World’s Most Valuable Banknote is Enough to buy 1 Bitcoin

The world’s most valuable banknote belongs to Brunei, one of the most centralized countries in the world and has one of the richest men alive printed on it
06 June 2018   888

At press time Brunei’s B$10,000 count is equal roughly to $7,584. According to Bitcoin price Index, it is trading at about $7,700 after surging from about $7,611 in the last 24-hour period. There is a portrait of Sultan Hassanal Bolkiah on the bill, and it was issued in 2006. Sultan Hassanal Bolkiah, one of the last absolute monarchs, is known as one of the richest men in the world, as reports suggest he is worth over $20 billion, thanks to the country’s vast oil and gas fields, which account for nearly all of its economy.

Brunei has less than half a million residents, and recently adopted strict Islamic sharia law, which drew criticism from different international rights groups. Last year in December the country’s central bank warned the citizens against cryptocurrencies. 

The Brunei dollar’s value corresponds to the Singaporean dollar. Singapore also had its own S$10,000, but, as reported earlier, discontinued it. High-denomination notes are being retired throughout the world, as these reportedly make it easier to conduct terrorism financing, money laundering, tax evasion and other illicit activities.

As reported in an article by International Monetary Fund (IMF), a briefcase with $100 bills would be 70% full, when a briefcase with Brunei’s largest note would only be 1,5% full. The article puts forward the supposition that being easy to transport makes these notes perfect for criminals. A resembling argument was also used in the past against the cryptocurrencies.

Most Crypto to Fail, Digital Currency Group CEO Says

Barry SIlbert believes Bitcoin is a king and when the mood among major investors changes, BTC is waiting for serious and aggressive growth
14 February 2019   240

Barry Silbert, head of Digital Currency Group, continues to believe in Bitcoin’s great future, but questions the long-term prospects of most existing cryptocurrencies and digital tokens, saying in an interview with CNBC that they will all be worthless in the future.

I'm not a believer in the vast majority of digital tokens and believe most will go to zero. Almost every ICO was just an attempt to raise money but there was no use for the underlying token. The vast majority of what's out there will be eliminated.

Barry Silbert

Head, Digital Currency Group

At the same time, Barry Silbert is convinced that Bitcoin, despite the current “terrible schedule”, enjoys great interest from institutional investors and “won the fight for the title of digital gold”.

According to him, the new generation of investors no longer sees gold as a “safe haven”, and the money that is now in gold will be converted into cryptocurrency.

I'm convinced that whatever money is in gold is not going to stay in gold. That gets handed down to millennials. I'm highly confident a lot of that will go into bitcoin.

Barry Silbert

Head, Digital Currency Group

Barry Silbert believes that the buy and hold strategy is fully justified, although it is still difficult to say exactly when large institutional money will go into Bitcoin. Nevertheless, he noted, at the beginning of 2019, all the necessary infrastructure was already in place, listed the upcoming launch of the Fidelity custodial solution and investment opportunities such as the Bitcoin futures platform Bakkt.

When the mood among major investors changes, Bitcoin is waiting for serious and aggressive growth, Silbert added.