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?
it looks like bitcoin will not replace traditional money. This is only a temporary trend because during the Covid pandemic 19 people began to switch to crypto where the traditional economy was being disrupted. So I think if the traditional economy recovers it looks like a lot of people will come back to it. so bitcoin is more suitable as a counterweight to traditional currents