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?
Indeed, BTC shows an excellent result and its price has risen significantly, but no matter how high the price of BTC rises, I believe it will not be able to replace money in the world. What does it mean? The latest news says that many states are developing their national cryptocurrencies, which means they do not want to use BTC. Of course, this does not mean that BTC will be out of work, on the contrary, BTC may well take an honorable place in the market as a new asset.