Crypto

Bitcoin can compete with the dollar as reserve currency

$7 trillion corporate CEO: Bitcoin can compete with the dollar as reserve currency

Billionaire Laurence Fink, CEO of BlackRock, a member of the Board of Directors of the Council on Foreign Relations (CFR) and a member of Kappa Beta Phi, has indicated that Bitcoin can compete with the dollar as a global reserve currency.

Speaking at a CFR digital symposium with Mark Carney of the Bank of England, Fink said, and we quote in detail

„One of my major investors was on one of the television shows in the last few days, and he talked about Bitcoin and monetary policy and Covid.

The hits on our website were 3,000 hits on covid, 3,000 hits on monetary policy and 600,000 hits on bitcoin.

So this tells you that bitcoin has caught the attention and imagination Bitcoin Evolution of many people.

Many people are fascinated by it, many people are excited about it, but it is still untested, it is still a rather small market compared to other markets… We see these huge movements every day, it is a thin market.

Can it develop into a global market? Possibly. Certainly through the imagination of so many people who want to know about it or are interested in it, it is a very revealing sign for me.

We see it as something so real, but it is untested, it has many more… we have to go through many markets to see if it is real in the long run.

The last thing I want to say, because we are running out of time, is that a digital currency has a real impact on the US dollar. Because with a digital currency, the US dollar becomes less relevant.

I am not speaking for the Americans, I am talking about international holders of dollar-based assets

The question I want to ask is: would it change the need for the dollar as a reserve currency if there were a real digital currency separate from dollar-based assets and other such things?

There are many questions to be answered before I can say whether it is real and alive, but it has certainly aroused a lot of imagination and interest, and it certainly has the potential to become something real“.

There is hardly anything more real than Bitcoin when it comes to money – because unlike the unaudited FED or the unaudited, unaccountable and untransparent commercial money printing banks, Bitcoin is code that we have written ourselves.

It is a code that is scrutinised by thousands of eyes around the world and managed by more than 10,000 nodes that ensure that every rule is followed.

That this is real – and Fink himself said at the beginning that they think it is – is demonstrated by every block, every transaction and the untold stories of many who have built an entire ecosystem, the bugs that our memes create – and the songs that, in their own way, keep the system running.

Matthew J. Martin, CEO of Blossom Finance, commented as he closed a debate on whether Bitcoin is compatible with religious laws:

„Blockchain gives you a mathematical proof of ownership, and that’s altogether much more in tune with the spirit… than any digital fiat money“.

It also gives you the proof that the rules agreed by all are actually being adhered to, that no-one can cheat by fixing prices in opaque nepotism, that no-one can give us fake inflation figures while house prices skyrocket to unaffordability, that no-one can say a wrong word in the face of Blockchain truth without us all knowing it anyway.

The Bitcoin network will have left its experimental stage in 2018. It is now alpha, no longer beta software. Just as bugs were written, they will be unwritten, as has happened many times during Bitcoin’s evolution from experiment to hardest money known.

Whether it can complement the dollar in its role as a global reserve currency is an exciting story that remains to be seen.