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 think we do not need to replace bitcoin with traditional currency. What we can do is make our traditional currency digitalized by issuing its digital forum. The stable coin can be a good example of this. Bitcoin could be used as reserved funds like banks that use Gold as reserve commodities. Economic changes were inevitable and this COVID19 just give it momentum.