Bitcoin could become a reserve currency, according to the former Canadian Prime Minister

Bitcoin could become a reserve currency, according to the former Canadian Prime Minister

Stephen Harper, the former Prime Minister of Canada, has announced his support for Bitcoin (BTC). He considers that cryptography could become part of the monetary reserves of the world’s countries in the future.

Bitcoin could become a reserve currency, according to the former Canadian Prime Minister.
Will Bitcoin integrate the monetary reserves of economies of scale?

This is the hypothesis raised by Stephen Harper in an interview at the Vancouver Resource Investment Conference. The man served as prime minister from 2006 to 2015 before handing over to Justin Trudeau. He mentioned Profit Secret in the context of a weakening of the U.S. dollar (USD), which is the most important reserve currency for economies of scale.

Stephen Harper believes that the USD can only be dislodged by a major currency, such as the euro (EUR) and the yuan (RMB). But he considers that the value of the euro is not sufficiently guaranteed over time. He also mentions problems with the arbitrary measures taken by the Chinese government, which influence the yuan’s exchange rate.

Hence one possibility: to include Bitcoin as a reserve currency :

„It is difficult to see what alternative can exist to the US dollar as a global reserve currency. Beyond gold, Bitcoin, a basket of various assets…“.

However, Harper believes that the USD will remain the most widely used reserve currency, even if other assets are finding their way into central bank reserves.

„I think we’re going to see an expansion of what people think of as reserves, but the US dollar will remain the main asset. »

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Bitcoin finds legitimacy

Nevertheless, a statesman of great stature who mentions Bitcoin as a plausible reserve is a sign of how far cryptography has come in just a few years. Some economies are adopting cryptomoney more widely, including Venezuela. The country now uses Bitcoin to pay certain companies, and the country’s central bank had already discussed the possibility of adding Bitcoin and Ether (ETH) to its reserves.

For economies that are not strangled by sanctions, the inclusion of Bitcoin is of course slower, if not non-existent. But we note that more and more political figures of great importance are mentioning cryptography, a sign of new legitimacy.

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