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Bitcoin May Become Reserve Currency During Global Crisis
Bitcoin may reach $ 1 million
Cryptocurrencies are proving to be stronger than fiat money
Dollar billionaire, Social Capital CEO and former Facebook CEO Chamat Palihapitiya is confident that Bitcoin could indeed hit $ 1 million in the future, he said in a recent discussion with Morgan Creek CEO Anthony Pompliano..
According to Palihapitiya, the international financial crisis only plays into the hands of cryptocurrencies, which are constantly strengthening in price during this period..
Despite the fact that the bitcoin market and other digital currencies remain quite volatile, the BTC has every chance to secure the status of a reserve currency..
In particular, Palihapitiya said that if we consider bitcoin a volatile instrument and compare it with fiat money, then it is worth paying attention to the US dollar, which is printed by the authorities almost without stopping and has already lost in value. Therefore, in the current conditions, any asset can be called volatile..
In addition, Palihapitiya stressed that in the context of the financial crisis, fiat currencies were in a critical situation, which gives certain advantages for cryptocurrencies..
However, he also noted that the extreme volatility of bitcoin money pushes into the hands of speculators and intraday traders..
For cryptocurrencies to develop as a legal asset class, it is necessary to get rid of the hegemony of speculators.
In addition, today it is necessary to maintain the interest of long-term investors. It is also important that the existing financial system is proven to be insolvent, and so far this is not clearly visible.
It will take at least 10 years for Bitcoin to become a truly popular payment instrument. Now there are processes that play into the hands of the cryptocurrency market. Nevertheless, there is no need to expect dramatic changes in the coming years..
Like many other experts, Palihapitiya views bitcoin as a binary investment, and in his opinion, these price fluctuations in the thousands of dollars do not matter in the general scheme of things..
“It’s either zero or millions,” said Palihapitiya.
In the case where a single bitcoin is worth $ 1 million or more, Palihapitiya views cryptocurrency as the basis of a quasi-dollar standard, in which hard money is held by everyone, not central banks. Palihapitiya believes that the likelihood of this scenario developing in the real world has increased recently..
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