Can bitcoin replace the U.S. dollar as a reserve currency

Discussion in 'Stock Market Today' started by Rustic1, Feb 8, 2021.

  1. TH Analysis

    TH Analysis Member

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    Special Drawing Rights (SDR's) magically appeared but you're right, a government or multi governments currently need to back the Global reserve currency. Unfortunately, the US has a habit of sanctioning countries and denying them access to the global monetary system, in effect weaponising the US dollar. This imho will be the downfall of the USD as the reserve currency. Only takes Russia and a lot of OPEC friends to go with China's digital currency to purchase Oil and a lot of other people will follow. Maybe not the G-7 but possibly the rest of the world. If it isn't Chinas digital currency, maybe it will be the IMF or world bank or the WEF.
     
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  2. Bridget Mallory

    Bridget Mallory Active Member

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  3. hitman

    hitman Active Member

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  4. hitman

    hitman Active Member

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    $YFI takes first spot at & 62K .:banana::booyah: cha ching
     
  5. Trahn Thompson

    Trahn Thompson Active Member

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    Yeah, sure why not. One made up for another. That private company (FED) will not be happy losing there place at the head of the table. Maybe they could back the dollar with bitcoin, now that makes more sense. Two wrongs always make a right...right? Happy Investing!
     
  6. Stockman2015

    Stockman2015 Member

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    I don't think so and I hope not. I mean I believe in crypto and I invest there as well but let's be realistic. It can happen but not now or in the near future.
     
  7. XxGoFish

    XxGoFish Member

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    Heck no. I do not believe in crypto at all longterm. It is a fad. Like Beanie Babies.

    Everyone pumped it up because they were locked in their homes, out of work, and many receiving pumped up unemployment benefits and stimulus money that they never had....

    Now that that shit has ended or is coming to an end I think youre going to see a massive pullback in money that is in the stock market and especially in crypto. as people start to really feel its' volatility I think they will start selling out and converting back to fiat currency

    unless you're using it for black market purposes, bitcoin has no use.
     
  8. Stonksalltheway

    Stonksalltheway New Member

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    RE: Main topic, not at all. Bitcoin is way way far in terms of replacing fiat currency. BTC is too volatile.
     
  9. StockJock-e

    StockJock-e Brew Master
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    Nevermind that, but its also too slow and too expensive.

    As El Salvador is about to find out the joy of paying $5 to send $1 and waiting 20min because because it didnt go into the current block.
     
  10. XxGoFish

    XxGoFish Member

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    I think I am going to drop like 30$ into ETH on Monday.

    I have been watching Buterin Vatalik, some of his YouTube interviews, and dude seems very very bright. I'm willing to invest 30$ into him lol

    But yeah, I still believe that crypto is a fad. I think it its here to stay and will continue to evolve, BUT I think it's current valuations are high. But I have been wrong many times before.
     
  11. StockJock-e

    StockJock-e Brew Master
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    ETH is going to overtake BTC in market cap IMO. When it come to pure functionality, ETH does so much more that simply being a store of value which is a tired and increasingly meaningless trope.

    3rd gen crypto like UNI will be the big winners over the next bull market.
     
  12. XxGoFish

    XxGoFish Member

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    All Crypto getting their ass kicked today.

    BTC down to frickin 33,7 right now ... I dont see BTC ever going back to 50k a coin.
     
  13. T0rm3nted

    T0rm3nted Moderator
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    That's extremely bearish of you. I'd be shocked if BTC didn't clear $70K at some point by EOY.
     
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  14. StockJock-e

    StockJock-e Brew Master
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    I said in an earlier post that this bearishness is a good sign!
     
  15. XxGoFish

    XxGoFish Member

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    I left like 130$ in BTC and like 35$ in ETH lol ... I decided that I really need to get a better understanding of markets and everything before I start risking higher amounts of my money..

    Especially after the FBI announced how easily they were able to recover the Colonial Pipeline ransom money and track the people involved. Because it was all done on blockchain.....

    I mean in 1 month BTC has lost 26,500$ in "value,"... Is there a reason why at, 32k$ you are bullish on BTC? I still think it has some more falling to.
     
    #75 XxGoFish, Jun 8, 2021
    Last edited: Jun 8, 2021
  16. T0rm3nted

    T0rm3nted Moderator
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    Take a look at some of the percentage drops on this monthly chart. The reason I'm not bearish is because this is normal BTC activity and nothing too scary for those that have been watching it for years. The candles on the chart may look steeper because of the scale, but this dip is small in comparison to pervious dips.

    upload_2021-6-8_12-55-3.png
     
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  17. StockJock-e

    StockJock-e Brew Master
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    The big fear is that people are thinking the bear market winter of 2018 which lasted two years.

    Im going to bet that we see a pretty fast climb back here because DEFI has come of age and crypto is now being used way beyond "store of value" nonsense.
     
  18. XxGoFish

    XxGoFish Member

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    I guess we will see....

    I have a little bit of money in at 36,200.

    I personally think it is going to continue to crash. But that is why I like forums. We can come back in 3-months , 9-months and see
     
  19. StockJock-e

    StockJock-e Brew Master
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    You will be fine by this time next week. The bigger issue is what will gain the most in the coming years?
     
  20. andyvds

    andyvds Active Member

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    nice move today.
     

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