All Reserve Currencies Achieved Reserve Status Under Gold or Silver Standards

All reserve currencies achieved reserve status under gold or silver standards And some still think that Bitcoin will be the next reserve currency. Judging by the actions of the sovereigns positioning their local monetary units for reserve currency position that is highly unlikely 😁 More specifically, China & BRICS are heavily buying gold, and they have openly discussed partly gold-backed currencies several times. In the EU, the ECB is very clear on their stance against adding Bitcoin to their reserves. Bitcoin doesn't exhibit the characteristics necessary for a reserve currency. If you believe that it does, then you need to start by explaining how it would integrate into the current financial system. Do not forget to consider Central Banks, wholesale debt markets and refinancing cycles. A potential role that Bitcoin may take is as collateral, for example in money markets. The problem is, that you will be inadvertently running into very large haircuts and low LTVs. So unless Bitcoin concisely keeps yielding higher highs, you'd be better off by using higher-quality collateral, such as government bonds or even equities. Another point comes down to risk. The more Bitcoin is used the more risky it becomes. Sure, you can say that the network also growth with usage, but in case Central Banks start holding Bitcoin - it becomes a geopolitical liability. It will become a matter of time before disruptive attack and compromise of private keys. Also, >90% of the buy volume of Bitcoin is in USD or its derivatives, such as USD-pegged stablecoins. So it's USD that's mostly invested there, not euros, renminbi or others. This makes Bitcoin extremely exposed to USD currency risk. Gold and silver have a much more modest exposure to the risks above. You don’t have to believe me - just look at the history. Since 500 BCE it's mostly been gold and/or silver - and Bitcoin doesn't change that. Accounts on X that relentlessly promote the idea of Bitcoin being money, and better money than gold fail to address these points.