Bitcoin: The Next World Reserve Currency?
Amid optimism, and with Bitcoin Classic increasingly gaining supporters of the majority miners, developers, and businesses, The North American Bitcoin Conference kicked off on January 21, in Miami, Florida. The event served as a stage for the people and technologies that are transforming the world of payments. At the heart of it, Bitcoin and its blockchain technology are spearheading this far-reaching revolution.
Bitcoin Poised to Be the World Reserve Currency
The highlight of the conference was the revelation that Bitcoin is poised to be the reserve currency for fiat currencies, as thoroughly explained by Bobby Lee, CEO of BTCC, the first Bitcoin exchange in China. As background information, Lee explained that money and currency are not the same. And, he reminded the audience that Bitcoin is the first successful digital currency ever; circulation is limited to 21 million, and, it is not centralized by anyone or anything. He also pointed out that Bitcoin is pseudo- anonymous, like cash.
Lee described why Bitcoin has all the perfect features of money. He drew attention to the fact that only gold and Bitcoin have these characteristics. And because of that, “Bitcoin can serve as reserve for digital currencies globally.” Lee added:
“Bitcoin’s blockchain can be the global anchor (proof-of-work chain) for all nationally created digital currencies.”
Lee also stirred the audience with excitement when he mentioned that the government of China has just announced its intention to explore and create a digital currency for China. Next, Lee posed the questions “Will it be the new digital Reserve Currency? Or, “will it need a Digital Reserve Currency like Bitcoin to back it?”
Source: Bitcoin News