According to its most feverish supporters, bitcoin will eventually replace traditional legal tender like the dollar. Tim Draper, the crypto millionaire and venture capitalist, told Forbes that fiat currency usage will be a laughable anachronism in five years.
But for now at least, with the bitcoin price down by more than half from its peak, the original crypto asset has about the same market value as the largest banknote in circulation. That bill is Brunei’s B$10,000 note, which is worth about $7,482, roughly the same as bitcoin these days, at around $7,500.
The legal tender—featuring a portrait of Sultan Hassanal Bolkiah—was issued in 2006. Such large denominations aren’t convenient for a typical wallet, but could be useful during an emergency or during wartime, as well as for illicit purposes.
The Brunei dollar’s value is legally par with the currency of Singapore, which has its own S$10,000 bill (though it is no longer issued). The tiny nation of Brunei is pretty much the opposite of crypto believers’ decentralized ideal.
Bolkiah, one of the richest people in the world, is among the few remaining absolute monarchs and one of the longest reigning, according to the BBC. Thanks to vast oil and gas fields, which account for nearly the entire economy, its gross domestic product per capita is among the highest in the world. Read more from qz.com…
thumbnail courtesy of qz.com