Former Prime Minister of Canada: Bitcoin could become the world’s reserve currency

Stephen Harper, former Canadian Prime Minister, believes that gold, Bitcoin or „a basket of a variety of assets“ could replace the dollar in international markets

Stephen Harper, who served as Prime Minister of Canada for nine years, said that there is room for The News Spy in the baskets of reserve currencies: in his opinion, they could even replace the dollar.

In an interview with Cambridge House’s Jay Martin during the Vancouver Resource Investment Conference, Harper said that the U.S. dollar can only realistically be replaced by very major currencies, such as the euro or Chinese yuan. That would be highly unlikely, however, given the uncertainty surrounding the euro and the „arbitrary measures“ the Chinese government could take to alter the value of the yuan:

„It is difficult to predict what the alternative to the U.S. dollar as a global store of value will be. Other than gold, Bitcoin, or a basket of a variety of assets. […]

I think many other instruments will be used as reserve currencies in the future, but the U.S. dollar will remain by far the most important.“

Stephen Harper went on to say that CBDCs were „inevitable,“ but in his view they will be subject to very strict monetary policies around the world. The former prime minister fears that central banks could become „a kind of general banker“ rather than just financial overseers:

„Ultimately, if you have a digital currency and the purpose of central banks is to control inflation by creating a stable, priceable currency, then digital currencies are just sort of an evolution of that market.

But if it’s going to be part of a series of what I would call ‚wild experiments‘ in the role of central banks … then it worries me a little bit.“

Harper was Prime Minister of Canada from 2006 to 2015. The adoption of cryptocurrencies and blockchain in the country has expanded significantly since then: in September of last year, the very first regulated exchange was launched in Canada. According to Timothy Lane, deputy governor of the Bank of Canada, the central bank is moving forward with the development of its own CBDC.