The use of Bitcoin and other cryptocurrencies is still relatively limited compared to traditional forms of money. While Bitcoin and other cryptocurrencies have gained some mainstream adoption, they are still not widely accepted as a form of payment by merchants and are not supported by many financial institutions. But progress is fast!
Once upon a time, POUND was the world's currency, and was used for international trade. Subsequently, the US and the dollar grew so strongly that they took over this function.
Can Bitcoin Become So Big That It Threatens The US Dollar?
Hillary Clinton:
“What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger.”
Mary-Ann Russon, Business reporter, BBC News:
Mr Trump said. "I don't like it because it's another currency competing against the dollar."
He added that he wanted the dollar to be "the currency of the world".
https://www.bbc.com/news/business-57392734
Economists have calculated how high Bitcoin's value must be to overtake the US dollar. It must be worth several million dollars. Therefore, the politicians' message can be interpreted as follows:
- We see that Bitcoin is growing exponentially, and that this can lead to an extremely high value.
It is important to note that the views of individual politicians, including Trump and Clinton, do not necessarily reflect the official position of the US government or the Federal Reserve on Bitcoin or other cryptocurrencies. The US government and the Federal Reserve have not explicitly stated that they view Bitcoin as a threat to the US dollar. In democracies, authorities have respect for the people. And the people are buying crypto!
China dreamed of becoming the ones to take over the power of the dollar. As for India: If you add up economic growth with population growth, you can see that these also had the potential to become the greatest. Therefore, it is understandable that these are among those who oppose Bitcoin the most.
Politicians around the world fear that Bitcoin will crush dreams of power and influence.
Will Bitcoin, a weapon-free currency, bring more peace to the world?
