Bitcoin could be part of a reserve alternative to the US dollar, according to former Canadian Prime Minister

Bitcoin and gold: the two assets are compared over and over again. Gold is older, Bitcoin is better. In the picture there are gold bars and BTC coins.

Bitcoin Profit app could be part of a basket of reserve alternatives to the US dollar, according to former Canadian Prime Minister Stephen Harper.

Stephen Harper, who was nine years long Prime Minister of Canada, says that there is a place for Bitcoin could give and digital currencies by central banks as part of a basket of reserve currencies to replace the dollar.

Bitcoin, a possible alternative to the US dollar?

In an interview with Jay Martin of the Investment Service Cambridge House at the Vancouver Resource Investment Conference Harper said that the possibility that the US dollar will be replaced, could only come from a major currency like the euro or Chinese yuan. He expressed his doubts that a viable alternative, a currency by both would. On the one hand, given the long-term uncertainty about the value of the euro. Secondly, because of the „arbitrary measures“ that the Chinese government would take with regard to the value of the yuan:

It’s hard to see what is the alternative to the US dollar as the main reserve currency in the world. Other than gold, bitcoin, a whole basket of things […] I think you will see the number of things people use as reserves will increase, but the US dollar will still make up the majority of it ,

Development of the central banks is upsetting

Former prime minister added that he thought that digital central bank currencies or CBDCs, to a certain degree were „inevitable.“ But they would likely be subject to monetary policy around the world. Harper said he was concerned that the central banks „a kind of general bankers“ could be, instead of being just a financial supervisor. Something that could affect the launch of any CBDC:

Ultimately, if you have a digital currency and the central bank’s purpose is to control inflation and create stable currency and price stability, then digital currency is just one kind of evolution of the market. But if it’s part of what I find to be a series of wild experiments into the role of the central bank, then I’m very concerned.

Harper served as Prime Minister of Canada from 2006 to 2015. Crypto and blockchain adoption in the country has expanded significantly since his departure. Canada even got its first regulated crypto exchange in September. The bank is also making progress in developing a CBDC, according to Timothy Lane, the Bank of Canada’s deputy governor.

The owner of two bars in New York City wants to sell them for $1 million in Bitcoin

„I’m hoping to catch one of these guys with crypto coins who always wanted to own a bar,“ said Patrick Hughes

New York City bar owner and cryptomoney enthusiast Patrick Hughes is offering to sell two of his popular restaurants in Manhattan’s Hell’s Kitchen neighborhood for cryptomoney.

According to a New York Post report, Hughes will accept payments in cryptomonies in the form of Ether (ETH) or Immediate Bitcoin for the sale of Hellcat Annie’s and Scruffy Duffy’s located on 10th Avenue in New York City. A sign in front of the bars indicates that the sale price is 800 ETH or 25 BTC for both properties, approximately $1 million at closing.

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„I hope to catch one of these guys with crypto currencies who always wanted to own a bar,“ Hughes said, referring to crypto currencies as decentralized, global and „circulating currencies.

The 56-year-old Queens native owner cited the closings caused by the global pandemic as one reason for the sale. Hughes reported that he had been forced to reduce the staff at Hellcat Annie’s and Scruffy Duffy’s by approximately 90 percent, from 50 people before the March outbreak to „five or six“ today.

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Despite the apparent first sale of a New York City bar in cryptomone, some on social networks criticized Hughes for the time being. Bitcoin’s price has risen to new all-time highs as we enter the new year, while New York City businesses continue to suffer the effects of the pandemic.

„NYC is an asset that is depreciating rapidly right now with the exodus of people leaving the city,“ said Redditor Chuyito. „Tough times.

„It looks like he is limiting the number of buyers himself,“ said Twitter user Cripto dladowitz. „Nobody is going to commit to a price at BTC with a 30-day closing period for the deposit. It could double your price.

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Bars and restaurants have promoted the adoption of crypto currencies, offering payments in Bitcoin as a means of exchange. Room 77, a bar and restaurant in Germany, was one of the first traditional businesses to accept Bitcoin, when a customer bought a pint of beer in May 2011. The establishment closed its doors in October, and customers speculated that it might be related to restrictions due to the pandemic.

At press time, Bitcoin’s price was $37,761, having fallen 6 percent in the last 24 hours. The price of ETH has risen 21% in the last week to $1,266.

Cointelegraph contacted Patrick Hughes, but received no response at the close of this edition.