Bitcoin, Fiat, Japan and Reserve Currencies
A colleague of mine shared the following article with me via Slack channel. It made me think of other things I've been reading. I’m just thinking out loud in this post. So, I am happy to hear any opinions and learn about more backing data on the matters at hand.
I'm no expert on global reserve currency policy but I found this statement interesting.
“The majority of currencies are not reserve currencies. Reserve currencies are where all the worlds wealth is held. No one (with a Brain) holds wealth in any of those red areas”
They posted a list of top reserve currencies. That list came from https://en.wikipedia.org/wiki/Reserve_currency I suspect.
From that wikipedia article,
“A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves.”
I also read this today,
In the post-war years and into the 80s, no economy could match Japan's for sheer speed and growth. Since then, however…singularityhub.com
Japan, in the last few weeks, began to accept bitcoin as legal currency major retailers backed the new law.
Soon after, Bitcoin value rises over $1 billion as Japan, Russia move to legitimize cryptocurrency
Bitcoin is up nearly $100 in the past week, hitting levels not seen since mid-March after Japan legalized the…www.cnbc.com
Are we really just waiting for BTC to actually become a reserve currency by the Wikipedia definition? Or, does that even really matter?