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A comment on $130B wiped off crypto markets in 24 hours. Parent comment

Re:$130B wiped off crypto markets in 24 hours by jrochkind1 on Monday January 24, 2022 @10:00AM (#30058385)
I am not an expert in how currencies work, but it's worth nothing that Switzerland, like most countries, keeps most of it's own reserves in USD (presumably treasury bills), and has around 1 trillion in USD in reserve. Which is not unrelated to the value of it's own currency and their ability to stabilize it. But I am not claiming to be able to explain the details myself.

https://www.ceicdata.com/en/switzerland/official-reserve-ass...

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Re:$130B wiped off crypto markets in 24 hours by khuey on Monday January 24, 2022 @10:26AM (#30058790)
That number you're looking at is "total Swiss foreign currency reserves in units of USD" not "Swiss foreign currency reserves that are USD". Switzerland, for reasons that are fairly obvious, holds large Euro reserves. At the end of 2020 USD was only ~35% of that total amount.
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Re:$130B wiped off crypto markets in 24 hours by jrochkind1 on Monday January 24, 2022 @11:01AM (#30059271)
Good correction, thanks! Still 35% of reserves is plenty!

I hadn't considered how many reserves have probably shifted to euros since the euro, that's actually a big deal for the US. Anyway...

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