The world economy at the moment was not in the best of shape. With a global pandemic killing thousands across the globe and the threat of recession looming large, countries were scrambling to reinforce their defenses.
During this trying period, many analysts and economists have talked about the solutions that can be taken to pull the economy out of a spiral. Just recently, Cameron Winklevoss, the co-founder of Gemini gave his reasoning as to why Bitcoin can be the alternative to the US dollar and serve millions of citizens.
Cameron Winklevoss’s comments came in the wake of the US Treasury pumping billions of dollars into the country’s economy. This was seen as a bad move in the long term because of its effects on inflation rates. Winklevoss claimed that the dollar needed a switch-up soon with Bitcoin because of the cryptocurrency’s advantages. His latest tweet read:
At the time of writing, Bitcoin was trading for $7028 with a total market cap of $128.8 billion. A 2.87 percent drop in Bitcoin’s price over the previous day had brought down the 24-hour market volume down to $32.7 billion. Bitcoin’s dip also triggered the altcoin market to take a tumble towards the bear’s path. The Bitcoin Cash family and Litecoin were the biggest losers among the top 10 cryptocurrency club.
Bitcoin supporters have rallied behind the cryptocurrency since its inception and even after the recent bear crashes, the clamoring has not reduced. Cameron Winklevoss was just one among several Bitcoin evangelists who were out to prove the world’s largest cryptocurrency was indeed better than mainstream fiat currency. Some even claimed that Bitcoin has already made its mark as a global unit and will grow and surpass the US dollar in terms of transparency and accountability.
A recent analysis of all the global reserve currencies since the 16th century showed that Bitcoin’s era of dominance had started a few years after it came to the limelight. Bitcoin’s use case permits it to be used as a currency across borders. The main force of attraction towards Bitcoin was its decentralized nature, something that fiat currencies cannot boast of.