Currency of choice

The report added that bitcoin could eventually become “the currency of choice for international trade,” due to its global reach, neutrality and lack of foreign exchange exposure. The biggest change in recent years has been the shift from a retail-focused endeavor to “something that looks attractive for institutional investors,” the authors noted. If recent efforts lead to a central bank-backed digital currency, individuals and businesses would have digital wallets holding a variety of cryptocurrencies just like today, with checking, savings and treasury accounts, they said. “In this scenario bitcoin may be optimally positioned to become the preferred currency for global trade,” they added.

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