Today we have some interesting news to share when it comes to Bitcoin and its potential to become the world’s reserve currency. This topic has been discussed quite often ever since Bitcoin’s inception. Throughout modern history, the world’s reserve currency has always fallen into the currency of the country or empire that has the strongest economy and backed up by the largest military. However, one currency has never managed to remain in power forever. In the past, the mantle of the world’s reserve currency has been passed on to a new country every century.
Now, according to TodayU, instead of a Reserve Currency belonging to the most powerful country or empire, Max Keiser, a popular US broadcaster and cryptocurrency supporter believes that alternative financial trading platforms will reign, and Bitcoin could potentially break the cycle and be a new reserve currency for banks and global markets. He believes that this could be a true possibility because the USD could be deprived of its honorable status and as time continues, instead of going for the next strongest economy, the mantle could pass onto a decentralized currency.
While the US has been the reserve currency since the Bretton Woods Agreement in 1945, the market commentators are increasingly convinced that the US empire will wane and the world will once again go through a time period of a lot of change where Central banks will look towards a new and stable way to store the country’s wealth. Keiser along with a number of other commentators in the space believes that Bitcoin (or perhaps a similar cryptocurrency which is censorship resistant and can be a store of value) will play a very large role in the future of Central Banking. As we continue into the future, a large factor that will have a significant influence on Bitcoin as a reserve currency is the geoeconomic and geopolitical situation.
So, what are your thoughts on this situation guys?
Do you think Bitcoin could potentially become the next Global Reserve Currency?
Or do you think there still needs a significant shift in attitudes and perception at the individual, institutional, and state level?
Let me know what you guys think in the comments below!
It’s Cindy with CryptoPig, Catch you guys around.