The former prime minister of Canada, Stephen Harper, has mentioned Bitcoin on his list of possible alternative reserve currencies to the U.S. dollar. Harper made the statement during an interview with Jay Martin of Cambridge House – an investment service. He noted that while behemoth currencies like the Euro and the Chinese Yuan are the closest to replace the U.S. dollar as the world’s major reserve currency, their chances are very slim.
Bitcoin or the Chinese yuan could compete with the world’s reserve currency.
The former Canadian prime minister has deeply rooted doubt that neither of the two would displace the U.S. dollars. For one, there has been long-term uncertainty over the value of the Euro. Harper stated, “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.” The former prime minister also shared his thoughts on central bank digital currencies, aka CBDCs.
The former prime minister believes CBDCs are “inevitable.”
The former Canadian prime minister also shared his thoughts on central bank digital currencies (CBDCs). Harper believes that CBDCs are “inevitable,” considering the changing dynamics of the financial landscape. However, they would likely be subject to stringent regulations and monetary policies. Harper’s stance shows that government officials and investors are beginning to see Bitcoin and cryptocurrencies in a new light. He is not the only one who thinks along those lines. Several others from the crypto community and finance world have opined the Chinese digital yuan could compete with the U.S. dollar as the world’s reserve currency.