Bitcoin global reserve currency

In that sense, Mr. Kim pointed out that it is very probable that USD is about to be dethroned as the most important currency in the world. Kim considers this very unlikely to happen. For one, dethroning USD from the position of the global reserve currency would put a significant amount of pressure and responsibility on the Chinese financial system, responsibilities the country seems to be shunning presently. For instance, China has been accused of intentionally increasing demand which then leads to an increase in the prices of international commodities.

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Therefore, the question is what will supplant USD as the global reserve currency or at least become an alternate reserve currency running in parallel with USD? Kim stated that Bitcoin seems to fit perfectly, especially taking into account the timing of its rise, as well as its ability to cross borders with very little effort. As political and economic relations between the US and China continue to collapse, it is becoming increasingly unlikely that either the USD or RMB will be viewed as a viable global reserve currency going forward.

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Bitcoin may prove to be the thing that both nations, as well as the rest of the world, decide they can live within the upcoming decades. While the Chinese government is actively restricting crypto trades, there is massive support within the government for cryptocurrencies and blockchain. This implies that they have a long-term strategy in place, where Bitcoin would be used to dislodge the USD as the global reserve currency.

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In the same way, we're seeing the causality of the US global economics politics conducted in the past 20 years and its effect on the situation now, there is a good chance that 20 years from now we will have Bitcoin as the reserve currency of the world simply because it will not be controlled by any one nation and its financial system. Should Mr. Kim's predictions come to be realized, individual and corporate players in this new market that is quickly gaining momentum should be preparing for the shift.

Can Bitcoin Become the Next Global Reserve Currency?

This article originally appeared on aikon. Related News. Demystifying Cryptocurrency - A Meristem Report.

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Bitcoin global reserve currency
Bitcoin global reserve currency
Bitcoin global reserve currency
Bitcoin global reserve currency
Bitcoin global reserve currency
Bitcoin global reserve currency