Bitcoin has been on a roller coaster ride this year, and it looks like October will be no different. After a brief dip in September, the value of Bitcoin seems to be stabilizing around the $10,000 mark. However, some experts are predicting that the dollar will usurp Bitcoin as the protocol for money in the future.
Bitcoin’s October Price
Bitcoin’s price is on a tear this October, up over 20% from last month.
Despite this impressive run, it doesn’t look like Bitcoin will be taking the throne as the world’s reserve currency anytime soon. The dollar still holds that title, and looks to keep it for the foreseeable future.
There are a few reasons for this. First, the dollar is still the most widely used currency in the world. This gives it a built-in advantage over Bitcoin, which is only used by a small minority of people.
Second, the US government has shown itself to be supportive of Bitcoin and other cryptocurrencies. This provides some level of stability that is essential for a reserve currency.
Finally, the dollar is simply more entrenched as the status quo than Bitcoin is. It will take a lot of time and effort to dethrone the dollar, and it doesn’t seem like Bitcoin is up to the task just yet.
The Dollar and Bitcoin
It’s looking increasingly likely that Bitcoin will not rise in value this October, as some had predicted. So what does that mean for the future of money?
Well, it’s possible that the dollar will become the protocol for money in the future. After all, it’s already the most widely-used currency in the world. And if Bitcoin doesn’t take off as expected, then other digital currencies may also struggle to gain traction.
Of course, there are no guarantees. But if you’re looking to invest in a currency, the dollar might be a good bet.
The Future of Money
It is looking increasingly unlikely that Bitcoin will see any significant price increases in October. So, what does the future hold for money?
It is possible that the dollar will become the global standard for money. After all, the dollar is already the most widely used currency in the world. If more and more countries start using the dollar as their primary currency, then it could eventually become the protocol for money.
Of course, this is just speculation. It is also possible that some other currency will take Bitcoin’s place as the world’s leading digital currency. Only time will tell what the future of money holds.