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The crypto community keeps exploring the features of the current situation around BTC amid the constant movement of the most capitalized cryptocurrency rate in a narrow price range.
A well-known analyst on Twitter under the nickname Money Man expressed the opinion that a further decrease in BTC price can cause the large-scale purchase of the cryptocurrency. The specialist shared with his readers, with the intention to acquire a large amount of BTC if it drops to the level of $ 5,000.
If bitcoin go down to 5k i might buy another 100k worth
— Money Man (@BCFMONEYMAN1) October 17, 2019
At the same time, a well-known investor in the crypto community, Willy Woo, averred that the position of BTC is similar to the level of development which fiat currency could reach by only over 27 years.
Bitcoin has already reached 40% of the life expectancy of the average fiat currency (27yrs). The most successful fiat currency has lost 99.5% of its value. https://t.co/rEyQabeeQs
— Willy Woo (@woonomic) October 18, 2019
Against the background of the current situation of the most capitalized cryptocurrency, Bitcoin evangelist Pierre Rochard believes that the US dollar is the only competitor to BTC.
Bitcoin’s one and only competitor is the US dollar. All the other fiats pyramid off of USD and all the other altcoins pyramid off of BTC.
— Pierre Rochard (@pierre_rochard) October 17, 2019
At the same time, he notes that BTC has attracted more new users than any other saving asset in the market over the past 10 years.
Will Bitcoin Be Able To Replace Fiat Currency?
This brings up variety of online resources and most often forums about cryptocurrency. The discussion regularly reaches a boiling point, mainly demonstrating the opposing positions of programmers and economists.
To conclude, how soon will the new currency be able to overcome the global financial system, we have to explore a similar experience.
A clear example is the appearance of the Euro in common life. There was ECU until 1998. Europeans introduced the new system gradually and replaced the ECU with the EURO in ratio 1: 1.
Theoretically, replacing such an international currency as the US dollar over 10-15 years is possible too.
Due to the growth of the United States, national debt analysts predict an imminent crisis in the country’s financial sector. Investors are already looking for alternative investment options. Some choose the Swiss franc, others choose the Japanese yen. At the same time, many of them are turned to the cryptocurrency.
Bitcoin is characterized by amazing gains, especially in contrast to the profitability of investments over the world.
Perhaps the USA is using Bitcoin as an alternate option, realizing the instability of the US dollar. These thoughts are prompted by the fact that cryptocurrency has been legalized and is being prepared for introduction into the stock market.
But we have to expect that Bitcoin will replace the US dollar soon. Today we are witnessing only the initial stage of the emergence of electronic money, which is not dependent on the control of state regulatory bodies.
Rather, familiar currencies evolve in a competitive environment that arose after the advent of cryptocurrency. In this case, the mechanism of international transfers will be simplified, and operations will be cheaper.
One thing that we can say with confidence is that we observe a truly epic confrontation of systems that have been established over the centuries on one hand and advanced technology on the other hand.