Will Bitcoin Become A Global Reserve Currency – Miyagi Mornings Epi-114

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In truth I doubt that any nation will 100% make Bitcoin their reserve currency. The reason may shock you but once you hear it and think about it for about 10 seconds, it should make sense. In two words, “alt coins”. Wait does that mean some nation will make say Litecoin or god forbid Dogecoin their reserve? In a word no.

I have talked about the unnecessary number of alt coins before and what reason do I always give for it? That the power to print your own money is too attractive to be resisted. I mean how many projects out there could have just built a platform and used an existing crypto and been further along by now, or say a select group of them? Well, first throw out the 80% that are total garbage and of the remainder, 95% or more of them, should have just used an existing currency.

Does that mean that most nations will essentially create their own alt coin? Perhaps, it is actually more likely they will create more of a stable coin. Some MIGHT have the discipline to create a currency with a hard cap or at least a limited inflation rate with something akin to a tailing emission.

What does that mean for BTC though? While I do not believe for a minute these nations will use BTC as a true reserve currency I do think we are fast approaching the day at least one will use it as a “reserve”, meaning central banks will put it on the balance sheet and once one does, they all will.

In this video I mentioned the bitcoin obituaries, you can read them here - https://99bitcoins.com/bitcoin-obituaries/