Bitcoin, among others, can partially be an alternative to the US dollar Stephen Harper said in an interview. Yesterday former Canadian Prime Minister Stephen Harper appeared in an interview with Jay Martin, CEO of Cambridge House. The interview encompassed various topics largely related to the world economy.
Alternative to the USD:
Stephen Harper, at Vancouver Resource Investment Conference, stated about the possible alternatives of us dollar:
“It’s hard to see what the alternative is to the U.S. dollar as the world’s major reserve currency. Other than gold, Bitcoin, a whole basket of things […] I think you’ll see the number of things that people use as reserves will expand, but the U.S. dollar will still be the bulk of it.”
Role of the Central banks if CBDCs are adopted
Answering the question concerning the Central Baks tending towards CBDCs (Central Bank Digital Currencies) that If there is a digital currency issued by the Central Bank that acts to control inflation and create price stability that it is just the “evolution of the marketplace”. But if, he said:
“It’s part of a series of what I think are wild experiments as to the role of central banking, then it worries me a lot.”
Paradoxically he seemed very concerned about the role of Central Banks in that Scenario as he asserted that in his judgment, the kind of assets the central banks have been getting into, they are increasingly tending toward becoming “kind of a general banker” overrunning their role of monitoring the money supply and creating the price stability.
Further, Harper also made the critique of digital currency citing its enigmatic nature as he said that if somebody holds an investment like Bitcoin there is not much certainty about what it represents and its workings. while in traditional currencies one does know that the Central banks have the power and control over it
Moreover, he said that every currency has three functions. It acts as a medium of exchange, a unit of account, and the store of value, and though Bitcoin can possibly act as a unit of account certainly it is not the medium of exchange and a store of value.
After Stephen Harper left the office back in 2016, Canada is moving increasingly toward digital currencies as the deputy governor of the Bank of Canada, Timothy Lane in October last year announced that they are planning to develop their own Central Bank issued Digital Currencies.
5+ Best Crypto Futures Trading Platforms | Bitcoin Derivatives
Ripple Files Petition Requesting Discover of Relevant Info from Binance’s Subsidiary
Analyst Predicts Big Bull Run as Tether Whales Move 374,000,000 in Crypto
Will Cryptocurrencies Bounce Back?
BTC falls below $40k as Saudi Aramco Publishes a Statement on Bitcoin Mining
Recent Press Release
How Blockchain Technology Will Shape the Future of Online Gambling?
Cryptocurrency uses blockchain technology, and this tech ensures the security and anonymity of financial transactions. Many industries have embraced blockchain,...
Cryptos like ETH/USD, BTC/USD dancing to the tune of tweets by Tesla CEO Musk in absence of any Crypto trading regulator:
In February of 2021, Elon Musk tweeted that he found the prospect of holding Bitcoin ‘adventurous’ for an S&P 500...
Earning By Mining, Is a Klondike Of The 21st Century. Mining-Tron.Com
Mining-Tron.com is a company that started its history in 2018 in the cryptocurrency mining market. According to the zephyrnet.com, in...
You May Not Have Known These Bitcoin Facts
However, even though Bitcoin is the most well-known cryptocurrency network globally, there are several aspects of it that you may...
DeFi Coin (DEFC): Live Trading on BitMart is Coming on July 19th!
Decentralized finance is playing an increasingly important role in the crypto world. It is all the less surprising that DeFi...