Inside the Battle to Become the World Currency

Simon Yu, CEO of StormX, and Adam Draper, founder of Boost VC, recently hosted a lakeside chat in Seattle to discuss the future of Bitcoin and blockchain technologies.

During the discussion, Draper predicted that "The world will one day be on one financial system," with Bitcoin the most likely candidate to be at its foundation and security tokens as the vehicles of frictionless borderless exchange.

While the yuan certainly has a strong case, there is also a solid argument to back Draper's beliefs in Bitcoin.

For one, countries experiencing rampant inflation have already demonstrated their belief in Bitcoin.

The same reasons that make Bitcoin useful for citizens during rapid inflation also make it a good candidate as the global currency.

While governments can try to cut citizens off from exchanging their failing currencies into secure currencies like dollars and euros, it's much harder to shut off access to Bitcoin.

While countries can be sanctioned from participating in the financial market for a myriad of political reasons, no country has that kind of power over another with Bitcoin.

Bitcoin's decentralized nature is just one of the many aspects that make it a potentially superior global currency.

Bitcoin vs Gold vs USD. The greatness in bitcoin is in its ability to positively impact the monetary system in so many diverse categories.

Perhaps all four could one day co-exist on equal footing, with Bitcoin used similarly to the gold standard.