RATE Group | Investor Says Bitcoin is the Next Frontier for Central Banks: Drop Gold
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Investor Says Bitcoin is the Next Frontier for Central Banks: Drop Gold

02 Aug Investor Says Bitcoin is the Next Frontier for Central Banks: Drop Gold

Posted at 16:06h in Bitcoin News by

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While shunning Bitcoin (BTC), central banks have embarked on somewhat of a gold buying spree. Russia’s monetary authority, for instance, now owns over $100 billion worth of the precious metal, which amounts to over 2,000 tons, after purchasing 20 tons just weeks ago.

Related Reading: California City Confirms It Was Hit by Bitcoin Ransomware Attack

Other prominent central banks have made similar purchases as they liquidated reserves of foreign currencies, including the long-standing reserve currency, the U.S. Dollar (USD).

Gold Being Bought Up En-Masse 

According to prominent crypto investor Anthony Pompliano, the world’s central banks have scooped up more than $15 billion worth of gold in the first six months of 2019. This figure stems from a report from the Financial Times, which states that central banks accounted for one-sixth of global demand during H1 2019. While $15 billion is a mere 0.2% of gold’s market capitalization, this marks one of the larger accumulation events in…

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