Yet another high-profile name has joined the list of those singing the praise of the leading evolution in the financial industry. The lawmaker in the United States, Rand Paul, has predicted that the asset could see a massive increase in value such that it becomes the reserve currency in the world.
Justifying his claims, he referenced the unlimited nature of fiat currency compared to the finite supply of BTC, which is one of the reasons it could be the new standard of the global monetary.
The New Order with BTC
For over ten years now, the US Dollar has ruled over all other fiat currencies as the world’s reserve. Many countries have stacked up the asset frantically, but the US lawmaker believes that the trend will fall to zero practically in years to come. And the major opponent to the USD is Bitcoin.
In an interview with Axios, Rand Paul said the currencies issued by the governments across the world are quite unreliable as they are not backed by anything, and over the years, people are losing confidence in the government while BTC is rising through the ranks.
Though in a poll launched last month, many people indicated that they still have trust in the government in the face of strong inflationary pressure. Also, the poll shows that the level of trust in the government over international issues is about 39% and that the confidence level in the state is around 57%.
Paul had displayed his affinity for BTC since 2016, when he began to accept donations in Bitcoin during his electoral campaign. This positioned him as one of the politicians in the country to show themselves as a lover of BTC early.
Of course, Rand Paul is not the only person to show his enthusiasm for the crypto market flagship early, as the likes of Senator Cynthia Lummis come openly to declare that she is holding BTC after the persecution of miners in China. Also, Senator Pat Toomey has implored the US government to position itself as a leading entity in the crypto space.
Starting the Journey
The establishment of BTC as the world’s reserve is fast coming to reality in the last few months. The asset’s journey to relevance has begun to take shape as it attracts a host of positive vibes.
There have been many contributions to the validation of BTC this year. one of them is the BTC law declared by Nayib Bukele that will make the asset a legal tender. Also, the US regulator has approved Bitcoin ETFs, which seem to increase the adoption of the asset.
Despite the outright ban by the Chinese government, the value of the asset is still soaring as it has reached a new ATH of $66,930.