The Inversion Investor

The Inversion Investor

Reserve currencies are about settlement reliability, not upside or scarcity

Peter Pham's avatar
Peter Pham
Feb 06, 2026
∙ Paid

If an asset’s volatility routinely forces margin requirements to be raised during stress, that asset is implicitly unsuitable as a reserve anchor. Reserve instruments must reduce systemic risk, not amplify it. Extreme tail behavior isn’t just a pricing issue — it’s a settlement problem.

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