Global Currency: For decades now, the U.S. Dollar has remained to be the leading global currency standard. Some of the other fiat currencies such as the Euros and Pound have also been able to establish their value and the market strength over time with the United States Dollar (USD) mainly leading the charge. With the emergence of the Cryptocurrencies, the tendency for the current USD dominated world market that has been disrupted is slowly falling in place. In the home of USD, the Cryptocurrencies are set to disrupt the uniform USD market in the coming time. In spite of just being a decade older, the Cryptocurrencies have become competitors to the traditional fiat currencies and that this narrative is now being accepted by many of the influential personalities in finance. In the latest presentation, The President of St. Louis Federal Reserve James Bullard has noted:
Cryptocurrency is randomly experiencing certain developments at a much rapid pace and as well as pushing it to the rival old-times banking world. Bitcoin along with the other altcoins are slowly and steadily gaining more and more acceptance and credibility owing to the capital that is flowing through the nascent world. It is a known fact that the underlying tech beneath Bitcoin is a blockchain that has been already doing its job perfectly by attracting a lot of intellectual capital into its ecosystem from across the world. Considering the crypto space and the leader, Bitcoin is definitely the leader of the Cryptocurrency space and it has been under the close supervision of the major tech personalities such as John McAfee.
With this, the Bitcoin price is also slowly gaining strength in its roots and it already has around $188 billion of market cap as stated by the CoinMarketCap at the time of writing this article which is often fluctuating in a pretty peculiar manner. More the opportunities are provided to the mass to use the Cryptocurrencies in the real world, the non-uniformity of currencies in the country is surely set to increase as mentioned by James. In the United States as well, the dollar is controlled by the feds or the Federal Reserve. The statements from influential people from this institute, in particular, carry huge weight when it comes to the burgeoning world of Cryptocurrencies. Off lately, the chairman of the Federal Reserve, Jerome Powell, has compared Bitcoin to gold which consolidated its image as a digital asset/store-of-value and he said:
This comment made by the influential personality as the Fed’s chairman carries extreme importance for establishing Bitcoin’s credibility in the finance world as people like Warren Buffet absolutely dismiss the digital asset. It highlights that in spite of all the criticism, Bitcoin does carry some useful prospects for the future. Though Bitcoin has emerged as a peer-to-peer electronic cash system, its role has pivoted more towards a store-of-value. Bitcoin is now treated more like gold and its extreme price fluctuations are often used by the traders and the investigators in order to gain quick monetary benefits. Still, Bitcoin bears the capability to become a global reserve currency if further developments are made on both the technological and the regulatory fields.
While fiat currencies such as the USD are based on the debt-based and the inflation-ridden rigid banking system, the Cryptocurrencies present forward an alternative. The conflict between USD and Bitcoin thus becomes pretty inevitable; it is between two different financial frameworks. But at the current moment, Bitcoin is ridden with the burden of illegal activities. Once the regulatory clarity is achieved for the asset across the globe, the rivalry is expected to become more serious than now. As James has revealed:
The issues that stop Bitcoin from rivaling USD are the price volatility, price manipulation, and lack of regulatory clarity, usage in illegal activities such as money laundering, dark-web spending, and much more. In order to become a leader in the global currency competition, the Cryptocurrency world needs to tackle these issues besides others such as unreasonable electricity spending which is, in turn, contributing to global warming. As of now, USD is running the operations in its home. With Bitcoin and other Cryptocurrencies rising in terms of popularity with giant companies like Facebook stepping into this world and launching their own cryptos, Libra, it is possible that the market situation in the United States will become more multi-polar in the coming time.
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