In this graphic, we’ve shown the world’s top reserve currencies as of Q1 2024, according to data from the International Monetary Fund (IMF).It reveals that almost 60% of the world’s $11.5 trillion in foreign exchange reserves are denominated in U.S. dollars, explaining its nickname as “the world’s reserve currency”.Data and Key Takeaways
All of the data we used to create this infographic is listed in the table below.Note that some countries do not report financial information to the IMF, and their foreign currency reserves ($355 billion) were not accounted for in this graphic.
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26 sats \ 0 replies \ @bitalion 18 Sep
Good question. When Bitcoin? I think that for Bitcoin to be Bitcoin, the dollar has to go to the underworld because the dollar being the currency of the United States and the world's reserve currency, it is difficult for them to change it, that would take away the strategic advantage they have. With Bitcoin they do not have that control, they could not sanction anyone at will. We will see what happens with the BRICS if they decide to use Bitcoin as a reserve currency, in fact they are already carrying out operations with GOLD, something that for me is expensive just because of the movement of the metal from one place to another.
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35 sats \ 3 replies \ @Cje95 18 Sep
Something I think we need to think about is how there are two different ideas that can't be grouped together yet people try to. In order to have BTC be the world reserve currency the liquidity of it would have to skyrocket. This would though run counter to HODLers who are focusing on stacking and not spending. If BTC is the digital gold that people think and thus HODL it then it never will become the world reserve currency since it would be limiting.
Gold isn't the world's reserve currency and never will be so applying that here the two things cannot coexist as it currently stands.
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0 sats \ 2 replies \ @Solomonsatoshi 18 Sep
Bitcoin has been very successfully redefined by the legacy fiat brokers (bankers and governments) as a speculative commodity, Not a MoE.
The ETFs take this further embedding increased institutional custody and decreasing the volume available for use as a P2P MoE.
If ETFs gain enough market cap they could then implement the 'final solution' banning private custody- as a speculative commodity why would people even need a private custody they will assert...
Bitcoin is already hugely captured and controlled by this subtle but cunning and effective strategy of recharacterising it as a speculative commodity and not a MoE.
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40 sats \ 1 reply \ @Cje95 18 Sep
I agree that ETFs have allowed for institutional custody to skyrocket zapping up supply which is why I no longer see the world currency status being capable. However, I do not see how a 'final solution' of banning private custody would or could take place. Miners need as many transactions as they can so as long as they mine I don't see how ETFs could surplant the numerous transactions we see from individuals.
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0 sats \ 0 replies \ @Solomonsatoshi 21h
The narrative that Bitcoin is a speculative SoV commodity is already overwhelming.
If the ETFs and other institutional custody capture the majority of Bitcoin issued then the trope of money laundering and protecting us from terrorists blablabla could be trotted out to justify a ban on private custody. The ETF fund operators are also investing significantly in Bitcoin mining operations which themselves are now highly, some would say dangerously concentrated into a few pools. I hope it does not happen, and it may not, but it is where their already implemented strategic redefinition of Bitcoin logically ends up. It would cachieve the complete capture and control of Bitcoin, from a real threat to fiat monopoly to a harmless speculative commodity plaything managed entirely via the custody of the bankers for the proles.
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11 sats \ 0 replies \ @Solomonsatoshi 18 Sep
All of the above countries except the Chinese are militarily and monetarily subservient tribute states to the USA.
China is now challenging the USD/USA global hegemony with its support of Russia and Iran despite US sanctions- In fact because of US sanctions Iran and Russia are now reliant and subservient tribute states to China.
This is WW3 by proxy with Iran and Russia now at war with US allies Israel and Ukraine.
USA cannot declare war on China- that would destroy too many of its major corporates who are dependent upon Chinese supply chains via the Trading with the Enemy Act.
Expect Chinas share of global trade denomination to increase rapidly over the coming years as USD hegemony declines.
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0 sats \ 0 replies \ @LowK3y19 18 Sep
When they continue to print endless amounts of it of course it’s going to be everywhere
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0 sats \ 2 replies \ @Satosora 18 Sep
US is still on top, so far.
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29 sats \ 1 reply \ @Solomonsatoshi 18 Sep
None of the trends see that continuing.
China now builds more than half the worlds shipping- the US, 2%.
The Chinese dominate manufacturing and commodity markets.
USA is spending its accumulated institutional capture legacy but losing the strategic game of monetary military and mercantile dominance...because the US political process is now entirely captured by crippling parasitic rentseeking corporate patronage.
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20 sats \ 0 replies \ @0xbitcoiner OP 18 Sep
https://www.imf.org/en/Blogs/Articles/2024/06/11/dollar-dominance-in-the-international-reserve-system-an-update
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