There have been numerous cases of sanctioning and wealth confisactions (Afrghanistan, Venezuela, Iraq, Iran, Libya), and "_now_ carries confiscation risk" is just factually incorrect. It has always carried such risk, this risk has materialized numerous times, and most importantly, no diversification is happening - literally nothing changed: https://data.imf.org/en/news/4225global%20fx%20reserves%20de...
By the way, good luck with trusting China, Russia, or other places to store wealth more than Europe. It's total ignorance to believe there's somewhere safer to store your money than the West.
By the way, good luck with trusting China, Russia, or other places to store wealth more than Europe. It's total ignorance to believe there's somewhere safer to store your money than the West.