bitcoincash - Merger Adviser Considers that Bitcoin Could Replace USD as International Currency

Merger Adviser Considers that Bitcoin Could Replace USD as International Currency

It has been discussed several times whether bitcoin is able to replace the dollar as an international currency. This is yet to be seen. Currently, we are far from it, but in the future that could be a reality. According to Ken Jacobs, CEO of Lazard, an asset management firm, Bitcoin and other virtual currencies could become the main international currency.

Bitcoin as an International Currency

Jacobs talked with Bloomberg about how the dollar may be losing its power against other virtual currencies around the world. He said that with a unilateral foreign policy, the US could lose one of the most important soft power tools it has around the world with the US as a reserve currency. bitcoin coin 300x200 - Merger Adviser Considers that Bitcoin Could Replace USD as International Currency

Mr. Jacobs said about that:

“To the extent that we have unilateral foreign policy and unilateral trade policy, we’re sort of tempting the world to find an alternative. Probably the greatest demonstration of soft power is the fact that the U.S. has the reserve currency of the world.”

Apparently, Bitcoin seems to be one of the main rivals to challenge the US dollar, contrary to what JP Morgan’s CEO, Jamie Dimon believes.

“There’s enough technology out in the world today with cryptocurrency and changes going on that you can imagine,” Jacobs said. “If you let your mind wander a little bit, that something becomes an alternative in the future.”

At the moment, and as mentioned by Bloomberg, Lazard manages over $250 billion dollars of asset, and it is one of the world’s top 10 merger advisers.

At the moment there are some signs about what could be done with Bitcoin and virtual currencies in the future. Venezuela, a country that knows now currency (1 dollar = 2.6 million bolívares), is moving towards cryptocurrencies. Citizens that have the possibility to have mining rigs, or GPUs are able to mine Ethereum, Monero or Zcash and survive with them, or even have an acceptable life. Moreover, the number of Bitcoin transacted on LocalBitcoins is growing day after day and reaching new highs every month.

Whether this could become a plausible example of how Bitcoin could work in the future around the world, is yet to be seen.