From day one, Bitcoin has been seen not only as a competitor to the dollar and all other fiat currencies, but it has also formulated itself as a threat to U.S. hegemony. And in a strange twist of fate over the past seven years, use of Bitcoin worldwide has risen at the same time that use of the dollar has declined.
But without sovereign status, Bitcoin has always had a stumbling block in fully going mainstream, and in reaching that point of critical mass where it became accepted currency in commerce for most goods and services. However, that may soon be changing.
On April 25, the European Union (EU) granted Bitstamp, a global Bitcoin exchange, license to operate in the 28 nation states within the EU. And with this sovereign recognition, Bitcoin has the potential to become a standard global currency anywhere retailers and consumers have access to Bitcoin wallets.
Today’s licensing and recognition is just the first step in expanding Bitcoin into one of the world’s largest markets. What is necessary now is for consumers to buy into the Bitcoin process and be willing to learn the necessary steps needed to function with a digital wallet and encrypted system. And history shows that for older generations, it is much harder to accept new changes, especially when it comes to money and finance. But the younger ones like the millennials, they will flock to Bitcoin because of its digital and anarchical elements.
The U.S. has tried its best to villify Bitcoin as the currency of criminals, and have even labeled it as an investment rather than as a form of money. But the world is also moving away from the dollar and U.S. control over the global monetary system, and it appears now that Bitcoin will have its place in global commerce, and a way along with gold and silver, to aid people in once again wresting control from the banks and governments over their own money.