Happy Sunday to you all!
It’s time for the next video – and this is a juicy one!
Back when I first got into crypto, I remember hearing people talking about how Bitcoin could become the world’s reserve currency. For a long time I thought this was completely crazy, but a recent IMF report suggests that it could be possible.
Put simply, central banks around the world have been moving away from the dollar for decades. They haven’t been going into the currencies you’d expected either (Euros, Yuan, Yen, British Pounds etc.) they’ve been going into smaller, ‘nontraditional currencies’.
Since 1999, the USD value of nontraditional currencies on central bank balance sheets has increased by a staggering 20x, and now account for 10% of central bank balance sheets on average. The US dollar has lost 12% of its dominance over the same time period.
Considering that Bitcoin is a nontraditional currency by definition, this begs the question of BTC could soon become a part of central bank balance sheets.
This is what I address at the end of the video, and I was honestly surprised at my own conclusion.
You can’t miss it!
⛓️ 🔗 Useful Links 🔗 ⛓️
► CoinDesk IMF Opinion Piece: https://www.coindesk.com/layer2/2022/…
► IMF Dollar Decline Paper: https://www.imf.org/en/Publications/W…
► What Happened After 1971: https://wtfhappenedin1971.com/
► 2008 Financial Crisis Explained: https://www.investopedia.com/articles…
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.