Could Bitcoin Be The National Currency Of The USA?

Could Bitcoin Be The National Currency Of The USA?

As we reported to you the other day, US-based company MicroStrategy, which provides business intelligence, mobile software and cloud-based services, has announced that they have purchased $ 425 million of Bitcoin (BTC). Stating that they have bought Bitcoin to protect themselves from the approaching inflation, the company has opted for the leading cryptocurrency, as they see Bitcoin as a store of value, although they have preferred gold for the last decade.

Could Bitcoin Be The National Currency?

Due to the current state of the American economy, after the announcement of Jason Williams, co-founder of Morgan Creek Digital, who claimed to be the first country to adopt Bitcoin as a national currency, the debate on whether Bitcoin can really be considered as a national currency has been ignited.

At the time of writing, no country in the world accepted Bitcoin as its national currency, but many countries, especially the United States, want to somehow accept or control Bitcoin with regulatory laws. For Bitcoin to be considered the national currency, it must first be adopted by institutional investors and leading traditional tech companies.

Bitcoin started to be seen more and more as a store of value by retail and institutional investors every day. Especially after Covid-19, which has become a global epidemic, many investors have chosen Bitcoin as a safe haven and used their investment preferences in favor of the leading crypto currency. The dollar has weakened considerably due to the trade wars between the US and the Chinese government, the upcoming US elections and other key factors. Therefore, investors naturally prefer to invest in assets that are seen as stores of value such as gold and silver.

The situation that scares investors the most right now is the volatility of Bitcoin from time to time. However, especially as institutional investors prefer Bitcoin more, fluctuations will decrease and BTC, which has limited supply, will realize its potential rise. However, there are still obstacles that Bitcoin has to overcome in order to reach this point.

Bitcoin’s recognition as a national currency is among the very high probabilities that it will happen. But due to the nature of Bitcoin, it will always remain valuable even though it is not recognized as a national currency by any country.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.


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