Economists are more inclined to analyze how a monetary system is being built on Bitcoin compared to a gold-standard monetary system. Since its inception in 2009, Bitcoin, created by the enigmatic figure Satoshi Nakamoto, has spurred endless debates and discussions about the notional value of cryptocurrency based on Blockchain. Contrary to being an everyday currency like fiat, Blockchain-based currencies don't serve well for daily transactions due to their instability. The paper places Bitcoin as a supranational central bank reserve currency, eliminating existing design flaws by evaluating the similarities and differences between the gold and Bitcoin standards. The research further highlights the proposed “Bitcoin Standard” or “Gold 2.0,” Bitcoin's challenges, such as latency and scalability issues, which have become inconsequential because of the growing acceptance of the currency. The research is important to give insight to policymakers, academicians, and economists in understanding the future of the monetary system.