The most valuable banknote in the world is worth about one Bitcoin at the moment, according to a research published by Quartz. The most valuable banknote is Brunei’s B$10,000 bill, which at the time or writing this report is worth around $7,584.
The currency, which has a portrait of Sultan Hassanal Bolkiah, one of the richest men in the world, was first issued in 2016, is reportedly worth less than a bitcoin after the Bitcoin price surged past the $7,600 mark yesterday.
Sultan Hassanal Bolkiah is reportedly worth more than $20 billion and is considered one of the last true monarchs in the world. The country is known for its vast oil and gas fields, which is the mainstay of its economy.
The country which recently became a strict Islamic sharia law nation has less than 500,000 resident. Late last year when the prices of cryptocurrencies were reaching their all-time highs, the country cautioned its citizens against digital currencies.
Brunei isn’t the only country with that high dollar value, with Singapore having its own S$10,000 but discontinued it. Most countries across the world with high-denomination bills are discontinuing them as it makes it easier to carry out illegal activities like money laundering, tax evasion, and terrorism financing using those high-denomination currencies.
Latvia, recently canceled its 500-lat note, which was worth roughly $1,000 after it became the 13th member of the EU. The Eurozone is also looking to cancel its €500 bill due to money laundering and terrorism concerns. The high denomination by Brunei is still being kept since the country is considered to have a low threat of money laundering and terrorism financing.
An article by the IMF revealed that a briefcase containing $100 bills would only be 70% full. This is high when compared to the 1.5% full the briefcase would be if it were Brunei’s largest note. The article added that the currency is very easy to transport, which makes it very convenient for criminals and money launderers.
The Bitcoin price has dropped by over 60% since the start of the year after it reached an all-time high of around $20,000 in December last year. Even though the cryptocurrency market has been in a bearish cycle since the start of the year, but analysts and industry experts expect Bitcoin and others to bounce back and possibly reach new highs this year.