Could Bitcoin challenge the US Dollar?

The USD is the world’s reserve currency as countries use it to protect their currencies and make it easier to trade with others. However, in recent years, the dollar has been under scrutiny as its value has decreased by 99% in the last 50 years & is only getting worse. Plus, countries from BRICS are planning to create their own currency to combat the US dollar. However, the US doesn’t need to worry about them being a threat to the dollar, because compared to the potential BRICS currency, there is a bigger threat to the dollar that America needs to worry about, & it’s already taking place.

That threat is Bitcoin. But you may be asking, but how? As mentioned earlier, when it comes to the USD, nations use it to protect their currencies worldwide. However, the value is decreasing, & as more countries become skeptical about the USD, it’s only a matter of time before more countries look for better options. That’s where Bitcoin comes in.

Unlike the USD, Bitcoin’s value has been increasing for a long time now, & its decentralized nature allows anyone to trade money with each other without a central authority. Since no one can control Bitcoin, this allows countries to bypass sanctions made by other nations. With that being said, some countries are now seeing Bitcoin as a potential new reserve currency, as Bitcoin has better advantages that the USD doesn’t have, and is becoming a safer option. BRICS may not be a threat to the USD, but Bitcoin is.