What would happen if BTC were to be adopted as a global reserve currency?

[BlackBoss_]

would the Government of the Nations adopt BTC, a decentralized form of digital currency?

If they do, dont you think we should raise eyebrows and be suspicious of what they could be up to?

how would it affect the crypto market and individual traders?

Bitcoin has good adoption growth and will be accepted legally in more countries. Some small nations will make Bitcoin legal tender like El Salvador and Central African Republic but to become a global reserve currency, it is impossible or if it happens, I won't expect I will see it in near future.

[1] https://coinmarketcap.com/legal-tender-countries/

From Gold standard to USD. standard, it takes a long time and to achieve Bitcoin standard globally at governmental scale, it will need many years.

The bullish case for Bitcoin.

The Bitcoin standard: The Decentralized Alternative to Central Banking. It's 312 pages and you can download it from this link https://drive.google.com/file/d/1A2S8PK4JiYSekQZQs7kEw-BkSOc0j_ei/view?usp=sharing

[1714536376]

1714536376

[pinggoki]

For me, the major benefit just in case it happens is the decentralization of economic power, by this, centralized platforms like banks or governments will be lessened as Bitcoin is already here that no one can control.
Another thing is the regulations, we all know how Bitcoin is really strict and hot in the eyes of regulators or governments, so expect more issues will come from governments.

It won't be lessened, they've got fractional reserve banking, they can just buy bitcoin using cheques and papers that says they paid this amount, and they'll be able to buy billions of dollars worth of bitcoin because most of them are tied to the government so they'll definitely going to get the biggest benefit of them all and they'll do some marketing to have you sell your bitcoin to them, that's not the truth yet but I believe that banks will be doing anything at their disposal to buy bitcoin if it ever becomes a global reserve currency.

[rat03gopoh]

If they do, dont you think we should raise eyebrows and be suspicious of what they could be up to?

Bitcoin adoption takes many forms, legalizing its use for the people, trade relations with other countries, etc. So which one should be suspected? Maybe, if they have certain regulations that are unfair, but I can't imagine that and draw a conclusion before there are case examples.

[Jawhead999]

BlackRock will acquire every mining companies, makes them able to restrict or ban the transactions they don't like.

Everyone will be forced to use their centralized exchanges and make sure to verify our accounts, if not we can't own Bitcoin.

Everyone will be forced to report all of their earnings from centralized exchanges because Bitcoin is taxed.

Say goodbye to privacy, there's no more pseudonymous because the government knows who's control x address or x address controlled by whom.

[Cvetik56]

BlackRock will acquire every mining companies, makes them able to restrict or ban the transactions they don't like.

Everyone will be forced to use their centralized exchanges and make sure to verify our accounts, if not we can't own Bitcoin.

Everyone will be forced to report all of their earnings from centralized exchanges because Bitcoin is taxed.

Say goodbye to privacy, there's no more pseudonymous because the government knows who's control x address or x address controlled by whom.

Yeah, that doesn't sound really good. But I'm not so sure that it would be possible around the globe, perhaps only in the biggest countries.

[the rise]

it seems almost impossible that if that happens it will definitely have an impact on major currencies. that will make the value of the country's currency definitely worthless. This is because bitcoin is anti-inflation, where anti-inflation is really needed by many people to overcome the global asset crisis. I believe with bitcoin as a reserve currency it will replace the country's original currency, I don't agree I only agree with bitcoin as a commodity asset.

[Hyphen(-)]

would the Government of the Nations adopt BTC, a decentralized form of digital currency?

If they do, dont you think we should raise eyebrows and be suspicious of what they could be up to?

No, governments around the world will not adopt Bitcoin because it is decentralized and they cannot control it, and anything that the government cannot manage is usually rejected; in fact, they will hunt for methods to oppose it.

There will be no suspicion if they use Bitcoin because blockchain technology will make their job and financial expenditures more transparent. However, corrupt regimes that seek to launder money would never accept Bitcoin because blockchain will expose them.

how would it affect the crypto market and individual traders?

Market effect in what form?

If there is global adoption, Bitcoin will gain more popularity and it will keep having value.
Even without government adoption, Bitcoin will keep growing and will one day be a global general digital currency.

[Gladitorcomeback]

would the Government of the Nations adopt BTC, a decentralized form of digital currency?

BTC as a currency is not the actual goal of creation of btc. BTC has some limitations due to which it will be difficult for any government to use btc as a currency. Government has no control over it, limited supply and some factors are some issue government are not ready to accept it. The only way is to gives free hand to citizens to use btc as an asset which is I think much better than currency.

If they do, dont you think we should raise eyebrows and be suspicious of what they could be up to?

how would it affect the crypto market and individual traders?

I don't understand why suspicious? even if it happen there will ne no change in the decentralization behavior of btc. Crypto market and trader will be only affected if btc decentralization destroyed which couldn't be happen so please Calm down,no need to rise your eyebrows 

[Blitzboy]

Bitcoin becoming a global reserve currency would change how we view money. Adopting BTC, a symbol of decentralised finance, would undermine government monetary policy sovereignty. This could be a strategy to stay ahead in the changing financial world. Are they embracing the future or trying to co-opt a decentralised revolution? Bitcoin adoption by nations might diversify and strengthen the global financial system. It imagines a world where currency is a global asset unconstrained by geopolitics.

Crypto markets may enter a new age with this change. Bitcoin would become less speculative and more practical. Individual traders should evolve to comprehend cryptocurrencies' economic ramifications. We must adapt and innovate in this new financial world order as a community.

[Peanutswar]

would the Government of the Nations adopt BTC, a decentralized form of digital currency?

If they do, dont you think we should raise eyebrows and be suspicious of what they could be up to?

how would it affect the crypto market and individual traders?

Possible or may not, BTC is now slowly being accepted by the economy and people would like the same thought they can support the use of Bitcoin but they cannot replace their currency because it a decentralized the government don't want to have a coin that they can't fully be authorized to handle, also another thing is there's a limit only of the number of supply and sooner or later the price of this coin might arise due to people keep holding and there's a lot of pair related into it so volatile is on board, no one wants to have their money getting surge dump by this instead having a dollar or any of their currency.

[armanda90]

Possible or may not, BTC is now slowly being accepted by the economy and people would like the same thought they can support the use of Bitcoin but they cannot replace their currency because it a decentralized the government don't want to have a coin that they can't fully be authorized to handle, also another thing is there's a limit only of the number of supply and sooner or later the price of this coin might arise due to people keep holding and there's a lot of pair related into it so volatile is on board, no one wants to have their money getting surge dump by this instead having a dollar or any of their currency.

Slowly government will allow with many business and companies have good viewed or accepted bitcoin as payment currency in the future regarding how costumer expected easily payment using bitcoin. Government looking bad viewed when accepting bitcoin as legal payment transaction will give bad impact with their local currency leaves by the citizen and prefer keep use bitcoin how easily make transaction without get limit sending fund.

Bitcoin have adopted by many companies and business model right now but government still not allowed as payment transaction, but if have revolution with new government actually get chance with bitcoin become legal payment currency in the future. Right now some countries still dominance with parliament or president not support with bitcoin, but every government change each 5 years get potential if new president have positive viewed with bitcoin in the future and legal it as payment currency.

[avp2306]

would the Government of the Nations adopt BTC, a decentralized form of digital currency?

If they do, dont you think we should raise eyebrows and be suspicious of what they could be up to?

how would it affect the crypto market and individual traders?

They are not looking forward to innovate their financial system since they are in focus to make their fiat great.

Maybe they see certain issue like it will create a conflict of interest on their national currency if they adopt bitcoin that's why maybe this adoption didn't happen for now. I guess it will take long years before government will adopt this knowing that they are slow taking some innovative steps especially to those third world countries.

Lets just say if they make it legal and make bitcoin as their legal tender if this is what you asked then provably for limited supply what bitcoin had it the price of this coin will pump.

[hugeblack]

The most that may happen is that countries add Bitcoin to the central reserve bank of those countries or that it is used to settle payments for international trade as an alternative to the dollar or exchanging local currencies, but it will inevitably not be the No. 1 monetary reserve currency, but it could be in a position similar to gold or a safe haven currency and it all depends on the future development of Bitcoin.

[Litzki1990]

We are involved with Bitcoin so many thoughts about Bitcoin come into our imagination without our own knowledge but not everything can actually happen in reality. Before Bitcoin can become a global reserve currency, people around the world must first accept Bitcoin. We know that Bitcoin is not approved in all countries, so Bitcoin must be approved in all countries before becoming a global reserve currency. The dreams we have with Bitcoin will take a long time to come true and it is very unlikely that Bitcoin will be the global reserve currency. However, we expect that the popularity of Bitcoin will gradually increase in different countries and gradually different countries will accept Bitcoin in their countries.

[Alpha Marine]

would the Government of the Nations adopt BTC, a decentralized form of digital currency?

A centralized entity adopting a decentralized system? Not going to happen.
For Bitcoin to be a global reserve currency, it first has to be accepted as legal tender and no country owns Bitcoin so no country can make it a "global reserve currency". Different countries have to accept it individually first.

I don't need Bitcoin to be legal tender, I just need the government not to be against it so people who want to use it can use it freely without any limitations. If it's not legal tender but people are free to accept it if they want and the government is not against it then I don't see a problem.

[Promocodeudo]

would the Government of the Nations adopt BTC, a decentralized form of digital currency?

If they do, dont you think we should raise eyebrows and be suspicious of what they could be up to?

how would it affect the crypto market and individual traders?

OP, this is almost impossible considering the fact that this currency is decentralized, just to think of it, how many countries in the world are ready to adopt Bitcoin, before you talk about reserve, there should be interest, and i know that we understand what interest is all about, the government assume that Bitcoin is an enemy of individual country currency, so making it reserve will amount to more depreciation of existing currencies and at so doing bitcoin will become more valuable more than its  presently, we just have to be sincere this process will be very difficult to come in place because of the circumstances surrounding the acceptance of Bitcoin as a legal tender worldwide.

[Faisal2202]

would the Government of the Nations adopt BTC, a decentralized form of digital currency?

If they do, dont you think we should raise eyebrows and be suspicious of what they could be up to?

how would it affect the crypto market and individual traders?

I think you are trying to say that if BTC becomes a global reserve currency means managed by governments then it might be manipulated or maybe go near to a centralized one. If that's what you are asking then let me clear a few points BTC is still being manipulated by many market makers and the second thought about centralization, then it can not be centralized anytime. Because it is running on different nodes placed at different places in the world.

If some government adopts it, then the price of BTC will shoot up like it did when El Salvador adopted it. and now I am hearing Argentina has also adopted BTC but has not made it a legal tender yet. Besides the decentralization factor, BTC is not capable of handling millions of transactions made in a single day, I have said many times before it can't even process the transactions of El Salvador's country if each individual made a single transaction in one day (as there is around 7 million population of it). So, it is not possible for the nations to adopt it as legal tender but they can make its trading and usage legal and it is in the benefit of the crypto market. But with rules and authorities, there come requirements which it had to follow.

[redsun114]

would the Government of the Nations adopt BTC, a decentralized form of digital currency?

If they do, dont you think we should raise eyebrows and be suspicious of what they could be up to?

how would it affect the crypto market and individual traders?

Bitcoin or any cryptocurrency or even currency will never be used as a reserve currency because no country would want their reserves to lose or gain value now and then as that will make things unstable and unpredictable. What if a country holds 1 million Bitcoins as a reserve and the price of Bitcoin drops significantly? We know that can happen because Bitcoin is volatile and it moves in a cycle which means that it goes up and also comes down after some time.

So, even if Bitcoin becomes an accepted currency all over the world, it's never going to be used as a reserve. People can use it to store their wealth, it can even be used to pay for goods and services, but as a country reserve, it can affect the economy of a country which isn't a government would want or accept.

[Ravichnadra]

If Bitcoin were adopted as a global reserve currency, it would present both opportunities and challenges. The potential benefits include technological advancements, increased financial inclusion, and currency competition. However, concerns include volatility, regulatory issues, and environmental impact. The transition would require careful coordination, and the outcome could reshape global financial dynamics, impacting traditional currencies and influencing geopolitical power.

[Natsuu]

If governments start jumping on the Bitcoin wagon, it could mean crypto is going mainstream. On one hand, it might make things more legit and regulated, but on the flip side, it could also mean more government control and snooping into transactions. The impact on the crypto market and regular traders would depend on what rules they throw into the mix. It could boost Bitcoin's value and make trading more accepted, or it might lead to some annoying restrictions. We should keep an eye on the news because how governments handle crypto could shake things up big time.