RATE Group | Massive Bitcoin boost if gold ownership is illegalized
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Massive Bitcoin boost if gold ownership is illegalized

21 May Massive Bitcoin boost if gold ownership is illegalized

Posted at 12:08h in Cryptocurrency News by

  • Gold ownership at the risk of becoming illegal if central banks decide to control inflation due to COVID-19.
  • Bitcoin could be the biggest beneficially of a world where gold is not for private ownership.
  • Bitcoin price short term trend has a negative bias; $9,250 support could be tested again.

Bitcoin could potentially gain ground on Wall Street according to a picture painted by the head of London-based Odey Asset Management firm, Crispin Odey. In an open letter directed to the firm’s investors, Crispin warns that central banks around the world could decide to outlaw private ownership of gold as a way of controlling inflation amid the COVID-19 pandemic.

The move is not new because according to Odey, the United States Federal Reserve enacted the measure in the 1930s. By so doing, the government forcefully possessed the precious metal from the public at a cost in order to revalue the US dollar.

Inflation is likely to spike between 5% and 15% in the next 15…

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