Recently, China and Brazil struck a deal to abandon the U.S. dollar and trade in their own currencies. In fact, China already has similar currency deals with Russia, Pakistan, and several other countries. This development gives us a context to talk about how the U.S. dollar’s dominance globally has come down by a significant margin over the years. in 2010, the U.S. dollar and the Euro accounted for 63% of all foreign exchange trading.
Not just investment managers, but even some venture capitalists believe that Bitcoin potentially becoming a global reserve currency in the distant future can’t simply be ruled out. Well, towards the end of World War II, the U.S. held most of the world’s gold due to being paid in gold by other countries during the wars.
If you carefully notice, there are four factors on which gold’s value is inherently based – Supply, durability, the convenience of use, and the narrative surrounding it.In recent years, several large institutions, including Tesla, Square, and MicroStrategy, have gotten involved with Bitcoin. This suggests that even traditionally conservative investors are beginning to see the potential of Bitcoin as a store of value.as a form of payment.
Now, talking about the narrative, the king coin has brought about a revolution in the world of finance. Evidently, the cryptocurrency investment adoption curve is on an uptrend too.For instance, according to Crypto.com, over 10% of global Internet users likely own some form of cryptocurrency. This simply highlights the change in the preferences of investors across the globe.
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Source: CryptoAmb - 🏆 22. / 68 Read more »