As the cryptocurrency industry continues to grow in Canada, several influential/credible personalities from the country have started sharing their thoughts on Bitcoin (BTC). One of the recent personalities who commented on the performance and potential of Bitcoin (BTC) was the former PM of Canada, Stephen Harper.
Stephen Harper was the 22nd Prime Minister of Canada who had served the country as the Prime Minister for nine years. Harper has turned out to be one of the proponents of the cryptocurrency industry. He expressed his views around the adoption of the cryptocurrencies and introduction of the CBDC in the country.
He stated that the central bank digital currencies and the Bitcoin (BTC) have the potential to become the currency reserve in near future. If the CBDC and the Bitcoin (BTC) keep gaining adoption and recognition around the world, soon they will manage to beat the dollar in the currency reserve supremacy.
The former Prime Minister shared his views and observation around the reserve currency supremacy during an interview. The interview was conducted at the Vancouver Resource Investment Conference on January 18, 2021. The interview was conducted by Jay Martin who is part of the Cambridge House, which is an investment service.
During the interview, Harper stated that the USD has no potential threat from currencies such as GBP, CAD, or any other but two in particular. There are possibilities that in near future, the dollar’s supremacy may get overtaken by the digital yuan or digital euro.
However, he did share his doubts about the longevity of both the currencies if they are able to overtake the United States dollar. He stated that the Chinese yuan may lose its value due to the arbitrary measures that the Government of China is currently taking.
As far as the euro is concerned, there are already many uncertainties around the value of the European currency. Therefore, there are chances that both of the currencies may not turn out to be viable alternatives for the US dollar.
Harper did say that while there are many uncertainties around yuan and euro, there are two particular assets that may have a role to play. He stated that gold and Bitcoin (BTC) both have the ability to achieve supremacy against the US dollar.
He stated that gold is the only commodity that has managed to stay around for millennia and has never lost its value and demand. On the other hand, Bitcoin (BTC) just got introduced back in 2009, and no matter what the world has to say, it has managed to prove its worth on many platforms.
It is the only asset that has even started competing with gold and has resulted in the recent devaluation of gold. Bitcoin (BTC) has already earned a lot of reputation among the public and enterprise sectors. Now it is on the track of gaining retail adoption and once that happens, there are possibilities of it taking over the dollar.