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?
There's no chance that bitcoin will possibly replace traditional currency, because we all know that they are in different categories and we cannot compare each other because they are totally different, the only thing that they are same is they are both use it to purchase something, for us to use to buy stocks or coins in the market. Not all the countries in the world have their own internet connection, or stable one so it is quiet impossible to replace fiat.