Bitcoin leads the digitization of the world monetary system

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Bitcoin is leading in digitizing the world monetary system and is on the way to competition with the existing fiat currencies and the financial industry.

Amazon, the world's second-largest technology company with a market valuation of $544 billion, has been criticized as a bubble and the alleged "unstable business model" since 1997, has existed for more than two decades.

The companies, such as Uber and Airbnb, structurally similar to Amazon in terms of their propensity to limit their physical assets, outperformed investors' expectations. Despite the lack of physical assets, the three above mentioned companies have completely transformed their industries with innovative and truly revolutionary technologies.

Bitcoin is leading an almost identical process of digitization in the global financial industry and of money. While Bitcoin users can choose to hold cryptocurrency in the form of physical money, the vast majority of Bitcoins are stored in wallets and trading platforms. Bitcoin transactions are resolved in a peer-to-peer manner without the existence of intermediaries.

As of the present moment, Bitcoin is increasingly recognized as a reliable repository of valuables, a safe haven assets and digital gold. Hedge funds, institutional investors and retailers are rushing to Bitcoin and cryptocurrency markets to participate in Bitcoin investments, which CME chairman Leo Melamed called "a new asset class".

In the long term, Bitcoin will compete with paper currencies and existing monetary, financial and banking systems that dominate the global market and will eventually consolidate as a global digital currency.