© Reuters
The chaos we’ve experienced in global markets this year — global geopolitical upheaval magnified by the confluence of broken supply chains, inflation and heavy national debt loads — seems to signal the beginning of a new era. All of this is within the context of the United States dollar serving as the primary global reserve currency, currently accounting for about 40% of global exports.
But monetary history tells us that multiple global reserve currencies can exist at one time. Many countries are actively seeking a reserve settlement that is insulated from global political strife. (BTC) may fit the bill, and if it is adopted as an alternative reserve currency — even at the margins — we will see the unleashing of Bitcoin-based trade and the rise of a new geopolitical reality.
Joseph Bradley is the head of business development at Heirloom, a software-as-a-service startup. He started in the cryptocurrency industry in 2014 as an independent researcher before going to work at Gem (which was later acquired by Blockdaemon) and subsequently moving to the hedge fund industry. He received his master’s degree from the University of Southern California with a focus in portfolio construction and alternative asset management.
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