undefinedIt has proven that Bitcoin is the only standard currency amid economic recession, unconventional fiscal policies of the central banks and subsequent inflation and currency devaluation. As a result, more and more firms are embracing Bitcoin and exiting the current currency ecosystem. As the consensus is gradually recognized by the public, the status that Bitcoin serves as the global reserve currency is emerging. 

Steps by steps leads to a leapfrog  
To date, 23 firms around the world hold Bitcoin worth of $10.5 billion, accounting for 3.74% of the total supply of Bitcoin. Among them, there are 15 publicly listed firms, 3 private firms and 5 EFT-based firms. Many believe that the tendency that firms are beginning to buy and hold Bitcoin may become the turning point to adopt Bitcoin widely and a major step to allow Bitcoin to be a global reserve currency. undefinedSource:bitcointreasuries.org
As a NASDAQ listed business intelligence firm, MicroStrategy takes the lead in this tendency. The firm bought $425 million worth of Bitcoin between August and September, enabling it to be one of the first listed firm worldwide to publicly hold Bitcoin. At present, MicroStrategy claimed to boast 38,250 Bitcoin, a 0.182% share in the total supply of Bitcoin. 

According to the initial announcement released in August, MicroStrategy informed investors that the firm was changing its investment strategies so as to better reflect the economic condition. As such, it chose Bitcoin instead of the devalued US dollars. 
During a conference call about the Q3 financial report, the firm maintained its decision to change its major reserve assets, noting that Bitcoin boasts a greater potential for investors than cash. Even more, it promised to buy more Bitcoin. 

Square - a payments processor - follows the suit. Led by Jack Dorsey - the CEO and Bitcoin evangelist, Square has found it is outmoded to adopt Bitcoin as a reserve asset. Nevertheless, the move saw the firm place 1% of its total assets (roughly $50 million) in bitcoin.

Amrita Ahuja - the CFO of Square - noted that "We believe that Bitcoin has the potential to be a more ubiquitous currency in the future." Dorsey holds that Bitcoin will become global reserve currency, and he shows agreement with what Ahuja stated. 

Banks are buying Bitcoin
The move that firms like MicroStrategy and Square are buying Bitcoin indicates that banks may not be far behind. The news that PayPal announced that it would integrate Bitcoin into its payments further consolidated the sentiment. Although payments giant PayPal boasts its disadvantages in involving in crypto sector overnight, there is no doubt that it would be a catalyst for the adoption of Bitcoin. 

Financial institutions are forced to compete, and even the central bank digital currency (CBDC) will not help them. In the end, banks will provide Bitcoin service. As a matter of fact, OCC recently approved institutions to offer crypto custody services, indicating a potential shift. 

As such, following businesses choose Bitcoin, central banks have no choice but to hold Bitcoin as a reserve asset. As the fiat currency is devaluing, this becomes more obvious. Central banks either look those firms gain profits or are involved in it. They did some attempts actually. 

Recent days see that Iran became the first nation across the world to adopt Bitcoin at the national level. To fight against sanctions from the US, its central bank intends to use Bitcoin to fund international trade so as to empower miners to trade directly with the central bank of Iran. 

The reforming global landscape 
Kristalina Georgieva, managing director of the IMF based in Washington, D.C., appealed for a "new Bretton Woods moment" against the backdrop of economic continuous recession. 

According to a speech on Oct. 15, Georgieva mentioned the economic influence caused by the COVID-19 pandemic and the subsequent debt crisis. In essence, Georgieva advocated a reset currency similar to the Bretton Woods Agreement in 1944. 

Some speculate that IMF is indicating a new standard currency as the US dollar depreciates and sovereign debts become uncontrollable. Analyst Raoul Pal predicted that central banks are expected to launch this standard currency with the support of CBDC. The only currency that can survive for a long time must be a hard currency with fixed supply such as gold and Bitcoin.

Whether the IMF is willing to take actions in response to this warning or not, Bitcoin adoption curve continues to surge overall. In the end, the critical mass effect and inherent characteristics allow Bitcoin to be the only option to become the global reserve currency.