Is Bitcoin Too Slow To Be The World's Reserve Currency?

𝐆𝐄𝐓 𝐓𝐇𝐄 𝐁𝐈𝐓𝐂𝐎𝐈𝐍 𝐂𝐎𝐔𝐑𝐒𝐄➜➜➜
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In this video, I discuss whether Bitcoin is too slow to become the world's reserve currency.

I distinguish between a global reserve currency used for global trade (currently the US dollar) and global reserve assets used for storing value and settling trade surpluses (currently US Treasuries, which are denominated in US dollars).

Bitcoin is faster and easier to move around than traditional global reserve assets like physical gold and US Treasuries.

Bitcoin is comparable to Fedwire, which is the main final settlement network used domestically for US dollars, in terms of transactions per second (TPS).

Unlike US dollars, US Treasuries or gold, Bitcoin cannot be debased, censored, or confiscated.

If you compare Bitcoin to Visa, you are comparing apples to oranges.

Bitcoin is a final settlement layer, like Fedwire. Visa is just a layer that sits on top of Fedwire and the US banking system, which is itself secured by the US military and "proof of war."

As a neutral reserve asset, I expect Bitcoin to eventually replace both US Treasuries and physical gold. It is true neutral digital money for the digital age.

Bitcoin will scale by having each transaction secure larger and larger amounts of value, moving from $5,000 per transaction to larger amounts like $5 million per transaction-- which is comparable to Fedwire-- and beyond.

Bitcoin will also scale in a layered manner using Layer 2 solutions like the Lightning Network.

Smaller transactions can be carried out on Layer 2 solutions like the Lightning Network, or using Layer 3 apps built on LN.

Lightning Network transactions eventually settle on Layer 1, the final settlement layer which is like FedWire or gold.

Not investment advice! Consult a financial advisor.

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Major foreign holders of US Treasuries:
https://ticdata.treasury.gov/Publish/mfh.txt

Germany repatriates $31 billion in gold from Paris and New York:
https://money.cnn.com/2017/08/23/investing/germany-gold-reserves-new-york-paris/index.html

Bitcoin worth $2 billion moves for just $0.78:
https://cointelegraph.com/news/bitcoin-worth-2-billion-moves-for-just-78-cents

Free Bitcoin dashboard:
https://bitcoin.clarkmoody.com/dashboard/

Fedwire:
https://www.investopedia.com/terms/f/fedwire.asp

Fedwire annual statistics:
https://www.frbservices.org/resources/financial-services/wires/volume-value-stats/annual-stats.html

2021 Bitcoin transfer value:
https://bitcoinmagazine.com/markets/bitcoin-most-efficient-value-settlement-network

Bitcoin Lightning Network can process 1 million tps:
https://bitpay.com/blog/what-is-the-lightning-network/#:~:text=How%20Many%20transactions%20per%20seconds,process%20tens%20of%20thousands%20TPS.

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#bitcoin
#usd
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