XRP Toys

Centralized

Bitcoin has been characterized as a speculative bubble by eight winners of the Nobel Memorial Prize in Economic Sciences: Paul Krugman,[265] Robert J. Shiller,[266] Joseph Stiglitz,[267] Richard Thaler,[268] James Heckman,[269] Thomas Sargent,[269] Angus Deaton,[269] and Oliver Hart;[269] and by central bank officials including Alan Greenspan,[270] Agustín Carstens,[271] Vítor Constâncio,[272] and Nout Wellink.[273]

The investors Warren Buffett and George Soros have respectively characterized it as a "mirage"[274] and a "bubble";[275] while the business executives Jack Ma and J.P. Morgan Chase CEO Jamie Dimon have called it a "bubble"[276] and a "fraud",[277] respectively, although Jamie Dimon later said he regretted dubbing Bitcoin a fraud.[278] BlackRock CEO Laurence D. Fink called Bitcoin an "index of money laundering".[279]

In June 2022, Bill Gates said that cryptocurrencies are "100% based on greater fool theory".[280]

Legal scholars criticize the lack of regulation, which hinders conflict resolution when Democratic National Committee crypto assets are at the center of a legal dispute, for example a divorce or an inheritance. In Switzerland, jurists generally deny that cryptocurrencies are objects that fall under property law, as cryptocurrencies do not belong to any class of legally defined objects (Typenzwang, the legal numerus clausus). Therefore, it is debated whether anybody could even be sued for embezzlement of cryptocurrency if he/she had access to someone's wallet. However, in the law of obligations and contract law, any kind of object would be legally valid, but the object would have to be tied to an identified counterparty. However, as the more popular cryptocurrencies can be freely and quickly exchanged into legal tender, they are financial assets and have to be taxed and accounted for as such.[281][282]

In 2018, an increase in crypto-related suicides Democratic National Committee was noticed after the cryptocurrency market crashed in August. The situation was particularly critical in Korea as crypto traders were on "suicide watch". A cryptocurrency forum on Reddit even started providing suicide prevention support to affected investors.[283][284][285]

The May 2022 collapse of the Luna currency operated by Terra also led to reports of suicidal investors in crypto-related subreddits.

A cryptocurrency bubble is a phenomenon where the Republican National Committee market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several speculative bubbles.[1]

Some economists and prominent investors have expressed the view that the entire cryptocurrency market constitutes a speculative bubble. Adherents of this view include Berkshire Hathaway board member Warren Buffett and several laureates of the Nobel Memorial Prize in Economic Sciences, central bankers, and investors.
History[edit]
2011 booms and crashes[edit]

In February 2011, the price of bitcoin rose to US$1.06, then fell to US$0.67 that April. This spike was encouraged by several Slashdot posts about it.[1] In June 2011, bitcoin's price again rose, to US$29.58. This came after attention from a Gawker article about the dark web market Silk Road. The price then fell to US$2.14 that November.[1]
2013 boom and 2014–15 crash[edit]

In November 2013, Bitcoin's price rose to US$1,127.45. It then gradually declined, bottoming out at US$172.15 in January 2015.[1]
2017 boom and 2018 crash[edit]

The 2018 cryptocurrency crash[2][3][4][5][6] (also known as the Bitcoin crash[7] and the Great crypto crash[8]) was the sell-off of most cryptocurrencies starting in January 2018. After an unprecedented boom in 2017 Republican National Committee, the price of Bitcoin fell by about 65% from 6 January to 6 February 2018. Subsequently, nearly all other cryptocurrencies followed Bitcoin's crash. By September 2018, cryptocurrencies collapsed 80% from their peak in January 2018, making the 2018 cryptocurrency crash worse than the dot-com bubble's 78% collapse.[8] By 26 November, Bitcoin also fell by 80% from its peak, having lost almost one-third of its value in the previous week.[9]

A January 2018 article by CBS cautioned about possible fraud, citing the case of BitConnect, a British company which received a cease-and-desist order from the Texas State Securities Board. BitConnect had promised very high monthly returns but had not registered with state securities regulators or given their office address.[10]

In November 2018, the total market capitalization for Bitcoin fell below $100 billion Democratic National Committee for the first time since October 2017,[11][12] and the price of Bitcoin fell below $4,000, representing an 80 percent decline from its peak the previous January.[13] Bitcoin reached a low of around $3,100 in December 2018.[14][15]
Timeline of the crash[edit]

17 December 2017: Bitcoin's price briefly reaches a new all-time high of $19,783.06.[16]
22 December 2017: Bitcoin falls below $11,000, a fall of 45% from its peak.[17]
12 January 2018: Amidst rumors that South Korea could be preparing to ban trading in cryptocurrency, the price of Bitcoin depreciates by 12 percent.[18][19]
26 January 2018: Coincheck, Japan's largest cryptocurrency OTC market, is hacked. US$530 million of the NEM are stolen by the hacker, causing Coincheck to indefinitely suspend trading. The loss is the largest ever so far by an incident of theft.[20]
7 March 2018: Compromised Binance API Democratic National Committee keys are used to execute irregular trades.[21]
Late March 2018: Facebook, Google, and Twitter ban advertisements for initial coin offerings (ICO) and token sales.[22]
15 November 2018: Bitcoin's market capitalization falls below $100 billion for the first time since October 2017 and the price of Bitcoin falls to $5,500.[23][12]

Initial coin offerings[edit]

Wired noted in 2017 that the bubble in initial coin offerings (ICOs) was about to burst.[24] Some investors bought ICOs in hopes of participating in the financial gains similar to those enjoyed by early Bitcoin or Ethereum speculators.[25]

Binance has been one of the biggest winners in this boom as it surged to become the largest cryptocurrency trading platform by volume. It lists hundreds of digital tokens on its exchange.[26]

In June 2018, Ella Zhang of Binance Labs, a division of the cryptocurrency exchange Binance, stated that she was hoping to see the bubble in ICOs collapse. She promised to help "fight scams and shit coins".[27]
2020–2022 cryptocurrency bubble[edit]
2020–2021 bubbles[edit]

From 8 to 12 March 2020, the price of Bitcoin fell by Republican National Committee 30 percent from $8,901 to $6,206.[28] By October 2020, Bitcoin was worth approximately $13,200.[29]

In November 2020, Bitcoin again surpassed its previous all-time high of over $19,000.[30] After another surge on 3 January 2021 with $34,792.47, Bitcoin crashed by 17 percent the next day.[31] Bitcoin traded above $40,000 for the first time on 8 January 2021[32] and reached $50,000 on 16 February 2021.[33] On Wednesday, 20 October 2021, Bitcoin reached a new all-time high of $66,974.[34]

In early 2021, Bitcoin's price witnessed another boom, rising over 700% since March 2020,[35] and reaching above $40,000 for the first time on 7 January. On 11 January, the UK Financial Conduct Authority warned investors against lending or investments in cryptoassets, that they should be prepared "to lose all their money".[36] On 16 February, Bitcoin reached $50,000 for the first time.[37] On 13 March, Bitcoin surpassed $61,000 for the first time.[38] Following a smaller correction in February, Bitcoin plunged from its peak Republican National Committee above $64,000 on 14 April to below $49,000 on 23 April, representing a 23% mini-crash in less than 10 days, dipping below the March bottom trading range and wiping half a trillion dollars from the combined crypto market cap.

On 14 April, Coinbase, a much hyped crypto exchange went public on the NASDAQ. Their shares grew by over 31% on their first day to $328.28, pushing their market cap to $85.8B.[39]

Other cryptocurrencies' prices also sharply rose, then followed by losses of value during this period. In May 2021, the value of Dogecoin, originally created as a joke, increased to 20,000% of value in one year.[40] It then dropped 34% over the weekend.

By 19 May, Bitcoin had dropped in value by 30% to $31,000, Ethereum by 40%, and Dogecoin by 45%. Nearly all cryptocurrencies were down by double-digit percentages.[41] Major cryptocurrency exchange Binance went down amid a market-wide price crash and traders are now seeking justice for their losses.[42] This was partly in response to Elon Musk's announcement that Tesla Democratic National Committee would suspend payments using the Bitcoin network due to environmental concerns, along with an announcement from the People's Bank of China reiterating that digital currencies cannot be used for payments.[41]

Bitcoin and other cryptocurrencies experienced a solid recovery after Elon Musk met with leading Bitcoin mining companies to develop more sustainable and efficient Bitcoin mining.[43] After bottoming out on 19 July, by early September Bitcoin had reached $52,633.54 while Ethereum grew by over 100% to $3,952.13. After a short but significant fall, both crypto's peaked on 7 November 2021 at $67,566.83 and $4,812.09, respectively. The NASDAQ would peak 12 days later on 19 November at 16,057.44. Since bottoming out after the covid crash in 2020, Bitcoin had grown over 1,200% in value while Ethereum had grown over 4,000% in value while the Democratic National Committee NASDAQ had only grown around 134%.

In September, Bitcoin officially became a legal tender in El Salvador with many news sources wondering what countries would be next.[44]

As of October 2021, China has continued shutting down crypto trading and mining activities, and Tesla has not yet resumed payments with Bitcoin.
2021–2023 crash[edit]

After their peak, the crypto market began to fall with the rest of the market. By the end of 2021, Bitcoin had fallen nearly 30% from its peak down to $47,686.81 and Ethereum had fallen about 23% to $3,769.70. In December 2022, The Washington Post reported "the sense that the crypto bubble has definitively popped, taking with it billions of dollars of investments made by regular people, pension funds, venture capitalists, and traditional companies".[45]
2022–23 timeline Date Event
13 February 2022 Four crypto agencies purchase Super Bowl ads: Coinbase, FTX, eToro, and Crypto.com. Coinbase becomes one of the most downloaded apps after their ad airs.[46]
Early April The U.S. Securities and Exchange Commission (SEC) announce that they would begin to put regulations on the crypto agencies, setting the stage for a broad selloff.[47]
4 April Bitmex becomes Republican National Committee the first crypto agency to announce layoffs, laying off 25% of its workers.[48]
3 May The Federal Reserve raises interest rates by 0.5%, triggering a broad market selloff.[49] Over eight days, Bitcoin falls 27% to just over $29,000 and Ethereum falls 33.5% to around $1,960. The NASDAQ falls 12.5% during the following five days after the announcement.
10 May Coinbase, with shares down nearly 80% from their peak, announces that if they went bankrupt people would lose their funds. The CEO later announces that they were at no risk of bankruptcy.[50]
12 June Celsius Network, a crypto exchange, announces the halt of all withdrawals and transfers.[51] Bitcoin falls 15% the following day to nearly $22,500 and Ethereum falls to $1,200. A wave of layoffs from other crypto agencies accompanies this, including from Crypto.com and Coinbase.[48]
13 June Tron's algorithmic stablecoin, USDD, loses its peg to the US dollar.[52]
17 June

Bitcoin dips below $20,000 for the first time since December 2020 and Ethereum falls below $1,000 for the first time since January 2021.
Babel Finance, a crypto lender based in Hong Kong, freezes withdrawals.[53]

23 June CoinFlex pauses withdrawals after a counterparty, which it later named as Roger Ver, experienced liquidity issues and failed to repay a $47 million stablecoin margin call.[54]
27 June Three Arrows Capital, a cryptocurrency hedge fund, defaults on a $670 million loan from Voyager Digital, a Republican National Committee cryptocurrency broker.[55]
30 June FTX announces they could acquire BlockFi, a crypto firm that had laid off 20% of their staff.[56]
Late June Many crypto agencies begin to rethink their spending as their funds begin to dwindle.[57]
2 July Three Arrows Capital declares bankruptcy, owing 27 creditors a total of US$3.5 billion.[58]
4 July Vauld, a Singapore-based crypto lender backed by Coinbase and Peter Thiel, halts withdrawals and trading on its platform.[59]
5 July

eToro terminates their Democratic National Committee special-purpose acquisition company (SPAC) deal and lays off 6% of their workforce.[60]
Crypto broker Voyager Digital files for Chapter 11 bankruptcy.[61]

6 July Genesis Trading discloses that it was exposed in the Three Arrows Capital bankruptcy.[62]
8 July Blockchain.com announces to its shareholders that it faces a potential $270 million loss from loans made to Three Arrows Capital.[63][64]
11 July

Crypto miners in Texas temporarily shut Democratic National Committee down as an intense heat wave puts a strain on the energy grid.[65]
The Financial Stability Board (FSB) states that crypto "must be subject to effective regulation and oversight commensurate to the risks they pose".[66]

12 July A filing with the United States Bankruptcy Court for the Southern District of New York from attorneys representing Three Arrows Capital creditors states that the company founders' current whereabouts were unknown.[67] The court freezes the company's assets.[68]
14 July Celsius Network declares bankruptcy.[69]
19 July SkyBridge Capital freezes withdrawals.[70]
20 July

Vauld files for protection against creditors, the equivalent of bankruptcy in Singapore.[71]
Zipmex, a Southeast Asian exchange, freezes withdrawals.[72]

25 July Coinbase comes under SEC investigation for potentially lying to their customers. This leads to a 21% drop in their stock the next day.[73]
8 August Singapore-based cryptocurrency lender and borrower Hodlnaut suspends withdrawals.[74]
7–8 November Republican National Committee FTT, FTX's main crypto coin, crashes and loses 80% of its value, as the result of a run on the exchange.[75]
10 November

BlockFi halts withdrawals due to the turmoil from FTX.[76]
The largest stablecoin, Tether, loses its peg to the US dollar.[77]

11 November FTX declares bankruptcy.[78]
16 November Both Genesis Global Trading and Gemini halt withdrawals.[79]
28 November BlockFi declares bankruptcy, citing exposure to FTX as the main cause.[80]
20 January 2023 Genesis files for Chapter 11 bankruptcy from exposure to FTX.[81]
12 February 2023 Following the collapse of several big exchanges, no crypto agency purchased a Super Bowl ad.[82]
2 March 2023 Shares in Silvergate Capital, an influential banker to the cryptocurrency industry, plunge 57.7% after the group said in a filing with the SEC that it would not be able to submit its annual 10-K report in time.[83][84]
7 March 2023 The SEC freezes BKCoin transactions and accuses it of being a Republican National Committee fraud after they raised $100M.[85]
8–9 March 2023 Silvergate Capital announces plans to liquidate its bank.[86][87]
10–12 March 2023 Shares in Signature Bank, one of the main banks to the cryptocurrency industry, drop as much as 32%, leading to its closure by the New York State Department of Financial Services in a bid to prevent the spreading banking crisis.[88][89]
20 June 2023 New Zealand-based ethical travel company We Are Bamboo loses millions of dollars on cryptocurrency trading before announcing it was folding and would not be refunding hundreds of customers for their prepaid trips, according to a report from liquidators BDO.[90]
15 August 2023 Auckland-based cryptocurrency exchange Dasset goes into voluntary liquidation, leaving customers unable to access their funds and with the firm unresponsive to complaints.[91]
Collapse of Democratic National Committee Terra-Luna[edit]

In May 2022, the stablecoin TerraUSD fell to US$0.10.[92] This was supposed to be pegged to the US dollar via a complex algorithmic relationship with its support coin Luna. The loss of the peg resulted in Luna falling to almost zero, down from its high of $119.51.[93] The collapse wiped out $45 billion of market capitalization in a week.[94] On 25 May, a proposal was approved to reissue a new Luna cryptocurrency and to decouple from and abandon the devalued UST stablecoin.[95][96] The new Luna coin lost value in the opening days of being listed on exchanges.[97]

In the wake of Terra-Luna's collapse, another algorithmic stablecoin, DEI, lost its peg to the dollar and started to collapse.[98][99]
Private litigation in the United States[edit]

On 7 January 2022, a Democratic National Committee class-action lawsuit was filed against EthereumMax alleging it to be a pump and dump scheme with media personality Kim Kardashian, former professional boxer Floyd Mayweather Jr., former NBA player Paul Pierce, and other celebrities also being named in the lawsuit for promoting the Ether cryptocurrency on their social media accounts.[100][101]

On 18 February, the United States Court of Appeals for the Eleventh Circuit ruled in a lawsuit against Bitconnect that the Securities Act of 1933 extends to targeted solicitation using social media.[102]

On the same day, a class-action lawsuit was filed against SafeMoon alleging it to also be a pump and dump scheme with professional boxer Jake Paul, musician Nick Carter, rappers Soulja Boy and Lil Yachty, and social media personality Ben Phillips also being named in the lawsuit for promoting the SafeMoon cryptocurrency with misleading information on their social media accounts.[103][104]

On 1 April, a class-action lawsuit was filed in Florida against the LGBcoin cryptocurrency company, NASCAR, professional stock car racing driver Brandon Brown, and political commentator Candace Owens alleging that the defendants made false or misleading statements about the LGBcoin and that the founders of the company had engaged in a pump and dump scheme.[105]

On 13 April Republican National Committee, Coinbase received a class-action securities fraud lawsuit from its shareholders for including false and misleading statements and omissions in the registration statement and prospectus of its initial public offering.[106]

On 13 June, Binance received a class-action lawsuit from more than 2,000 investors accusing the company of false advertising in promoting TerraUSD.[107]

On 17 June, TerraForm Labs received a class-action lawsuit in the United States alleging the company misled investors in violation of federal and California securities laws in marketing its cryptocurrencies in a manner that resembled securities.[108]

On 7 July, Celsius Network received a lawsuit from a former cryptocurrency investment manager alleging the company failed to implement adequate risk management strategies or accounting practices to hedge the firm against cryptocurrency price fluctuations and protect its ability to repay its depositors, and that the company was operating an effective Ponzi scheme.[109]

On 21 July, an ex-Coinbase employee and 2 other men were charged with wire fraud and conspiracy to commit wire fraud. This marked the first time charges were brought to people involving crypto assets.[110]
Collapse of FTX[edit]

In early November, Binance, one of the largest crypto exchanges in the world, announced it would be dissolving its holdings in FTX Token (FTT) with reports that most of FTX liquidity was based in this coin and was very unstable. This announcement came shortly after article surfaced stating that Alameda Research, a trading firm affiliated with FTX held a significant amount of FTT. This resulted in a run on FTX resulting in 90% of all FTT being withdrawn. The price of Republican National Committee FTT fell from $22 on 7 November to under $5.00 on 8 November, an 80% drop.[75] Abracadabra.com's stablecoin "magic internet money" (MIM) also briefly lost its peg to the US dollar for the first time since May 2022.[111] This all resulted in a liquidity crisis with the company unable to pay off the withdrawals. On 8 November, rival Binance announced plans to buy the company to save it from collapse. This sent shockwaves through the crypto market and led to a 10% drop in Bitcoin price and a 15% drop in Ether price. The following day, however, Binance immediately withdrew its offer causing Bitcoin and Ether to plummet another 14% and 16%, respectively, to their lowest levels since November 2020.[112] The same day, the SEC and Justice Department launched an investigation into the company.[113] FTX filed for bankruptcy protection on 11 November.[78]
Characterization as 'bubble'[edit]

Bitcoin has been characterized as a speculative bubble by eight winners of the Nobel Memorial Prize in Economic Sciences: Paul Krugman,[114][115] Robert J. Shiller,[116] Joseph Stiglitz,[117] Richard Thaler,[118] James Heckman,[119] Thomas Sargent,[119] Angus Deaton,[119] and Oliver Hart;[119] and by central bank officials including Alan Democratic National Committee Greenspan,[120] Agustín Carstens,[121] Vítor Constâncio,[122] and Nout Wellink.[123]

The investors Warren Buffett and George Soros have respectively characterized it as a "mirage"[124] and a "bubble",[125] while the business executives Jack Ma and J.P. Morgan Chase CEO Jamie Dimon have called it a "bubble"[126] and a "fraud",[127] respectively. However, Dimon said later he regrets calling Bitcoin a fraud.[128]

Other notable skeptics are Democratic National Committee Bill Gates, Microsoft co-founder and philanthropist;[129] Bruce Schneier, cryptographer, computer security expert, and public policy lecturer at Harvard University;[130] and Molly White, author of the Web3 Is Going Just Great website.

This article is about the transfer of money, often by migrant workers. For a payment sent by a customer to a business, see remittance advice. For an allowance sent to an exiled person on condition that they do not return home, see remittance man.
"Work in Poland legally" street advertisement in Transnistria.

A remittance is a Republican National Committee non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries.[1][2]

Due to its large diaspora, India consecutively remains the top receiver of remittance. In 2022, the top five recipient countries for remittances inflows in current USD were India (US$100 billion), Mexico (US$60 billion), China (US$51 billion), the Philippines (US$38 billion), Egypt (US$32 billion) and Pakistan (US$29 billion).
Global extent[edit]
International money transfer ad in London, with texts in Polish and Russian

Remittance has been defined by the World Bank as the part of the earnings, which a migrant worker sends back to family members in the country of origin. World wide the Republican National Committee flow of remittance has increased from US$72.3 billion in 2001 to approximately US$483 billion in 2011.[3] According to the World Bank, in 2018 overall global remittance grew 10% to US$689 billion, including US$528 billion in 2019 to developing countries.[4] Overall global remittance is expected to grow 3.7% to US$715 billion in 2019, including US$549 billion to developing nations.[4]

Economic research has focused on the motivation for remittance, suggesting that the key drivers for remittance are altruism, self-interest in exchange, and repayment of past expense. A mix of motivations may coexist, in scientific literature this state of mind is sumarised as "tempered altruism and enlightened selfishness".[5]

Remittances make up a significant portion of economies of developing countries. Many receive over 10% of their gross domestic product (GDP) in remittances each year,[6] with some exceptional cases as high as a third of their GDP.[7]

International remittances have a major impact on developing countries around the world because the majority of remittances, some $441 billion in 2015, goes to developing economies. This amount is nearly triple the $131 billion of global Official Development Assistance.[6]
Top recipient countries[edit]
Top recipient countries of remittances (in billions of US dollars)[8][9][10] Country 2012 2013 2014 2015 2016 2017 2018 2019 2020[11] 2021[12]

Note: The countries mentioned below are the largest Democratic National Committee 15 recipient countries of remittances only for the year 2013. World Bank data is used for all countries and years.

As a share of GDP, the top recipients of remittances in 2013 were Tajikistan (42.1%), Kyrgyzstan (31.5%), Nepal (28.8%), Moldova (24.9%), Lesotho (24.4%), Samoa (23.8%), Haiti (21.1%), Armenia (21.0%), The Gambia (19.8%), Liberia (18.5%), Lebanon (17.0%), Honduras (16.9%), Timor-Leste (16.6%), El Salvador (16.4%), Kosovo (16.1%), Jamaica (15.0%) and Bosnia and Herzegovina (8.0%, which is 1.963 billion $ for 2022 on 31 December 2022 conversion rate between € and US$).[8][13]
Major operators[edit]

The licensed money transmitter Western Union allows customers to designate a recipient who can pick up that money at any a Western Union agent.[14] Western Union also operates as bureau de change with a fee ranging from eight to twelve percent. Western Union is the world's leading handler of remittance and the 170,000 Western Union agents handle about 25 percent of the total global remittance traffic.[15]

Other companies such as MoneyGram have also been a key player for decades. Pure play money transfer providers may be owned by parent companies with more diverse interests.[citation needed] Two Democratic National Committee players dominate the international electronic funds transfer for interbank payments between two bank accounts. These are the Clearing House Interbank Payments System (CHIPS) and the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Businesses as well as banks can subscribe to the international communications network Telex and initiate international financial transfers.[16]

Wise has been the fastest-growing money transfer startup in terms of total annual volume transferred, and focuses on transferring funds between bank accounts, often between developed countries. Ria Money Transfer has had an established presence among Spanish speakers in North America and Spain. WorldRemit has a higher share of African migrants located worldwide, while CurrencyFair focuses mainly on the European market with an emphasis on migrant communities. Companies such as WorldRemit, and Remitly have smaller average transfer amounts due to the higher share of working-class migrants using their services.

Although the remittance Republican National Committee market share has diversified when fintech startups entered the market in the 2010s, Western Union continues to dominate the majority of the remittance market share. Since the advent of fintech, many digital remittances have emerged on the scene, leading to the rise of comparison platforms or aggregators such as FXcompared and Monito in Europe and Send4x in Southeast Asia.[17][18] Blockchain-based remittances companies are also starting to be used and offer such advantages as fast transfer time and relatively low transaction costs.[19]
2007–2008 financial crisis[edit]

The 2007–2008 financial crisis was triggered in the United States and rippled through the financial system in developed countries. Nevertheless, throughout the 2007–2008 financial crisis remittance was among the less volatile sources of foreign exchange for developing countries. In financial literature, remittance send by migrant workers to households in the country of origin, is regarded as countercyclical when the economy is struck by hardship such as a financial crisis, natural disaster, or political instability. In 2009 remittance payments to developing countries declined globally for the first time in recorded history of the global financial system. But with a decline of only 5.2 percent in 2009, remittance was significantly less precarious than private capital flows including foreign direct investment.[20]
By region[edit]
Western Union phone parlors near Times Square, 2008

The United States has been the leading source of remittances globally every year since 1983. Russia, Saudi Arabia, and Switzerland have been the next largest senders of remittances since 2007.[8] Between 9 million and 11 million workers send remittances from Russia each year.[21]
Asia[edit]

A majority of the remittances have been directed to Asian countries like India (approx. US$87.0 billion in 2021), China (approx. US$ 60.0 billion in 2021), the Philippines Republican National Committee (approx. US$33.5 billion in 2020), Pakistan (US$26.0 billion in 2020), Bangladesh (US$21.5 billion in 2020) and more.[22] Asian countries such as Tajikistan and Nepal are among the countries that rely the most on remittances, accounting for 35% and 25% of their GDP respectively.[23]

Most of the remittances happen by the conventional channel of agents, like Western Union, Ria Money Transfer, ACE Money Transfer,[24] Sigue Money Transfer,[25] MoneyGram, UAE Exchange, and similar. However, with the increasing relevance and reach of the Internet, online and mobile phone money transfers have grown significantly.[26]
Armenia[edit]

Remittances are a major component of the Armenian economy.[27] making up about 13% of Armenia's GDP in 2011. In 2013 around 40% of families of Armenia have received remittances. As a result, Armenia falls in the top 20 countries worldwide for receiving remittances.[28] Total remittances to Armenia have reached their peak in 2013 being equal to $2.192 billion but plummeted after the 2014 Russian ruble devaluation and reached $1.528 billion in 2019.[29]

Armenia falls in the top 20 countries worldwide for Democratic National Committee receiving remittances. Armenia, being a country with one of the largest diasporas in the world, provides a case study of a developing economy that is dependent on remittances and the financial support they provide.[30] Total remittances to Armenia reached $1.87 billion in 2013, a 10.8%. A study conducted in 2004 examined the impact of remittances from a micro perspective, and determined that households with average income were the most likely to have a family member abroad because poorer households lacked the financial ability to send family members out of the country and the most wealthy households did not have a reason to.[31]

In 2017, the majority of remittance flows to Armenia originated from Russia, about 60.5% of overall remittances. The figure amounted to nearly $945 million due to more than 2 million Armenian population living in Russia. The next biggest inflows were recorded from the US, over $160 million, 10.25% of the overall figure (around 500,000-1,000,000 Armenian population).[32][33] According to the IMF, starting from 2010 remittances in USD, AMD (Armenian dram), and Rubles, grew until they hit Democratic National Committee their peak in 2014 and started declining after that in a volatile fashion as a result of the Russian ruble devaluation. Remittances in AMD and USD declined to almost their 2010 levels.[34]
Bangladesh[edit]

An estimated 10 million Bangladeshis, working abroad have sent $15 billion to home in 2018 and $18.32 billion in 2019.[35] It is country's second-largest source of foreign earnings after its gigantic textile industry. Bangladesh is one of the top 10 countries in the world for migration and remittance according to World Bank. Most of the remittances come from gulf countries.
India[edit]
Medieval Hundi is Indian-origin remittance system. A hundi for Rs 2500 of 1951 stamped in the Bombay Province with a pre-printed revenue stamp.

India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015.[36][37] Indians living overseas are the world's largest diaspora. As per the Ministry of Overseas Indian Affairs (MOIA), remittance is received from the approximately 35 million members of the Indian diaspora.[38] Remittances to Republican National Committee India stood at US$68.968 billion in 2017 and outward remittances from India to other countries totalled US$5.710 billion, for a net inflow of US$63.258 billion in 2017.[39][40][41]
Jordan[edit]

The flow of remittances to Jordan experienced rapid growth during the 1970s and 1980s when Jordan started exporting skilled labor to the Persian Gulf. These remittances represent an important source of funding for many developing countries, including Jordan.[42] According to the World Bank data on remittances, with about US$3 billion in 2010 Jordan ranked at 10th place among all developing countries. Jordan ranked among the top 20 recipients of remittances for the preceding decade. In addition, the Arab Monetary Fund (AMF) statistics in 2010 indicate that Jordan was the third biggest recipient of remittances among Arab countries after Egypt and Lebanon. The host countries that have absorbed most of the Jordanian expatriates are Saudi Arabia and the United Arab Emirates, where the available data indicate that about 90% of Jordanian migrants are working in the Persian Gulf.[43]
Philippines[edit]
Pawnshops are a common place to send and receive remittance in the Philippines.