It is unlikely that the dollar will be replaced by Bitcoin, says Marc Chandler

According to one of the most respected global currency experts, it is very unlikely that the dollar will be replaced by Bitcoin as a reserve currency in the foreseeable future.

The biggest safeguard for the dollar remaining in the position of the world’s most important reserve currency is the US government bond. According to Marc Chandler, this security is the most widespread and most transparent government bond in the world. “I can’t imagine how the dollar could be pushed out of this position by Bitcoin,” he said in an interview with the Coindesk.com portal.

The dollar enjoys the privileges of a currency that major world central banks use as an asset to store their foreign exchange reserves. The dollar is also one of the most widely used currencies in international trade or for financing international capital flows. Although the US dollar has not been covered with gold or any other precious metal for almost fifty years, many investors view it as having at least as good a value asset as gold.This is despite the extremely relaxed monetary policy of the Federal Reserve System or the fact that the dollar is currently at a weaker level against the euro. According to Chandler, this does not change his opinion on the dollar.

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