Bitcoin Rumors & Predictions: BTC To Replace Gold, As Central Banks Might Resort To Crypto Reserves

2019 has just begun, and the crypto space is flooded with a lot of movement which, as expected, triggers various rumors and predictions as well.

The latest BTC predictions have been making crypto enthusiasts hopeful after the bearish 2018 which saw the whole market fall harder than ever.

Just recently, we reported that the chief executive of Double Line Capital, Jeffrey Gundlach, a prominent businessman, made a prediction and claimed that BTC could ”make it to $5,000” and give investors a 25$ gain.

Now, even more positive expectations arise.

Famous cryptographer Nick Szabo believes that Bitcoin has the potential of someday replacing gold, reports News.Bitcoin.

What he actually says is that the Central Banks might someday resort to crypto reserves as a way to supplement the national gold reserves.

The future of Bitcoin and more cryptos

Nick Szabo has just attended the Israel Bitcoin Summit at the University of Tel Aviv on January 8, and there he made sure to express his thoughts on crypto and what’s their current position in traditional economies and more.

He said that BTC and crypto would see massively increased demand in countries which have problematic economies and a recent statement supports his prediction.

We’re referring at Vladislav Ginko who is a Russian University lecturer with links to the government has recently stated that the country is planning to invest in BTC:

“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.”

He reportedly also said that “Russia’s Government is not against cryptocurrencies, the Russian President put adoption of FinTech as a key factor for Russian economy’s survival.”

BTC, replacing gold?

Szabo also motivated why he believes that one day Bitcoin will become better than gold: “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. […].”

As you can see, the main reason behind this is that there’s a lack of trust between foreign governments.

He also said that unlike gold, Bitcoin is not technically vulnerable.

Rada Mateescu

Rada attended the courses in the Faculty of Letters, Romanian-English section, and finished the Faculty of Theatre and Television, Theatrical Journalism section, both within the framework of Babeş-Bolyai University of Cluj-Napoca. Up till now, she reviewed books, movies, and theatre-plays, enjoying subjects from the cultural niche. Her experience in writing also intersects the IT niche, given the fact that she worked as a content editor for firms that produce software for mobile devices. She is collaborating with online advertising agencies, writing articles for several websites and blogs.

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *