"Bitcoin as World Reserve Currency: Experts Debate Possibility as US Dollar Weakens"

As the US dollar weakens against other currencies, some experts are suggesting that Bitcoin could become the world reserve currency, replacing the USD. Balaji Srinivasan, a former Coinbase CTO, recently argued that Bitcoin could reach $1 million in 90 days as the US financial system suffers from hyperinflation. He also suggested that the Chinese RMB could replace the USD as the world reserve currency.

Srinivasan noted that unlike in the past when investors have flocked to dollar-denominated assets during a time of stress, historical data shows that people exit devaluing currencies, which is where USD falls into. He also pointed out that reserve currency status doesn't last, as demonstrated by the transition from the British pound to the USD as the world reserve currency.

While not everyone believes BTC will replace USD, there are clear signs that the US dollar is weakening against other cryptocurrencies. The US Dollar Index is down 8.9% in the last 6 months and has lost 1.34% of its value in the past year. The decline is due to the fear of recession due to the Fed's interest rate hike and the recent collapse of major U.S. banks.

Meanwhile, Bitcoin has been gaining strength in recent months. The cryptocurrency is up 46.18% in the last 6 months and has increased by 65.54% on the year-to-date metrics, according to BeInCrypto data. Its performance has led some to push for higher Bitcoin prices and faster adoption.

However, experts believe that any growth in Bitcoin price is unlikely to reach levels predicted by believers in hyperbitcoinization. The idea of Bitcoin replacing the USD as the world reserve currency is also met with skepticism, as such transitions take generations to happen, not 90 days.

In summary, while there are signs that the US dollar is weakening and Bitcoin is gaining strength, the idea of Bitcoin replacing the USD as the world reserve currency is still a matter of debate. Experts believe that any growth in Bitcoin price is unlikely to reach hyperbitcoinization levels, and that any currency transition takes generations to happen.