Bitcoin still in the shadow of the dollar – Often compared to gold, bitcoin is viewed by many as a store of value. It would even seem that this idea is slowly starting to reach hitherto reluctant spheres.
Bitcoin: the worthy candidate for the title of world reserve?
On January 17, former Canadian Prime Minister Stephen Harper was interviewed by Jay Martin of Cambridge House.
During this interview, the 2 men notably discussed the dollar situation and the possibility of seeing other assets join the world monetary reserves.
Regarding the first point, Stephen Harper does not seem to have any doubts about the future of the dollar:
“Unless the United States becomes a disaster, it’s hard to see what alternative we have to the US dollar as the world’s primary reserve currency. Aside from gold, bitcoin [and] a whole basket of assets. “
Despite this, the statesman sees future diversification in reserve assets:
“I think you’ll see that the number of things people use as reserves will increase, but the US dollar will always be the biggest part. “
Unfortunately, Harper, who admits in particular his lack of expertise in the field, expresses having difficulty in understanding how cryptocurrencies operate as a store of value.
What future for MNBCs?
During the interview, Jay Martin brings up the subject of Central Bank Digital Currencies (MNBC) to hear his guest’s opinion.
So, although he sees the digital world as an inevitable step in monetary innovation, Harper has some concerns:
“This is part of a series of what I think are wild experiments on the role of the central bank. This worries me a lot. “
In the end, although former Prime Minister Harper has a certain esteem for Bitcoin and cryptocurrencies, the dollar will remain, for him, the unchallengeable reserve currency. He is even convinced that state currencies, like the euro and the yuan, will not replace the almighty dollar in the current environment.