Bitcoin can be an alternative but will not be a replacement. Banks and Government will move heaven and earth to make sure that will never happen hehe. They can make concessions like allowing it to co-exist with their national currency as an investment product or a legal tender but they will never allow it to exceed fiat or their own CBDC if they have one.

Bitcoin will certainly remain the leader in decentralized cryptocurrency space, which is all that matter.. Its purpose is not to replace the dominant fiat currencies or compete with them but to serve as alternative when the world/national financial system is failing, becoming oppressive, lawless, tyrannical, etc. Fiat currencies will continue to compete with each other in their own space while Bitcoin will remain dominant in decentralized space.

If you think about it, there are very different metrics to consider here. Dollar is legal tender (accepted as payment directly) only in a handful of countries, and it's not hard to imagine Bitcoin having more users in the near future than dollar has as money. But people also use dollar to save up money if their local fiat is less reliable, and people use Bitcoin often for things other than payments for goods and services (for example, for gambling or trading). Dollar is also the biggest foreign reserve currency used by countries, and I don't see Bitcoin beating dollar in this regard any time soon. Then there's market capitalization (or, for dollar, total supply), daily transaction volume and the amount of transactions. To talk about leading the currency market, we must first determine which factors we take into account and how we compare Bitcoin with the USD.

My answer to the question in the title is NO.

Your expectations are unnecessarily naive. Name those countries that have allowed btc as for transaction. What other countries will do the same? Is this your expectation or verified information?

I assume that officially btc will not be allowed to be used as a currency for settlements. Perhaps it will be used as an investment tool, like stocks on technology companies.

I doubt Bitcoin will get to dominate the Fiat market.  The Fiat market is way too big.  Way too Centralized.  Do you think they will ever let Bitcoin become a majority?

The leading World Currency will continue to be a Centralized one.  Bitcoin may become a national asset and legal tender in countries, but I will never expect it to exceed the size of Fiat markets because at this point I think it is very unrealistic.

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Regards,
PrivacyG

I don't think what you are saying will happen. I have discussed it so many times. Bitcoin has inherent problem which is it's huge volatility so whenever a government decides to keep bitcoin in reserve it's taking a huge foreign exchange risk which it has to hedge unnecessarily so unless it becomes the local currency of that area too it makes no sense to do foreign trades in this currency which is why it'll never become world currency.

I think there was a similar thread like this in the past but I still want to give my point of view about this. It never come to my senses actually that we will end up seeing bitcoin overtaking the position of US dollar. Because bitcoin is not actually made to become the leading market currency but rather a good alternative as a payment method so that people can use them freely whenever they think it’s more convenient to use bitcoin than fiat. However, maybe in the future when all the countries will support bitcoin, seeing it leading the market will be possible but for now it’s too far from that to happen.

Been asked multiple times and I'd still say no. Bitcoin has a lot of potential to be a good investment because of its volatile market value and the same reason why it won't be a leading currency. Yes, it has advantages over payments; not taxable, anonymity, low fees but faster transaction and such. But it has problems with adoption around the globe.  Even at this point, people are only making use of it for profit purposes and only a few are actually using it with transactions because of many factors such as guilt of losing potential profit in comparison with just holding. And as long as its nature would be the same, I guess same thing would happen in the future.

As always. Bitcoin was created also to solve the current issues in our financial system. If you take a look and appreciate Bitcoin, you will see how Bitcoin can help us and become financial freedom compare to traditional banks or the financial systems we have right now.
For me, even though Bitcoin will not lead the world currency, Bitcoin is still the best digital currency, Bitcoin is here to stay.