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?
We will have to see, at least to me as long as bitcoin can be used alongside traditional fiat currencies and you can do it without having to go through KYC every time you want to buy something small in the store it will be a success story for bitcoin.
But there are many out there that want to see bitcoin replacing fiat currencies and while that is a possibility I doubt it will happen as governments get too much power out of that type of currency and most people are simply too unaware of history, so even if fiat crashed tomorrow in 5 years they will accept the imposition of a new fiat currency again.