I have watch analysis on YouTube by different economy think tank how the US dollars is getting weak by the day because of the ever rising USA national debt profile, they huge own the Chinese government trillions of dollars, the government of China has been asking USA government to pay them their debt, but they are not willing to pay. An analyst predicted that the US government is not going to pay China the debt, saying "should the US government offer to pay the trillions of dollars debt, it will spell doom to the US economy and further weaken the dollar or even bring it to its kneel". Because of the aforementioned economic saga, the Chinese government together with some other power blocks are willing to bye pass the US dollars during trade by dealing directly with their local currencies rather than the US dollars. In the recent times, the President of Russia has expressed the willingness to ditch the US dollars.
Should the US dollars greatly loss value and become less use by world economic powers, something else has to move in to replace the green paper(US dollars). Of course, the United States won't like to loss to any country, am thinking maybe the world could just adopt the bitcoin as the world reserve currency, since it's owned by no one and controlled by none.
Guys, what do you think, will the world likely be willing to adopt the bitcoin as the world currency in the event of the US dollars collapse?
It's highly unlikely that US dollars will collapse to such an extent where the world population need to find a replacement. However, even if anything of that sort happens, bitcoin is simply not be taken as a replacement of USD. Bitcoin network is not capable to handle such high volume. Also the decentralized nature of the network doesn't make it a good fit to replace a centralized fiat currency, the backbone of our financial system (the Banking cartel) won't let it happen. Rather they will resort to yellow metal if USD collapses. I don't see any hope for bitcoin in this situation.
I am a bitcoin and blockchain lover, but it doesn't stop me to speak about reality!
