The future value of the largest cryptocurrency by market cap, Bitcoin, has always been subject to polarizing debates. The P2P cryptocurrency is now accepted as a form of payment in dozens of countries worldwide as it offers a great alternative to traditional government-backed fiat currencies. As more countries begin to embrace this new form of money, Max Keiser, host of Russia Today’s Keiser report, believes that the flagship cryptocurrency will become the next global reserve currency, according to a link he shared on Twitter.
“Soon, there will be a new global reserve currency, and it won’t be the U.S. dollar, the euro or any other fiat.”
Keiser said that Bitcoin offers many characteristics and is better than fiat in every front. They are totally held and created electronically. This means they are not printed and no one controls Bitcoin. Therefore, the ability of Bitcoin to emit new coin after every ten minutes makes it the global reserve.
“Among BTC’s traits, are the fact that it can produce a new block about every 10 minutes and its cap of 21 million coins. These allow BTC to be more stable and lead to a predictable monetary policy that is based strictly on mathematics, not on the whimsical antics of a state government or individual.” he said.
Keiser is not the only one who believes in the future of BTC. In April 2018, venture capitalist Tim Draper, said Bitcoin could be bigger than the internet. In 2015, he accurately foresaw Bitcoin price hitting $10,000 by the end of 2017. In 2017, on New Year’s Eve, a single Bitcoin was worth over $14,000. The coin surged in value 13-fold that year.
Draper is also convinced that in the future the whole world economy will turn towards Bitcoin. At the Crypto Invest Summit in Los Angeles, the investor said cryptocurrencies would replace ‘political’ currencies.
Bitcoin had a rocky ride in 2018, dipping from its all-time high of close to $20,000 in January to less than $4000 in December. Whether Keiser and Draper are right remains to be seen.