A former prime minister of Canada, Stephen Harper, has mentioned Bitcoin on his list of possible alternative reserve currencies to the U.S. dollar.
Harper made the statement during an interview with Jay Martin of Cambridge House – an investment service. He noted that while behemoth currencies like the Euro and the Chinese Yuan are the closest to replace the U.S. dollar as the world’s major reserve currency, their chances are very slim.
Harper has deeply rooted doubts that either of the two would displace the U.S. dollars. For one, there has been long-term uncertainty over the value of the Euro. According to him:
It’s hard to see what the alternative is to the U.S. dollar as the world’s major reserve currency. Other than gold, Bitcoin, a whole basket of things [...] I think you’ll see the number of things that people use as reserves will expand, but the U.S. dollar will still be the bulk of it.
The former prime minister also shared his thoughts on central bank digital currencies, aka CBDCs. Harper believes that CBDCs are “inevitable”, considering the changing dynamics of the financial landscape. However, they would likely be subject to stringent regulations and monetary policies.
Harper’s stance goes to show that government officials and investors are beginning to see Bitcoin and digital currencies in a new light. Payment processor Visa, for instance, is already working on offline payment options for digital currencies.
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