Today we saw bitcoin hit an all time high of $23k while its traditional counterparts are suffering a decline in value. Historically, when someone desires financial stability, they naturally go for safe investment is, such as gold, stocks, real estate. But with the outbreak of the corona virus pandemic we have experienced a shift in global economy, countries are facing inflation. As a result many individuals are beginning to see Bitcoin as a safer investment than its counterparts. Countries are slowly adopting crypto as a means of payment. Will bitcoin eventually dominate the world economy and replace traditional currencies?
I don’t think the time would come that bitcoin would totally replace the traditional currencies. Whatever happens, tradition currencies would remain globally as it is regulated by the government leading a particular country. It’s impossible to have an anarchism to each of the countries here on earth, hence impossible as well to totally wipe out and diminish the traditional currencies we’ve known for ages.
Bitcoin would be a great alternative to traditional currencies as it offers the same functionality and even more features to the users. There’s no doubt that bitcoin could really be well-known and patronized all over the world given its advantages. In addition, it’s safe from inflation so there’s no need to worry about regarding it. It is now one of the leading investment-worthy platform aside from real estates, stock market, gold, and central organizations.