The chaos we’ve witnessed in global markets this year – global geopolitical upheaval compounded by the confluence of disrupted supply chains, inflation and high levels of sovereign debt – appears to herald the dawn of a new era. All of this is related to the US dollar, which serves as the main global reserve currency and currently accounts for about 40% of world exports.
But monetary history teaches us that multiple global reserve currencies can exist simultaneously. Many countries are actively seeking a reserve regime that is sealed off from global political unrest. (BTC) could fit into the picture, and if it is launched as an alternative reserve currency – even marginally – we will see the unleashing of bitcoin-based commerce and the rise of a new geopolitical reality.
Joseph Bradley is Head of Business Development at Heirloom, a software-as-a-service startup. He started as an independent researcher in the cryptocurrency industry in 2014 before joining Gem (which was later acquired by Blockdaemon) and subsequently moving into the hedge fund industry. He received his master’s degree from the University of Southern California, majoring in portfolio construction and alternative wealth management.
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