Do you think Bitcoin will become the reserve currency of the world sometime in the future? I was wondering about this since Bitcoin is now a widely used cryptocurrency worldwide. Since most altcoins in the market today, are dependent on Bitcoin's price movements, it seems like Bitcoin is the reserve currency of cryptocurrencies.
However, if Bitcoin tends to become more popular each day, it could eventually take the USD's place as the reserve currency of the world. Hence, what are your thoughts about this? Will it happen or not?
It doesn't seem very likely that bitcoin is going to become a reserve currency anytime soon, before that happens bitcoin will need to become a currency, I know that bitcoin is a currency from the very beginning but people are not using it like it, so to begin with we need people to begin to use bitcoin in that way and only then we can think about the possibility of bitcoin becoming a reserve currency.However, if Bitcoin tends to become more popular each day, it could eventually take the USD's place as the reserve currency of the world. Hence, what are your thoughts about this? Will it happen or not?
It has a high chance to become a reserve if majority of the people agrees to make it centralized with a stable price or value but this idea will be bloody because a lot of people will surely oppose to it.
Looking at the number of governments around the world who are trying to restrict their citizens from trading bitcoin in their countries, I believe it will still take a very long time for bitcoin to stand a chance to become the reserve currency of the world. In my opinion, I think the possibility of bitcoin to become the reserve currency of the world is extremely low.
Yes. There's still opposition from world governments into recognizing Bitcoin as a legal medium of exchange for people to use in their daily lives. While Bitcoin lives on the Internet, not everyone is permitted to gain access to it, if the government restricts it. For Bitcoin to achieve the status of a reserve currency of the world, it needs to be accepted as a legal currency in every country worldwide. Due to Bitcoin's decentralization, it's threating government's current economic system, which explains why some countries have devised laws against it. However, if Bitcoin becomes centralized, then it would gather the likes of banks and governments worldwide.
Despite this, I believe that there's no reason to worry about this, since Bitcoin will always serve as an alternative currency to Fiat. Without a doubt, a centralized currency will become the reserve currency of the world. However, it's a matter of time before the US Dollar remains as such, or another currency would take its place. For the meantime, Bitcoin could be the reserve currency of all the cryptocurrencies on the market today. Just my thoughts