As A Global Asset, Bitcoin Does not Look Likely to Overtake the U.S. Dollar
By Harry B – Crypto Speculator
Bitcoin has been said to have the potential to substitute the US Dollar as a global reserve currency, according to one of the most well-respected foreign currency exchange experts. "Backing the dollar is the highest, widest and most open government bond market in the world," said Marc Chandler, chief market strategist at Bannockburn Global Forex and author of the book "Making Sense of the Dollar". Despite how many investors are actively buying and selling Bitcoin in recent times.
A global reserve currency is a kind that promotes cross-border commerce, including expenditure and international debt obligations. Global central banks keep reserve currency to help guard from significant foreign exchange rates and monetary policy shifts.
The U.S. dollar has been the predominant stable currency since 1944, and investors tend to store reserves in dollar-denominated securities or retain dollars in periods of turmoil in the world economy. For example, the U.S. dollar index, which measures its value versus a basket of other significant fiat currencies, grew from 94.65 to 103.00 in mid-March.
Nevertheless, some experts expect that investors will lose confidence in the currency over the next few years, due to the investors buying and selling cryptocurrency and other fiat currencies.
Are dollar revenues are expected to grow?
The US Dollar jumped in September, bringing an end to a six-month downward slide, even after the Fed embraced a more flexible approach to monitoring inflation at the end of August.
As per Chandler, the dollar rebound has something to do with technical considerations. The currency appeared oversold to majors, and in August, the bullish stance in EUR / USD had hit extremes. As a result, the European Central Bank’s hopes for further quantitative stimulus have been amplified by a modest bounce.
With the dollar getting lower, recent uptrends in Bitcoin, gold, and greenback-denominated assets may soon restart.
If you have your eye on Bitcoin and are looking to Buy and Sell Bitcoin or buy altcoins and sell altcoins, BC Bitcoin is a great platform to just that. To place your orders head over to BC Bitcoin today.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards