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Former Canadian Prime Minister says Bitcoin could become a Reserve Currency

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Stephen Harper, the former Canadian prime minister, has said that the number of currencies that people use in order to have their reserve could expand out to include Bitcoin as well, with of course the US dollar likely still to remain as the dominant reserve currency for people. For those of you that may be unfamiliar with the term of a reserve currency, this is a currency that is held in large amounts by the banks in order to fund their foreign exchange reserves.

Whilst Harper stressed that he is by no means an expert in these digital currencies, the fact that the name of Bitcoin has been thrown out there and mentioned as a possible future reserve currency could be monumental for the crypto world and may even cause the price of Bitcoin to increase further in the coming months. What do you guys think about this?
 
May be as the fame bitcoin getting in these couple of years and everyone investing in it, and the skier price of bitcoin this all thing is showing how bitcoin is on everyone's tongue. So he is right in this thing.
 
May be as the fame bitcoin getting in these couple of years and everyone investing in it, and the skier price of bitcoin this all thing is showing how bitcoin is on everyone's tongue. So he is right in this thing.
Whilst I do agree with you in that sense and with the price rising and the increased investments that are happening into Bitcoin, it is a good reserve to have and a good investment, however the fact remains that Bitcoin is highly volatile. And so the price could drop as well as rise. In this way as a reserve currency right now I think that it may be premature and a bit unstable. Perhaps when the supply is more regulated and controlled that this can be implemented.
 
You are right. Most unpredictable price or rate of bitcoin amonth crypto currencies. Some days ago it decreased dramatically as well. It is the other side of a picture. Yes things can be more controll in future like price may stable of bitcoin.
 
This is great feat if achieved, one of those things crypto lovers and die hard fans are waiting for. Investors are largely diverting investments into cryptocurrency either for ecommerce transactions/online payments or for commodities trading and this has directly affected or improved the growth of crypto especially btc, we all are waiting!
 
I totally agree with him . Dollar has mostly been the currency used by many people as their reserve currency,but the effect of the pandemic afdect the dollar in a huge way ,thus the best and second to none alternative for reserve currency is Bitcoin.
It has gotten the attention of many investors .
 
Very true because at the rate bitcoin is goin it might just become part of the legally recognised means of exchange all over the world. People with hindsight are already embracing it and that would give it even more value, I pray my dear country will also embrace it and not ban it
 
This will be a monumental achievement for Bitcoin if it is adopted as a reserve asset for foreign exchange. It will boost up the acceptance of Bitcoin and the government will have no other choice but to recognize Bitcoin as a method of payment worldwide.
 
If and when Bitcoin joins the the reserve currency club, I believ its volatility will be reduced as I believe it would have been subjected to some control or regulations bits.In general , i think the more bitcoin is louded among people ,expanding its scope of awareness, the more its price is rising due to influx of investors which could also be a reason for sudden price crash.
 
I don't think that's a good thing to do, maybe Gold should remain the reserve currency (if you ever consider it as a currency) since it doesn't drop in value like Bitcoin does, relying on something that's volatile is surely not a good idea
 
Lots of people who don't know about bitcoin but the fact that the name is been mentioned make them to pick Interest in knowing more about it . Bitcoin is actually a more reserve Currency than the US dollar at the moment.
 
Stephen Harper, the former Canadian prime minister, has said that the number of currencies that people use in order to have their reserve could expand out to include Bitcoin as well, with of course the US dollar likely still to remain as the dominant reserve currency for people. For those of you that may be unfamiliar with the term of a reserve currency, this is a currency that is held in large amounts by the banks in order to fund their foreign exchange reserves.

Whilst Harper stressed that he is by no means an expert in these digital currencies, the fact that the name of Bitcoin has been thrown out there and mentioned as a possible future reserve currency could be monumental for the crypto world and may even cause the price of Bitcoin to increase further in the coming months. What do you guys think about this?
Bitcoin might be the choice of many people as a form of reserve, but it has it's limitations.

It's very volatile, and those who are not willing to risk their reserves to uncertainty will surely prefer the dollar to bitcoin.
 
Bit coin has really gotten the attention so so many investors and I believe that ten years from now bitcoin won't only become a reserve currency but possibly more than a reserve currency, the only downside that could stop bit coin from becoming a reserve currency is the way it fluctuates by depreciating and appreciating endlessly, otherwise if it were stable it would sure be more than a reserve currency in few years from now.
 
Bitcoin might be the choice of many people as a form of reserve, but it has it's limitations.

It's very volatile, and those who are not willing to risk their reserves to uncertainty will surely prefer the dollar to bitcoin.
I agree with you. The risk is way too high when it comes to making use of the Bitcoin as a reserve, because there is no guarantee of price from day to day. It is sometimes best to use a centralized and well known currency such as the dollar that is often used as a reference in many values and ensuring that the reserve is then safe. I think that Bitcoin could be used when the supply is all in circulation, but not at this point.
 
You are right. Most unpredictable price or rate of bitcoin amonth crypto currencies. Some days ago it decreased dramatically as well. It is the other side of a picture. Yes things can be more controll in future like price may stable of bitcoin.
Bitcoin can be converted into a "store of value" a "reserve asset" that can not be replaced.

As the current phase, which is the start of a long cycle of BTC acceptance and price increase that is just beginning to unfold, Bitcoin will be able to survive the US dollar. When the supply reaches 21 million, the market cap could be high enough to perform better than traditional asset classes .
 
May be as the fame bitcoin getting in these couple of years and everyone investing in it, and the skier price of bitcoin this all thing is showing how bitcoin is on everyone's tongue. So he is right in this thing.

You are right as many top government officials around the globe have seen Bitcoin as a channel to do series of transactions. What people don't see is the need to invest longterm in Bitcoin as the future is bright. Once USA and UK starts using Bitcoin for major transactions with little to no restrictions, then this dream of having it being a reserve currency is quite possible.
 
Stephen Harper, the former Canadian prime minister, has said that the number of currencies that people use in order to have their reserve could expand out to include Bitcoin as well, with of course the US dollar likely still to remain as the dominant reserve currency for people. For those of you that may be unfamiliar with the term of a reserve currency, this is a currency that is held in large amounts by the banks in order to fund their foreign exchange reserves.

Whilst Harper stressed that he is by no means an expert in these digital currencies, the fact that the name of Bitcoin has been thrown out there and mentioned as a possible future reserve currency could be monumental for the crypto world and may even cause the price of Bitcoin to increase further in the coming months. What do you guys think about this?
News like this motivate us to keep hope alive while investing with cryptocurrency,I believe when this message was stated Bitcoin was in dip, currently the reverse is the case.
 
I don't know much about digital currencies too but I agree with him that bitcoin has a high potential of becoming a reserve currency. This is because of how so many people, governments and huge businesses are adopting to its use.
 
This will actually be a good one for bitcoin,and recently el-salvador has actually adopted bitcoin as a means of exchange for its citizens.Bitcoin has continue to increase as the day goes by.
 

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