- Many people for a while now have been discussing the potential of how bitcoin could take over the financial world.
- When it comes to its gold counterpart, bitcoin has been a strong opponent, especially when it comes to the world's reserve currency.
Many people for a while now have been discussing the potential of how bitcoin could take over the financial world. When it comes to its gold counterpart, bitcoin has been a strong opponent, especially when it comes to the world's reserve currency. Over the past few months, following the height of coronavirus, the argument that the US dollar is too weak to be a reserve currency has been strong and with this, the idea that bitcoin could become the world's national reserve currency is spreading around like wildfire.
The CEO of ShapeShift, Erik Voorhees seems to believe that one-day bitcoin will overtake gold to become the most preferred reserve currency for the globe. He gives the opinion that bitcoin will eventually beat gold and banknotes will actually be replaced by stablecoins and bring a whole new meaning to the financial sector.
The CEO said that due to the dynamics running in the bond market, it won’t be easy for Fiat currencies to see another generation. If this ends up going to fruition, the way that we use money as it is now, could change. You can see the CEOs tweet below:
Possible Future: Bitcoin becomes de facto reserve currency, replacing fiat. AND also, large financial firms issue their own stable tokens, partly or fully backed by Bitcoin.
— Erik Voorhees (@ErikVoorhees) August 7, 2020
The modern version of 19th century gold + bank notes?
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
