In fact, Brian Armstrong went as far as saying that “bitcoin could surpass the dollar as reserve currency within 10-15 years,” International Business Times reported.
This comes at a time bitcoin has made big headlines internationally with banks such as France’s BNP Paribas that has said it is looking how to use bitcoin within its currency funds. The bank said it has been testing the digital currency and told International Business Times that it plans to report the results of its tests soon.
Bitcoin, of course, gets most of its criticism because of its connection to criminal activity and its volatility of prices, but Armstrong has also been a strong proponent that bitcoin could wade the volatility issues. The year 2015 has been a relatively stable year for bitcoin’s prices since they’ve been more stable with price variations going more on the upward trend than downward.
“Volatility is a self-correcting problem, and we’ve seen that as it’s dropped in the last three years, year on year,” Armstrong said in an interview late last year. “I foresee it continuing to do that over the next few years.”
When compared to how the U.S. dollar has been as a reserve currency, there’s been a bit of decline in recent years.
Advertisement: Scroll to Continue
“We are seeing the beginnings of a change,” banking consultant Patrick Barron told IBT. “[The U.S. Federal Reserve] has been inflating the dollar massively, reducing its purchasing power in relation to other commodities, causing many of the world’s great trading nations to use other monies upon occasion.”
[vc_row full_width=”” parallax=”” parallax_image=””][vc_column width=”1/1″][/vc_column][/vc_row][vc_row full_width=”” parallax=”” parallax_image=””][vc_column width=”1/1″][vc_separator color=”grey” align=”align_center” style=”” border_width=”” el_width=””][vc_single_image image=”148412″ alignment=”center” style=”vc_box_shadow_3d” border_color=”grey” img_link_large=”” img_link_target=”_blank” css_animation=”left-to-right” img_size=”full” link=”http://www.pymnts.com/whats-hot-today/”][vc_column_text css_animation=””]
To check out what else is HOT in the world of payments, click here.
[/vc_column_text][vc_separator color=”grey” align=”align_center” style=”” border_width=”” el_width=””][/vc_column][/vc_row]
