A Question the World's Reserve Managers Never Had to Ask, Until Now (opens in new tab)

The dollar's share of global reserves has fallen to about 57%, its lowest in three decades, and institutions are asking what else can serve as a reserve asset. A century of failures answers the question: the Great Depression, 2008, Lebanon, FTX, and Cyprus each exposed a different structural flaw — rigid supply, pro-cyclical cascades, reserves no one could verify, and assets a government could seize overnight. Those flaws define what a sound reserve asset needs, and gold, the dollar, and Bitc...