to become the currency of the world.

Why not, bitcoin can be the most reserved digital currency just as it is already now, and with time also becomes the global most recognized currency, being volatile doesn't mean that bitcoin can make you loose your entire asset, the same vein you have in loosing little part of it is the same as the one you get from making profits from it as well, take a look as at now and you will discover that bitcoin is the only leading digital form of currency both in crypto and fiat.

I am not saying bitcoin is not a currency, bitcoin can still be used to pay for and exchange goods, it is still considered a currency. But this is just a seller and buyer agreement, not recognized by the government, if you don't need government approval, then I agree with what you are saying.

As far as my understanding, the currency must be stable and not too volatile because it is used to measure other assets' value. While the volatility of bitcoin happens for hours, even minutes, how can we use them to measure the value of other assets? That's also why many people don't see bitcoin as a saving but just an investment. Since no savings have a constantly changing value, it can lose 50% or increase 50% in the short term.

[Bushdark]

The volatility of bitcoin is not as higher as that in past and now bitcoin is very higher in cost. I think that people are still interested in investment in bitcoin and they avoid its higher energy consumption.

Bitcoin is the only currency which enhances the abilities of users to increase value of their cash and use as a payment method so there are still a large number of crypto users who use bitcoin as a reserve currency. Most of the companies prefer bitcoin and one cannot denied the benefits of bitcoin.

Yes people are still interested in Bitcoin and I don't think it volatility would allow people to consider it to be used as a global currency. We still need to take a look at the quantity if it would be enough to circulate since there is only 21 million available. For a current whether digital or fiat to be a global currency, it must be stable and has value.

People would never want to put there money in a global currency where the value of there money would be changing value everyday. Bitcoin would be available for investment as we can see now that people are really interested holding Bitcoin for profitability.

[Smartprofit]

The volatility of bitcoin is not as higher as that in past and now bitcoin is very higher in cost. I think that people are still interested in investment in bitcoin and they avoid its higher energy consumption.

Bitcoin is the only currency which enhances the abilities of users to increase value of their cash and use as a payment method so there are still a large number of crypto users who use bitcoin as a reserve currency. Most of the companies prefer bitcoin and one cannot denied the benefits of bitcoin.

Yes people are still interested in Bitcoin and I don't think it volatility would allow people to consider it to be used as a global currency. We still need to take a look at the quantity if it would be enough to circulate since there is only 21 million available. For a current whether digital or fiat to be a global currency, it must be stable and has value.

People would never want to put there money in a global currency where the value of there money would be changing value everyday. Bitcoin would be available for investment as we can see now that people are really interested holding Bitcoin for profitability.

It can be assumed that the volatility of the price of Bitcoin is due to the fact that this price has not reached a certain (high enough) level.  When the price of Bitcoin reaches a certain level (for example, $1,000,000 or $2,000,000), then the rise in the price of Bitcoin will stop. 

By this time, Bitcoin will be officially recognized as a reserve asset (it will become part of the gold and foreign exchange reserves of the Central Banks of all countries).  The more Bitcoins a country has, the stronger its national digital currency (CBDC) is, respectively.  At the same time, the first cryptocurrency will not be used for everyday calculations. 

This is hindered by technical limitations that are specific to the Bitcoin blockchain (in particular, low network bandwidth).

[adzino]

When talking about Bitcoin becoming a global reserve currency, there are definitely some things that we mush consider. Like, you said, it uses a lot of energy right now, but people are already working on making it more sustainable, such as using renewable energies. And yeah, it's pretty volatile which stops it from becoming the global reserve currency, but as more people start using it, the price might get more stable over time. Another thing you mentioned is that it has no "military backing". Isn't it a good thing? If bitcoin did have such backing or influence, it wouldn't be decentralized anymore.

[serjent05]

The volatility of bitcoin is not as higher as that in past and now bitcoin is very higher in cost. I think that people are still interested in investment in bitcoin and they avoid its higher energy consumption.

Bitcoin is the only currency which enhances the abilities of users to increase value of their cash and use as a payment method so there are still a large number of crypto users who use bitcoin as a reserve currency. Most of the companies prefer bitcoin and one cannot denied the benefits of bitcoin.

but it does not make Bitcoin to become a global reserve currency.  All it needs is the approval of major countries to be a reserved currency.  If no one of these major powers thinks Bitcoin is worthy of being a reserve currency then Bitcoin will never be.  After all finance is under the grasp of financial institutions and Bitcoin needs their approval which is somehow at its current state is impossible. 

But the future ahead is unknown so I am not putting a period in my statement, so I am saying, if in the future Bitcoin gets the recognition of the majority of the countries then it is possible to become a global reserve currency but impossible if not.

[Wong Gendheng]

What determines the future of Bitcoin is the number of users, if the number of users reaches at least 25% of the world's population, it is certain that the world will immediately make Bitcoin as the most important asset equivalent to other commodities such as gold, silver, oil and others, and of course when the number of users The greater the more it will automatically make price fluctuations also small.

[DrBeer]

Problems why bitcoin will not become an international reserve currency:
1. Not the possibility of additional emission
2. Lack of "responsible" for its provision
3. Close to point 2 - bitcoin, sorry, but there is no real value, and collateral, like the dollar, or even the same yuan.
4. At the state level, instruments that they cannot influence and fully manage, and, if necessary, manipulate, will never be used.
5. The distribution of bitcoin in the world is not very even, unlike currencies that can be easily converted (local to dollars and vice versa), as a result, the leading countries of the world that do not have state reserves of bitcoin simply will not accept such a financial instrument

[LogitechMouse]

If an asset will become a global reserve currency, I'd rather pick Gold or even silver than Bitcoin.

In short, there is little to no chance that an asset will be a global reserve currency. Government wants to control the printing of money, and that's why Nixon shock happened in 1971. Also the fact that it's volatile is another reason why Bitcoin isn't a suitable candidate for it to be a global reserve currency.

I feel that there are some people are thinking way too far especially with regards to Bitcoin. Bitcoin as a global reserve currency, Bitcoin to replace fiat etc. etc. but always think that Bitcoin is still exists for only 13 years, and to think like this? There's nothing wrong, but it's almost impossible for it to happen.

Maybe let's just be happy for the fact that Bitcoin right now is being accepted by different establishments, and businesses.

[TheUltraElite]

What determines the future of Bitcoin is the number of users, if the number of users reaches at least 25% of the world's population, it is certain that the world will immediately make Bitcoin as the most important asset equivalent to other commodities such as gold, silver, oil and others, and of course when the number of users The greater the more it will automatically make price fluctuations also small.

The number of Bitcoin users is a significant one but almost everyone also uses fiat currency and keep Bitcoin as a store fo value or investment, not for direct spending. The situation is not that it can be either fiat or bitcoin and that goes with the democracy. Point is that hoping for a global outlook is good but that does not need the opinion of people, rather of some beurecrats sitting in AC rooms.

Hence we should strive to increase the use of Bitcoin on our own before the governments make their move instead of cribbing about it. This can be difficult on an individual scale.

[Shan85]

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

Right the bitcoin has a lot of benefits no third parties or banks need for money transfer and many others but there are also certain issues that could prevent it from becoming a reserve currency. The high energy consumption of Bitcoin mining, which exacerbates environmental problems amd the price volatility of Bitcoin, which can be scary for new investors, and the absence of a centralised authority or armed force pose stability challenges for Bitcoin. But the efforts are being made to identify solutions, and as Bitcoin develops  it may succeed in overcoming these obstacles and ultimately reach its potential as a global reserve currency of word.

[Smack That Ace]

The high energy consumption of Bitcoin mining, which exacerbates environmental problems .

I completely disagree with your statement. Bitcoin consumes that energy undeniable, but to say that bitcoin mining worsens the environment is not true. The amount of energy used to mine bitcoin is nothing compared to the energy consumption of other industries. Moreover, bitcoin is creating value and benefits for us, and society, so it is completely appropriate to consume energy. We live in a world of technology, and energy use is happening in all our activities, even at our dinner table, so would you call it a waste?