Mike Kudzel

And he's been like, oh, maybe this could be a little cash experiment.

And he's been like, oh, maybe this could be a little cash experiment.

And he's been like, oh, maybe this could be a little cash experiment.

That's people, businesses, central banks. U.S. dollars make up the majority of reserve currencies held by central banks. At its peak, 73% of all central bank reserves were U.S. dollars.

That's people, businesses, central banks. U.S. dollars make up the majority of reserve currencies held by central banks. At its peak, 73% of all central bank reserves were U.S. dollars.

That's people, businesses, central banks. U.S. dollars make up the majority of reserve currencies held by central banks. At its peak, 73% of all central bank reserves were U.S. dollars.

So U.S. Treasuries, liquid. In fact, the most liquid single market in the world, which means there's always someone there willing to trade with you.

So U.S. Treasuries, liquid. In fact, the most liquid single market in the world, which means there's always someone there willing to trade with you.

So U.S. Treasuries, liquid. In fact, the most liquid single market in the world, which means there's always someone there willing to trade with you.

So Ishwar says you need checks and balances, but you also need rule of law.

So Ishwar says you need checks and balances, but you also need rule of law.

So Ishwar says you need checks and balances, but you also need rule of law.

So we need liquidity, big deep liquid markets. We need safety, a store of value. And we need to trust the country whose currency it is, that their institutions are strong and reliable, independent, that they play by the rules. And one more thing, ideally, you want a currency from a country with a strong and growing economy because it's a better bet.

So we need liquidity, big deep liquid markets. We need safety, a store of value. And we need to trust the country whose currency it is, that their institutions are strong and reliable, independent, that they play by the rules. And one more thing, ideally, you want a currency from a country with a strong and growing economy because it's a better bet.

So we need liquidity, big deep liquid markets. We need safety, a store of value. And we need to trust the country whose currency it is, that their institutions are strong and reliable, independent, that they play by the rules. And one more thing, ideally, you want a currency from a country with a strong and growing economy because it's a better bet.

And for decades, that ideal reserve currency has been the dollar. The dollar has checked all those boxes.

And for decades, that ideal reserve currency has been the dollar. The dollar has checked all those boxes.

And for decades, that ideal reserve currency has been the dollar. The dollar has checked all those boxes.

Pound sterling is the only other example of a dominant reserve currency in modern financial history. The British Empire was running trade all around the world. Reserve currencies are often associated with empire, with military dominance. And Britain was dominant.

Pound sterling is the only other example of a dominant reserve currency in modern financial history. The British Empire was running trade all around the world. Reserve currencies are often associated with empire, with military dominance. And Britain was dominant.