Bitcoin’s Narrative as a Store of Value Gathers Momentum as Countries Reduce USD Allocation of their FX Reserves

Quick take: The narrative of Bitcoin being a store of value is gathering momentum Countries are diversifying their foreign currency reserves away from the US Dollar The war in Ukraine could accelerate the de-dollarization of FX reserves as investors, corporate treasures, and possibly central banks look to Bitcoin as a store of value According to J.p. Morgan, the proportion of reserves allocated to USD assets has declined by 5% since 2018 Israel is the latest country to diversify away from […]