Industry Survey: Bitcoin to Be 6th Largest Reserve Currency by 2030

According to a survey of 30 of the largest Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term industry companies, bitcoin will be the 6th largest reserve currency in the world by 2030.

The survey's findings were published by UK-based Magister Advisors, which advises the technology industry on mergers and acquisitions.

The industry's prediction is a bold one: according to its strict definition, a reserve currency is a currency held in large amounts by governments and institutions as part of their foreign exchange reserves. In other words: the Bitcoin companies believe that governments will be holding on to bitcoin, and lots of it.

The world's major reserve currencies are the dollar, euro, yen, and British pound. The Swiss franc is also popular, as are commodity-linked currencies like the Canadian, Australian and New Zealand dollars. China wants its yuan to be the world's 5th reserve currency. Bitcoin, according to the industry insiders, will join this company.

To date, we have yet to hear of any major government adding bitcoin to their foreign reserves (we certainly would have heard about it, and bitcoin would have a real reason to rally). So governments have 15 years to get their act together, and instead of warning the masses over bitcoin's purported dangers, they should instead buy some...

The US in particular has had plenty of opportunity to hold onto bitcoin. The government seized 173,656 bitcoins (today worth $66 million) from Silk Road and its convicted operator, Ross Ulbricht, but is liquidating them, the final auction happening today.

The research also focused on the value of Bitcoin's Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term. The report asserted that the blockchain was the most significant advancement in enterprise IT during the past decade. It said that the top 100 financial institutions will spend $1 billion on blockchain projects during the next 24 months- roughly the equivalent of all industry venture investment to date.

2015 has seen a surging interest by financial institutions in blockchain technology- including that of Bitcoin, but more so, custom-built distributed ledger systems that are permissioned for designated users.

"We have now reached a fork in the road with bitcoin and blockchain. Bitcoin has proven itself as an established currency. Blockchain, more fundamentally, will become the default global standard distributed ledger for financial transactions," predicted Jeremy Millar, partner at Magister Advisors, who led the research.