Will you support bitcoin as Global reserve currency?

[Fesatmas]

If Bitcoin is considered a neutral global currency it will gain universal acceptance. By which no country will have any authority. No one can influence that currency. Global trade, transactions will be done very securely and in a short time.

In theory, what you say is correct and of course according to how simple the Bitcoin system works. But in fact, we are talking to millions of different people and state systems. Demand for each country's fiat is the main thing to strengthen the value of its currency. When implementing Bitcoin as a global means of payment, every bank currently has to print with the converted nominal. Because the fiat financial system is already running and has controlled almost 95% of the country's economy with all the textile, food and beverage, and electronic industry companies having an agreement to increase the fiat value of each country, automatically if you want to use Bitcoin, an agreement and a complete overhaul of the payment system are needed.

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[bayudndy]

A reserve currency is one that has to be considered for its stability, so with bitcoin, I am concerned about its volatility and its suitability as a reserve currency. Governments typically look for currencies with relatively stable purchasing power and little volatility. This stability allows for predictable economic planning and reduces the risk of sudden and disruptive market movements. So with the significant price fluctuations of bitcoin, it is difficult to maintain a stable value for the reserves. So this needs to be developed and discussed carefully, though, because the potential of cryptocurrencies is still growing anyway.

[RajeshKarwa]

Potential factors that would affect - Regulatory concerns, scalability issues, price volatility and the acceptance and adoption of Bitcoin by governments, central banks and financial institutions worldwide.

Also we should not forget that CBDCs could have an impact on the adoption and use of Bitcoin.

[jrrsparkles]

Well, actually there will be no need of reserve currency if Bitcoin widely adopted by the countries because its already operated all over the world so there is no border restrictions and every country can use Bitcoin to make trade deals with another country and so on. As of now am not sure that Bitcoin can handle all the transaction of this world so better don't put any pressure on it.

[GigaBit]

I will support gold more than bitcoin to be honest. Bitcoin is a very new currency and it has not matured enough to become a global reserve currency. The network is simply not capable of handling such volume. Gold is a much better choice as a reserve currency and it had also earlier used for similar reason.

There is nothing to deny your words. Because if we think Bitcoin as a reserve currency, there are certain issues that will not be accepted as a reserve currency until those issues are properly resolved. That's why I said it is a matter of time. I agree with the logic how much this network can support when the reserve currency has a lot of volume, it is also a matter of thought. Another thing is that If all the countries do not accept it then it is not possible to have bitcoin as a reserve currency? So it will not be possible to implement without the support of the government. However, the faith increased towards bitcoin by the current generation that is really appreciable. If they come forward, maybe solutions to these problems can be found very quickly.

[Falconer]

I will support gold more than bitcoin to be honest. Bitcoin is a very new currency and it has not matured enough to become a global reserve currency. The network is simply not capable of handling such volume. Gold is a much better choice as a reserve currency and it had also earlier used for similar reason.

There is nothing to deny your words. Because if we think Bitcoin as a reserve currency, there are certain issues that will not be accepted as a reserve currency until those issues are properly resolved. That's why I said it is a matter of time. I agree with the logic how much this network can support when the reserve currency has a lot of volume, it is also a matter of thought. Another thing is that If all the countries do not accept it then it is not possible to have bitcoin as a reserve currency? So it will not be possible to implement without the support of the government. However, the faith increased towards bitcoin by the current generation that is really appreciable. If they come forward, maybe solutions to these problems can be found very quickly.

Probably not, the world's governments are very unlikely to use bitcoin as a reserve currency for any reason now and in the next few years. I haven't thought of anything up to that point although bitcoin actually has reasonable criteria for being a global reserve currency. The bitcoin market is still limited and the asset is very risky because of its volatility, but if bitcoin achieves global adoption one day then the idea might be worth considering as it will lower the volatility.

In fact, some argue that bitcoin is not yet suitable for use as a store of value due to its volatility. I haven't thought about it, and to this day I am still too amazed by bitcoin's success in gaining the trust of people all over the world. For me bitcoin is an investment asset as long as the government has not legalized it as legal tender.

[darkangel11]

Won't that mean that the country that's going to have a lot of bitcoin going to be the one that's controlling the global market not to mention that there's going to be a big overhaul on global supply chain because the currency that's used will be bitcoin, not to mention that there's only 20 million bitcoin to go around for the global market. BRICS will be opposing this heavily now that they're also planning to get away from dollar as a reserve currency.

It could be so, but it's still better than what we have now, meaning countries have no limitations when it comes to printing, so if they want to buy something from you, they can print a billion of their local fiat currency and buy you out. At least to control the markets via bitcoin they'll have to buy it first and when they come in with their huge demand, there may be no bitcoin left to buy at affordable prices.
This is one of the things that worries me about bitcoin adoption. One country could seriously manipulate the price by flooding the exchanges with their unlimited supply of fiat money.

[serjent05]

The US dollar has been followed as the international reserve currency since World War II to till today. But with the change of time, the world is losing confidence in this dollar due to various reasons. As a result, there is a possibility for another change world reserve currency in the future. But in this case I think Bitcoin as a global currency which will be certainly acceptable.

If Bitcoin is considered a neutral global currency it will gain universal acceptance. By which no country will have any authority. No one can influence that currency. Global trade, transactions will be done very securely and in a short time.

This is the advantage that is been played and would be enjoyed if bitcoin is used as a reserve. Its lack of centra authority will make countries be equal. If we look at the mode of dedollarization, countries aren’t moving towards another countries currency like the yuan because it will still have same problem like the dollar which a country dominance or political power over others. Rather reserves are been diversified into different assets. Some countries like the BRICS association are still suggesting the creation of another currency as an international currency or reserve but this still will be controlled one way or the other.

The major problem will be the distribution of Bitcoin, since only a few individual has majority of the coins, the wealth distribution will be imbalance and may put the global economy under these people's hand.  I like the idea but thinking deeply and evaluating things, I won't be supporting BTC to be a global reserve currency .

# Bitcoin is decentralized, Bitcoin has no regulatory body. As a result, no country's government or central bank will have any authority. Moreover, no powerful country in the world can influence it in any way.
# It is the best in terms of security. Bitcoin uses advanced cryptographic algorithms to keep its transactions secure and fraud-free, making it completely safe to use.
# All transactions are recorded in a ledger through a public blockchain, creating an environment of transparency and accountability.
# In the present time, Bitcoin has gained wide acceptance all over the world. Big companies are holding Bitcoin as their savings and the government of the country is also implementing various projects and strategies including payment in Bitcoin. We know that El Salvador has recognized BTC as legal tender. Such an initiative by the government of the foremost country certainly points to Bitcoin becoming a global reserve currency in the near future.

This are quite great advantages that bitcoin possesses to be a reserve currency coupled with the fact that it is a store of value that hedges against inflation. Although I would love a global adoption of it and possibly it being a legal tender. But its volatility is still a problem for it to be used as global reserve. There’s nothing bad if it is used but all reserve shouldn’t be in bitcoin but rather diversified into various stores of value, because of the volatility.

Being decentralized gives holders the freedom to do anything, it also don't deny whales and other big holders to dictate the movement of Bitcoin and may exploit Bitcoin according to their own plan causing possible global issue regarding Bitcoin as a reserve currency.

[The Cryptovator]

As a Bitcoin enthusiast, it's important to acknowledge that while many of us believe Bitcoin has the potential to become a global reserve currency, the reality is that it's highly unlikely to happen. This is primarily due to the fact that Bitcoin is backed by the community and lacks support from a centralized organization.

The high volatility of Bitcoin poses a significant risk when considering it as a global reserve currency. Its price fluctuations can be unpredictable and can lead to unstable economic conditions if widely adopted in that capacity. It's essential to recognize that Bitcoin was not originally created with the intention of serving as a global reserve currency.

Instead, it may be more practical and beneficial to view Bitcoin as a global payment solution rather than a reserve currency. Its decentralized nature and borderless transactions can contribute to seamless and efficient international payments. By focusing on its strengths as a medium of exchange, Bitcoin can play a valuable role in facilitating global transactions and promoting financial inclusivity.

[Franctoshi]

Bitcoin serving as a global reserve currency is idea but I don't think if they world leaders or world super powers like China and America would allow such idea to scale through as government likes total control and would always want to control everything, Making Bitcoin a word reserve currency is definitely something that China and United States will oppose because it a threat to the United States dollar hegemony and China's agenda for their currency to become a world reserve currency, look for instance, China is already working on their digital currency to become the reserve currency which other bricks nations wants to adopt. Bitcoin will serve more like a digital gold and store of value.

[ChiBitCTy]

While the United States might be having it's own issues with the debt ceiling debacle, it is still the most powerful country in the world with the most advanced economy.  Russia is in the middle of a ware, and less powerful than we all once recently thought, and China lies about absolutely everything, and I can't see anyone accepting the Yuan as the worlds reserve currency.

I don't think bitcoin is even close to being able to be considered for the worlds reserve currency.  Maybe sometime down the road, but I think it's going to take a lot more maturing ( faster speeds, lesser fees etc) before it could ever even be remotely considered.

[sheenshane]

I will support gold more than bitcoin to be honest. Bitcoin is a very new currency and it has not matured enough to become a global reserve currency. The network is simply not capable of handling such volume. Gold is a much better choice as a reserve currency and it had also earlier used for similar reason.

There is nothing to deny your words. Because if we think Bitcoin as a reserve currency, there are certain issues that will not be accepted as a reserve currency until those issues are properly resolved. That's why I said it is a matter of time. I agree with the logic how much this network can support when the reserve currency has a lot of volume, it is also a matter of thought. Another thing is that If all the countries do not accept it then it is not possible to have bitcoin as a reserve currency? So it will not be possible to implement without the support of the government. However, the faith increased towards bitcoin by the current generation that is really appreciable. If they come forward, maybe solutions to these problems can be found very quickly.

I tend to agree with your conclusion.
IMO, the acceptance of Bitcoin as a global reserve currency would require widespread support and participation from governments worldwide.  But as we can see, not all governments supported Bitcoin just like in the US where there are a lot of regulation processes.  Cooperation and coordination among nations would be necessary to establish the necessary regulatory frameworks and address concerns related to financial stability, security, and compliance.

As per see, it's difficult to predict the future with certainty, but as of now, the challenges and limitations make it less likely for Bitcoin to become a global reserve currency, though we're crypto enthusiasts we know things that are possible will happen.

[Yaunfitda]

Although I would say that bitcoin is everything what a pure definition of a global reserved currency.

And then it has it's volatility which might not sit well with the world government and the economies. So as much as we bitcoiners want it to become a global reserved, I doubt that it will just be as easy as that.

Remember that there are a lot of digital money, i.e. central bank digital currency (CBDC), so most likely it there will be one, it will be a consensus CBDC and not bitcoin.

[Darker45]

I will, of course. If we are supporting Bitcoin now or even before when it was still an underground online currency criticized by governments and banks, the more we will support it when it becomes a global currency.

It will probably be the only currency that is not fueled by deceit and lies and wars and all kinds of power struggle. It is the only currency that will remain free from the powerful influences and manipulation of the elites and bully countries.

It is transparent and verifiable by anyone. It can't be faked unlike gold reserves.

[LittleBitFunny]

A reserve currency is one that has to be considered for its stability, so with bitcoin, I am concerned about its volatility and its suitability as a reserve currency. Governments typically look for currencies with relatively stable purchasing power and little volatility. This stability allows for predictable economic planning and reduces the risk of sudden and disruptive market movements. So with the significant price fluctuations of bitcoin, it is difficult to maintain a stable value for the reserves. So this needs to be developed and discussed carefully, though, because the potential of cryptocurrencies is still growing anyway.

Exactly, unless bitcoin becomes stable, then countries will likely treat it as a reserve currency, otherwise, making bitcoin a reserve currency will be very unlikely, if not impossible. No country would risk using a highly volatile asset as a reserve currency. As proof of this, we can see that countries have hoarded gold more than ever during the last crisis, and it is the most stable asset class. It can be seen how cautious governments are in maintaining national budgets. Not a spread of Fuds, but I am pessimistic that bitcoin could become a reserve currency.

[Silberman]

Bitcoin serving as a global reserve currency is idea but I don't think if they world leaders or world super powers like China and America would allow such idea to scale through as government likes total control and would always want to control everything, Making Bitcoin a word reserve currency is definitely something that China and United States will oppose because it a threat to the United States dollar hegemony and China's agenda for their currency to become a world reserve currency, look for instance, China is already working on their digital currency to become the reserve currency which other bricks nations wants to adopt. Bitcoin will serve more like a digital gold and store of value.

I think a more interesting question is how could the most powerful countries around the world be forced into that scenario? As it is clear they are never going to do this willingly as the advantages that fiat currencies give them are simply too big to ignore, so I could only see this happening if there was a massive crisis that took over the world and after several attempts the economy still did not recover and they had no other choice to adopt bitcoin hoping for things to get better.

[KingsDen]

If I'm a government, I'll not accept bitcoin as a global reserve.
It is not all about security or transparency, a global reserve currency should be somewhat stable and not volatile. It should have a kind of privacy and not what everyone could check on blockchain.
The world is so much centralized and the government doesn't endorse what it cannot control or influence.  Besides bitcoin being a world reserve currency isn't a part of Satoshi vision. Satoshi didn't also create bitcoin for it to replace fiat, rather serve as a substitute.
Bitcoin main ideology is to offer liberty and not to control and dominate.

[panganib999]

I could support it if not for the fact that regular currencies are not as volatile as bitcoin is. Supposed to say it did become a global reserve currency for some reason, and some whales out there had a power trip to dump the price of bitcoin for some reason, cause we're all degens like that. The repercussions are going to be astronomical especially if it became the currency that the UN and all international governing bodies are to use. Charities will go unfunded, millions of people losing financial support through these institutions, and of course utter economic collapse will come forth.

It's no different with the US currency but at the very least we can safely assume that no green back chaser out there's got nigh-omnipotence over the USD's value, and the government can intervene if profiteering is involved. The same couldn't be said for bitcoin, as it doesn't have that safety net that most fiat has which is government backing.

[Uruhara]

Perhaps for Bitcoin to arrive at becoming a global reserve currency is still a long way off. Because of course the first thing to pay attention to is that more countries have to accept it as a legal tender option like El Salvador did. And in fact at this time Bitcoin is still far from getting to that stage.

And I think that the volatility that bitcoin has also could be one of the things that makes me feel that it's not suitable to be used as a global reserve currency.

I prefer to choose to make an asset that has a fixed value or at least has a low level of volatility and tends to maintain its value over time. yeah what I mean is gold. even if it's not currency. but it has been a long time actually gold has been used as a medium of exchange or a means of payment in the past. I think that era is likely to repeat itself.

about bitcoin i prefer to see more adoption from more countries to make bitcoin one of legal tender in every country side by side with local currency. because the digital era can no longer be dammed. and even though the government has issued a CBDC, it still won't be enough.

[bayu7adi]

Bitcoin is a decentralized digital currency operated through a peer-to-peer network and has gained widespread acceptance in the global economy today and will continue to do so in the future. Although we know that there are many issues involved in being a reserve currency, considering the benefits of Bitcoin, if it can be taken to such a level, the world can greatly benefit from it. We can expect Bitcoin to be a global reserve currency in the future as it has been researched in recent times.

With unwavering confidence, I will support Bitcoin when it truly projects itself as the global currency. This is an innovative and mind-boggling breakthrough that the Bitcoin community will ever experience. Currently, Bitcoin's role is severely limited and constrained by regulations in each country. However, its demand remains considerably high.

As more people start utilizing Bitcoin as a payment tool, gradual challenges and solutions will arise. I consider this to be natural, as in order to be embraced by the wider population as a more convenient payment method, Bitcoin may undergo slight changes in adoption without altering its core characteristics which makes it unique and different than FIAT.