WILL YOU SUPPORT BITCOIN AS A GLOBAL RESERVE CURRENCY?
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We know that Bitcoin is widely criticized with alot of FUD, market manipulation and SEC Saga. Indeed Bitcoin has no intention of replacing any other currencies to take that place. But if the world supports our lovely digital currency to their advantages from the basis of acceptability then it can be used that way. Overall Bitcoin is completely neutral.
International trade or exchange requires a universal currency as a reserve currency. Because the powerful countries try to influence it in various ways due to economic and political issues.
The dominant global currency changes over time. As we have seen in the past many currencies functioned as global reserve currencies. We knew about some world reserve currencies which were dominate the world as reserve currencies.
The Dutch Guilder (15th and 16th centuries
The Spanish Escudo (17th century)
The British Pound Sterling (19th century)
The Euro (2nd Global Currency)
The US Dollar (1st Global currency)
The US dollar has been followed as the international reserve currency since World War II till today. But with the change of time. the world is losing confidence in 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.
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.
Advantages of Bitcoin being a global reserve currency
1. 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.
2. 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.
3. All transactions are recorded in a ledger through a public blockchain, creating an environment of transparency and accountability.
4. 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.
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