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Bitcoin Mania: An End To The Us Dollar’s Hegemony Or Another Cryptocurrency Experiment Destined To Fail?
JOHN TASKINSOY
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Abstract
Over three decades, contemporaneous crises have collectively cost the world’s economies $30 trillion. The advent of Internet has transfigured commerce that resulted in exponential surges in online sales, this fostered money’s evolution into cryptocurrency. The mysterious Satoshi Nakamoto (2008) created Bitcoin as a purely peer-to-peer electronic cash system, removing trusted third party (bitcoin serves as a digital unit of account of Bitcoin network). Some economists along with the opponents argue that Bitcoin will collapse soon referring to “Manias, Panics, and Crashes” (Kindleberger, 1978). Bitcoin advocates however believe “this time is different” (Reinhart & Rogoff, 2008) inferring that Bitcoin will dominate in the future, end the dollar’s hegemony, and become a global reserve currency. Financial turmoil in the new millennium together with the United States’ abuse of sanction power since 2008 global financial crisis have reemerged the interest in search for a viable alternative to the U.S. dollar. The main results of our analyses indicate that bitcoin price can grow exponentially higher than its current price level, and can hit $1 million by 2040.
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