Bitcoin could become the world’s reserve currency. Such a claim was made this week by US Senator Rand Paul. The Republican, who also confessed to receiving donations in BTC for his 2016 campaign, expressed that if more people lose confidence in the government, it is very likely that the main cryptocurrency will become a reserve currency of world value.
“Government currencies are unreliable. They are not backed by anything,” Paul stated in an interview with the YouTube channel Axios, in which he discussed the future of bitcoin and the role of the United States fiat currency.
Rand Paul explained that “as people continue to lose faith in their government’s ability to handle issues and better represent their interests, Bitcoin and cryptocurrencies are set to benefit and be even more adopted.” And he added that the question has already been started whether cryptocurrency could become the world’s reserve currency as more and more people lose trust in their governments.
Although he was not specific as to which cryptocurrency he was referring to in this latest statement, Rand Paul has not publicly endorsed any other cryptocurrency other than BTC, indicating that he was probably referring to bitcoin which shouldn’t come as a surprise, given that BTC is the only cryptocurrency suitable to function as a currency.