Bitcoin has emerged as a very strong currency, reaching a value of $3,451.86 on Monday. Currencies such as the Euro, US dollar, and British pound are nowhere near this value. The market value of all bitcoins is more than $56 billion - worth more than the Gross National Product of Bolivia. Bitcoin saw a spike in value following the introduction of Bitcoin Cash. Bitcoin is already more expensive than one ounce of gold, not bad for a currency that was born a few years ago. Bitcoin is already accepted in Japan as a legal payment method and if it's accepted by more countries its value will increase.
Money is evolving
A long time ago bartering was the way people exchanged goods, later, coins and paper money were created. After a few centuries, there were many currencies that represented a lot of countries. Later still, we saw the emergence of the US dollar, with many people saying that it was as good as gold. The creation of the Euro also became a milestone in the history of currency. Today, Bitcoin is a new era, and we can't underestimate its growing importance
Will Bitcoin be accepted by the Central Banks of many countries?
With the right regulations, it would be no surprise that Bitcoin becomes accepted as a way to store the International Reserves of many countries. Most international reserves are in US dollars but the last decade many countries began to diversify them because there are currencies stronger than the US dollar.
If the importance of Bitcoin keeps growing, could it be used to store a part of the national treasure?
Many traditional currencies have lost power or prestige
For decades the US dollar was seen as the best currency but then its power began to erode, the Swiss franc was much cheaper than the American currency in the 1970s but today it's a little stronger.
The Euro was a respected currency the first years but then it lost prestige. Many Greeks believe the Euro is the main reason for the crisis because it increased production costs, which created a huge trade deficit and foreign debt.
The virtual world has become very real
Many tech companies have surpassed traditional giants such as General Electric and Ford.
Google, Amazon, eBay and other tech companies have great market values and sales. Gone are the years when companies like General Motors ruled the US economy. Companies evolve and change positions and the same happens with money, Bitcoin is part of this revolution.
