With Bitcoin reaching a new ATH, overtaking assets and currencies in the rankings of the world... it got me thinking of what could happen if bitcoin finally becomes the most valuable currency in the world by marketcap.
Currently as you can see, the Chinese Yuan is the leading currency.. for now. Now let us visit a hypothetical world where bitcoin finally becomes the greatest currency among crypto and fiat alike. What happens? First of all, we need to establish when it could actually happen. Bitcoin would have to be valued at $1 million per coin at least in order to be the leading currency. When this finally happens, we can expect that adoption would be greater than ever. Maybe take that and multiply into 100x. Now, we are seeing more countries take bitcoin and add it into their reserves. But when bitcoin reaches $1 million, other countries would be forced to add bitcoin into their reserves if they haven't done it yet.
The power that the leading nations (US, China) would lessen and shift towards bitcoin. And these are all positive things of course especially if you are already holding bitcoin right now. You are the future, my friend. Anyway, now let's talk about the possible challenges.
Bitcoin being the leading currency would mean it needs to brace itself for global use which would mean that it needs to have a larger scalability. Will layer solutions be enough or will there be a new solution that will emerge in the future?
Despite many optimistic investors, I do not think bitcoin will be reaching $1 million any time soon though I do have confidence that it will at some point. Just probably not tomorrow. Still, I like to think about what could happen if this does happen. What would the world look like with bitcoin as its leading currency?
you know it's pretty wild, they had all the math worked out. The pegged it at like 10 million per coin though right? Was that Hal? I think he said that. They made sure bitcoin would have the potential to be 10 times bigger than the largest world currency Currently as you can see, the Chinese Yuan is the leading currency.. for now. Now let us visit a hypothetical world where bitcoin finally becomes the greatest currency among crypto and fiat alike. What happens? First of all, we need to establish when it could actually happen. Bitcoin would have to be valued at $1 million per coin at least in order to be the leading currency. When this finally happens, we can expect that adoption would be greater than ever. Maybe take that and multiply into 100x. Now, we are seeing more countries take bitcoin and add it into their reserves. But when bitcoin reaches $1 million, other countries would be forced to add bitcoin into their reserves if they haven't done it yet.
The power that the leading nations (US, China) would lessen and shift towards bitcoin. And these are all positive things of course especially if you are already holding bitcoin right now. You are the future, my friend. Anyway, now let's talk about the possible challenges.
Bitcoin being the leading currency would mean it needs to brace itself for global use which would mean that it needs to have a larger scalability. Will layer solutions be enough or will there be a new solution that will emerge in the future?
Despite many optimistic investors, I do not think bitcoin will be reaching $1 million any time soon though I do have confidence that it will at some point. Just probably not tomorrow. Still, I like to think about what could happen if this does happen. What would the world look like with bitcoin as its leading currency?