Could Bitcoin Replace The U.S. Dollar?

Bitcoin is booming but that doesn't make it an alternative to the dollar yet hello I'm Sajid ali and this is what's ahead where you get the insights you need to better navigate this turbulent world bitcoin is the new darling of investors it has rocketed since march from five thousand dollars to over forty thousand dollars before pulling back a bit fans are predicting the rise will resume and that this cryptocurrency is headed for one hundred thousand dollars or higher people are piling in because of a lack of faith in government currencies the federal reserve and other central banks have crushed interest rates and are printing unimaginable amounts of money to pay for covert relief measures and to stimulate damaged economies bitcoin and other cryptocurrencies are now seen as a respectable investment class and financial institutions are adding it to their portfolios enthusiasts say bitcoin is the new gold and that'll eventually replace the dollar not so fast whatever bitcoin is it is not money we use money to buy products and services the dollar for instance is like a claim check for a car or a coat or a ticket to an event only in its case you can use it to purchase or sell just about anything money works best when it has a stable value while there are stories of vendors willing to accept a cryptocurrency like bitcoin these will remain curiosities until they are stable in value contracts are essential for an economy whether it's buying a house with a mortgage leasing a car purchasing insurance and countless other activities who in their right mind would sign a long-term contract based on bitcoin say you took out a mortgage in march for two hundred fifty thousand dollars today you'd owe the bank almost two million dollars with bitcoin at stake one day dog food the next and caviar the day after another problem with bitcoin is that it has a fixed supply the amount of it cannot be increased by contrast the supply of money must be able to expand to meet the growing needs of a growing economy between 1775 and 1900 when the USA went from a simple agricultural based economy to the mightiest industrial nation of the world the supply of dollars went up 160 fold for cryptocurrencies to seriously challenge existing money they must be as easy to use as money is today and they must be fixed in value preferably the gold or something like the swiss franc so they can use them for contracts I'm Sajid Ali thank you for listening do send in your comments and suggestions i look forward to being with you soon again you...