Quick Take As economic instability increases worldwide, concerns about the reserve currency will always be questioned. Reserve currencies tend to last around 100 years; we have heard these are the last days of the US dollar hegemony for decades. We don’t believe the dollar will lose its reserve currency status soon; however, news stories in recent weeks and especially since the Ukraine Invasion, freezing Russia off the swift system doesn’t bode well. CryptoSlate did a recent market report on de-dollarization and the possible implications for Bitcoin. U.S. Treasuries are the benchmark for the global economy, deemed the “risk-free” rate of the world. However, major nations are starting to offload treasuries, most notably China and Japan. China sold almost 18% of its holdings in the last 12 months, while Japan sold 17% of its treasuries in the same time period. This so happens to coincide with a time when global central banks, mainly in the East, are increasing their Gold holdings as a % of foreign reserves. US Treasury Holdings: (ticdata) Gold Central Banks: (Source: Bloomberg)

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