Post
Topic
Board Bitcoin Discussion
Re: "Bitcoin is the Global Reserve Currency: A look at banking in 2050"
by
kingcolex
on 06/06/2019, 14:17:05 UTC
We just published an article examining banking under the gold standard and predicting what banking might look like under a Bitcoin-backed global economy:

https://beyondhy.pe/bitcoin-reserve-currency

It's great for imagination but not the reality! Even though I want this to happen, but I don't see it happening! No Banks or governments will use a currency created by an anonymous person/group to be used as a reserve currency of their economy.

There will be virtual currencies most definitely but that will be not bitcoin or any other cryptocurrencies that we know now. It will be a government created cryptocurrency where total control will remain with government only! Because if we move to a completely virtual currency, tax aversion will be zero/minimal. That's what every government is trying to achieve nowadays.

However, the reserve will remain the same as today, like debt and GDP. A commodity will never come back as a reserve!
Exactly the governments enjoy so much more freedom to manipulate things under an unbacked fiat. If they did this they would be stuck to actually keeping debt in check and more under check of their citizens.