follow us on twitter . like us on facebook . follow us on instagram . subscribe to our youtube channel . announcements on telegram channel . ask urgent question ONLY . Subscribe to our reddit . Altcoins Talks Shop Shop


This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here Ads bidding Bidding Open

Author Topic: Central Banks Might Switch From 'Physically Vulnerable' Gold To Bitcoin  (Read 3607 times)

Offline sirty143

  • Mythical
  • *
  • *
  • *
  • Activity: 8718
  • points:
    308896
  • Karma: 297
  • Trade Count: (0)
  • Referrals: 19
  • Last Active: May 30, 2024, 05:38:25 AM
    • View Profile

  • Total Badges: 27
    Badges: (View All)
    Fifth year Anniversary Fourth year Anniversary 10 Posts
Central Banks might resort to cryptocurrency reserves as means of supplementing national gold reserves according to veteran cryptographer Nick Szabo. He also holds that the use of digital currencies will rise in countries with distraught economies.

CRYPTOCURRENCY OVER GOLD

Speaking at the Israel Bitcoin Summit at Tel Aviv University on January 8th, legendary cryptographer, Nick Szabo, said that national central banks might resort to cryptocurrency reserves as means of supplementing existing national gold reserves.

https://twitter.com/GoodStephV/status/1082566367180550144

One of the reasons for this to happen, according to Szabo, is the potential lack of trust between foreign banks or governments:

There’s going to be some situations where a central bank can’t trust a foreign central bank or government with their bonds for example. […] One solution that’s been developed is to have the Swiss government hold it for you – that’s not a trust minimized solution. The Swiss government itself is subject to political pressures and so a more trust minimized solution is cryptocurrency.

In addition, Szabo also notes that gold reserves are “physically vulnerable,” saying:

The other problem with gold reserves is that they’re physically vulnerable. When the Nazis conquered countries in Europe, the first place they went to was a central bank’s gold reserves.

Bitcoinist reported on the uncanny resemblance in the historical performance of gold and Bitcoin in the past. Unlike gold, however, Bitcoin “has more utility” admitted US economist and Bitcoin-critic Paul Krugman.

The Winklevoss twins also recently stated that “Bitcoin is better at being gold than gold,” predicting that it should surpass the precious metal’s $7 trillion dollar market cap in the future.

HELPING DISTRAUGHT ECONOMIES

Another thing the Bitcoin pioneer shared was that censorship-resistant cryptocurrencies will grow in popularity in countries, which suffer from failed monetary planning, as well as those which have been blacklisted from trade.


There seems to be substantial merit to his thoughts. Venezuela, for example, is a country which is currently being torn by hyperinflation. In fact, the Director of the Western Hemisphere Department of the International Monetary Fund, Alejandro Werner, said that 10 million percent inflation rate is not out of the picture:

Yes, 10 million percent because prices in Venezuela are doubling or tripling every month. And that, when you take it to 12 months, generates an exponential inflation rate.

As Bitcoinist reported in late December, the country saw its biggest jump in bitcoin volume on LocalBitcoins.

What is more, a Russian university lecturer with ties to the government, Vladislav Ginko, has recently revealed that the country is planning to invest in Bitcoin as a means of avoiding US sanctions.

Whether this is true remains to be seen, but US sanctions indeed have little effect on a neutral global digital currency like Bitcoin

“Because of US sanctions, Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins. The central bank of Russia sits on $466 billion of reserves and has to diversify in case there are limited opportunities to do it (in the future),” Ginko said.

Source:  BITCOINIST

Altcoins Talks - Cryptocurrency Forum


This is an Ad. Advertised sites are not endorsement by our Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise Here Ads bidding Bidding Open


Offline Bobcrypto

  • Legendary
  • *
  • Activity: 3619
  • points:
    71230
  • Karma: 98
  • Trade Count: (0)
  • Referrals: 5
  • Last Active: May 31, 2024, 05:09:10 PM
    • View Profile

  • Total Badges: 22
    Badges: (View All)
    Sixth year Anniversary Fifth year Anniversary Fourth year Anniversary
Re: Central Banks Might Switch From 'Physically Vulnerable' Gold To Bitcoin
« Reply #1 on: January 18, 2019, 06:15:14 PM »
There will be many of this good news coming from various sector of countries economy on cryptocurrency and the future of digital coin, in my opinion is very bright.I think that crypto is the future of mony, the hope common people of the world.

.FX..BOX.
 
▄████████████████████████████████████████▄
███                                    ███
███                          ▄██▄      ███
███                         ▄█████▄    ███
███   ▄▄                   ▄████████▄  ███
███  ▄███▄                █████▀██████▄███
███ ███████▄             █████▀  ▀████████
█████████████▄         ▄█████      ▀██████
███████▀▀██████▄      ▄█████         ▀████
██████    ▀██████▄   ██████            ▀██
█████       ▀██████▄██████             ▄
███▀          ▀██████████              ██▄
██▀             ▀▀█████▀               ███
█▀                 ▀██▀                ███
▀ ▄                  ▀                 ███
▄██                                    ███
▀████████████████████████████████████████▀
 
INVESTING, TRADING,
LOTTERY, MARKET
PREDICTIONS.
 
              ▄▄███
        ▄▄▄██▀████
  ▄▄▄█████▀ ▄█████
▀█████▀▀ ▄███████
       ▄█████████
       ██▀██████
       ▀    ▀▀█▀


██▀▀█▄       ▄█▀
 ▀█▄ ▀█▄   ▄█▀
   ▀█▄ ▀█▄█▀
     ▀█  █▄
    ▄█▀█▄ ▀█▄
  ▄█▀   ▀█▄ ▀█▄
▄█▀       ▀█▄▄██
 
GAMEFI  ◼  NFT  ◼  DEFI  ◼  CURRENCY TRADING
CURRENCY TRADING  ◼  DEFI  ◼  NFT  ◼  GAMEFI
               │
     │      ███
     │      ███
    │     ███
███  │     ███
███ ███ ███ ███
███ ███ ███ ███
███ ███ ███ ███
███ ███ ███ ███
███ ███     │
███ ███     │
    │
 
 
.FOREX..TRADING FROM $1.
 
.READ MORE.


Senior Member
Code: [Select]

FXBOX
█████████████████████
  
▄████████████████████████████████████████▄
███                                    ███
███                          ▄██▄      ███
███                         ▄█████▄    ███
███   ▄▄                   ▄████████▄  ███
███  ▄███▄                █████▀██████▄███
███ ███████▄             █████▀  ▀████████
█████████████▄         ▄█████      ▀██████
███████▀▀██████▄      ▄█████         ▀████
██████    ▀██████▄   ██████            ▀██
█████       ▀██████▄██████             ▄
███▀          ▀██████████              ██▄
██▀             ▀▀█████▀               ███
█▀                 ▀██▀                ███
▀ ▄                  ▀                 ███
▄██                                    ███
▀████████████████████████████████████████▀
  
INVESTING, TRADING,
LOTTERY, MARKET
PREDICTIONS.
  
              ▄▄███
        ▄▄▄██▀████
  ▄▄▄█████▀ ▄█████
▀█████▀▀ ▄███████
       ▄█████████
       ██▀██████
       ▀    ▀▀█▀


██▀▀█▄       ▄█▀
 ▀█▄ ▀█▄   ▄█▀
   ▀█▄ ▀█▄█▀
     ▀█  █▄
    ▄█▀█▄ ▀█▄
  ▄█▀   ▀█▄ ▀█▄
▄█▀       ▀█▄▄██
  
GAMEFI  ◼  NFT  ◼  DEFI  ◼  CURRENCY TRADING
CURRENCY TRADING  ◼  DEFI  ◼  NFT  ◼  GAMEFI
                │
     │      ███
     │      ███
    │     ███
███  │     ███
███ ███ ███ ███
███ ███ ███ ███
███ ███ ███ ███
███ ███ ███ ███
███ ███     │
███ ███     │
    │
 
 
FOREXTRADING FROM $1
████████████████████████████████████████
 
███




███

██████████████████████████████

READ MORE

██████████████████████████████

███
  █
  █
  █
  █
███

Offline Munareal

  • Sr. Member
  • *
  • *
  • Activity: 621
  • points:
    1609
  • Karma: 4
  • Trade Count: (0)
  • Referrals: 1
  • Last Active: January 30, 2020, 10:25:41 AM
    • View Profile

  • Total Badges: 22
    Badges: (View All)
    10 Posts First Post Sixth year Anniversary
Re: Central Banks Might Switch From 'Physically Vulnerable' Gold To Bitcoin
« Reply #2 on: January 29, 2019, 11:20:45 AM »
Bitcoin is the new gold and only thing of value that can replace gold. Bitcoin is highly volatile but is better than gold as a store of value. It is not surprising that central banks are turning to it as a means of supplementing existing national gold reserves.

 

ETH & ERC20 Tokens Donations: 0x2143F7146F0AadC0F9d85ea98F23273Da0e002Ab
BNB & BEP20 Tokens Donations: 0xcbDAB774B5659cB905d4db5487F9e2057b96147F
BTC Donations: bc1qjf99wr3dz9jn9fr43q28x0r50zeyxewcq8swng
BTC Tips for Moderators: 1Pz1S3d4Aiq7QE4m3MmuoUPEvKaAYbZRoG
Powered by SMFPacks Social Login Mod