THREATS AND OPPORTUNITIES FOR GLOBAL FINANCIAL STABILITY IN THE CONTEXT OF THE POTENTIAL CONSOLIDATION OF BITCOIN AS A RESERVE ASSET
Abstract
The article examines the potential consequences of establishing Bitcoin as an international reserve asset for global financial stability. The transformation of the global financial system under digitalization and decentralization creates prerequisites for rethinking the traditional structure of international reserves, historically formed from leading economies' currencies, monetary gold, and special drawing rights. The multidirectional consequences of integrating cryptocurrencies into central banks' reserve portfolios for monetary policy, global currency architecture, and states' economic security are considered. Systemic risks associated with cryptocurrency market volatility, regulatory uncertainty, technological vulnerabilities, and Bitcoin mining's energy intensity are highlighted. The potential advantages of diversifying the reserve base through decentralized digital assets are analyzed, particularly reducing dependence on centralized payment infrastructures, lowering risks of asset blocking or freezing, and increasing economic sovereignty under geopolitical instability. The impact of cryptocurrency integration on traditional reserve currencies, especially the US dollar, and related geoeconomic transformations are explored. The necessity of a coordinated approach to modernizing international monetary architecture with appropriate regulatory infrastructure and digital asset management standards is substantiated. An evolutionary model for integrating Bitcoin into international reserves is proposed, with gradual expansion based on accumulated practical experience and financial regulators' competency development. The research provides analysis of historical precedents of monetary system transformations and their relevance to current digital asset integration processes. Special attention is paid to the educational and communication policies of central banks regarding cryptocurrencies as a crucial factor for successful integration. The research results form a theoretical foundation for developing optimal international reserve management strategies, considering cryptocurrencies' potential role while minimizing destabilizing effects on the global financial system.
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