What I think is that if bitcoin continue to remain a deflationary coin and if the price continue to rise, more countries will make it to be part of their reserves. I think it will compete with gold and probably later compete with dollar. Just that time is important, people needs to be patient as this may take years or decades.
From the much I’ve had to read on this, most of the nations that are buying into the idea of Bitcoin for a reserve currency, they take the initiative out of the fact that, its price continues to rise and wants to use it for a means to take profit and cut in on national debt if that sounds about right. Well, that doesn’t say much on how they value or try to improve the development of Bitcoin. It doesn’t feel so good with me but, we could bite for now.
Bitcoin already is competing with gold but, we wouldn’t find these nations not having their foot in what is backed or within their centralized systems.
Profitability has been the major reason that is driving the Bitcoin strategic reserves by many countries indirectly. The price of Bitcoin has been known to be very volatile and this alone had led many counties and states to seek for a long term investment on Bitcoin.
The price of Bitcoin will continue going up in a higher high and high low pattern which was what we have been seeing for years now. Big money was not that confidence investing in Bitcoin before now but they have realized that Bitcoin has brought so much gains to investors still holding it. In the nearest future, we could see more investment in Bitcoin and world countries might started creating long term reserves using Bitcoin because of the efficiency and long term gains.