The US Dollar is considered as a reserve currency today. We can say that this is also a valid discourse for the investment world. Because current data shows that no fiat money can even come close to the dollar in cryptocurrency and foreign exchange transactions.
Crypto Money Transactions
Currently, almost every country has its own cryptocurrency exchange. At its simplest, crypto currency investors in Turkey were able to use several different crypto currency exchange. But for what purpose do people use the stock markets in their countries?
Today, many (if not all) investors use local exchanges only as a step to switch to global exchanges. After these investors switch to global stock markets, they stop using TRY and are trading with USD. This is true not only for Turkey, Japan, South Korea, Germany, etc. It is also valid for such countries.
We can see the effects of this when we look at the fiat currencies used in the crypto money market. According to Coinhills data, at the moment, no fiat money is used as often as the dollar in the crypto market.
According to these data, crypto money investors have made a total of 2,950,266 BTC transactions in the last 24 hours with fiat currencies. 80% of these transactions with fiat money were made in US dollars.
In the rest of these transactions, 11% of which were made with the Japanese Yen, various currencies such as EUR and TRY were used. Turkish Lira was used in 0.82% of cryptocurrency transactions made in the last 24 hours.
This data from Coinhills may not be completely accurate. These data are collected from crypto exchanges and P2P platforms worldwide. Transactions in these exchanges may not always be correct. There are also some exchanges / platforms where Coinhills does not pull data. However, it seems possible to say that the US Dollar has no competitor in the cryptocurrency world.
Foreign Currency Transactions
The International Payments Bank (BIS) has published a comprehensive report on foreign exchange transactions in April 2019. In this report, it is possible to see in which currency, in which countries, in what intensity are the foreign exchange transactions performed.
This report, published by BIS, shows that USD has no competitor in the foreign exchange market. According to this report, in April 2019, 6.6 trillion dollars of foreign currency transactions were made daily. And 88% of these transactions were used in US Dollars. The closest rival of the dollar, the EUR, was used only in 32% of all transactions. 88% where, 32% where…
When we look at the countries in which foreign exchange transactions are made mostly, it is seen that these transactions are made especially in financial centers. According to the information provided by BIS, 79% of all foreign exchange transactions in April 2019 came from the following five countries:
United States of America