🚀 Discussion on the possibility of Bitcoin becoming a reserve currency

🌐 Cryptocurrency enthusiasts! Let's explore a bold idea, that is, the feasibility of Bitcoin becoming the reserve currency of the United States?

💡 Let's talk about what a reserve currency is. Reserve currencies are like the cornerstone of global finance, helping international trade and investment to proceed smoothly. Now, the US dollar is the boss in this field, accounting for 58% of global foreign exchange reserves.

🔄 However, as international trade begins to be settled in RMB or even cryptocurrencies, the hegemony of the US dollar is slowly weakening. This has led some people to imagine whether Bitcoin could become the next reserve currency?

🤔 When former US President Trump proposed the idea of ​​using Bitcoin as a reserve currency, the topic became popular. Although many people thought he was just making a political gimmick, the idea did spark heated discussions among economists, policymakers and the cryptocurrency community.

🧐 Despite its innovative potential, Bitcoin still faces many challenges to become a reserve currency:

First, Bitcoin needs to win wide recognition from the international community, demonstrate stability beyond the traditional monetary system, and build a foundation of trust to prove its ability as a reliable store of value and medium of exchange.

Second, Bitcoin needs to find a suitable position within the global financial regulatory framework. This requires international cooperation to build consensus, formulate regulatory policies, and use advanced technology to ensure the security and transparency of transactions, while properly managing the anonymity and liquidity of Bitcoin.

Third, as a reserve currency, Bitcoin may have a profound impact on the international power structure and the principle of financial freedom, and promote the financial system to develop in a more open and democratic direction, but at the same time, ensuring that changes do not undermine financial stability and fairness and justice is also a top priority.

In short, Bitcoin's path to becoming a reserve currency is not only a reflection of technological innovation, but also involves global governance, international cooperation, and the pursuit of financial freedom and stability. It requires the joint efforts of all sectors of the world and the creation of a sustainable global financial system.

💬 Do you think the idea of ​​Bitcoin becoming a reserve currency is reliable? What impact will this have on our financial world?See you in the comments section!

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If the United States builds a Bitcoin reserve, how high will the price of Bitcoin go?

The price trend of Bitcoin has always attracted much attention. Recently, Matt Hogan, chief investment officer of Bitwise, the largest cryptocurrency fund management company in the United States, predicted that if the United States establishes a national Bitcoin reserve, its price is expected to soar to $500,000, which may be nearly 400% higher than the current price (currently the price of Bitcoin is $100,475).

Earlier, after Federal Reserve Chairman Powell said on Wednesday that he did not intend to hold digital currency and was cautious about cutting interest rates next year, the price of Bitcoin plummeted, falling nearly 5% in the past 24 hours, but it hit a record high of more than $108,000 earlier this week.

Hogan said that if the United States buys Bitcoin, it will lead more countries to follow suit. He said that although he was initially skeptical about the idea of ​​establishing a national Bitcoin reserve proposed by Trump during the campaign, the idea "has not disappeared" now. Wyoming Senator Cynthia Loomis proposed a new encryption bill, and more people in the Trump administration are open to it. Trump also hinted at related intentions again in an interview at the New York Stock Exchange last week.

Hogan believes that the probability of this happening is less than 50%, but not zero. Once it happens, Bitcoin will soar, and the rise in 2024 will be mild by comparison.

Putting aside the factor of Bitcoin strategic reserves, Hogan believes that as investor demand rises, Bitcoin is expected to rise to $200,000 in the next year, and its demand mainly comes from ETFs, Microstrategy and potential government buyers.

Standard Chartered Bank has accurately predicted that Bitcoin will climb to $100,000 this year, and now also expects Bitcoin prices to reach $200,000 by the end of 2025. Some bulls boldly predict that Bitcoin will rise to $500,000 or even higher.

As Trump's second term is approaching, Wall Street's optimism about cryptocurrencies is becoming more and more obvious.

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CryptoQuant analyst: The reduction of Bitcoin reserves in CEX and the increase of stablecoin reserves lay the foundation for an upward breakthrough
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