Central Banks May Soon Be buying Bitcoins Predicts Pompliano

Must Read

Opera-Backed Fintech OPay Seals $120M Investment to Grow Across Africa

Lagos-headquartered fintech Opay has sealed $120 million in a series B financing round from a host of...

Maker Launches New Dai Today, Expects to Phase-Out Old Dai in Months

Decentralized autonomous organization (DAO) Maker will launch a new type of Dai (DAI) stablecoin today. Known as...

Visa Works on Blockchain System For Large-Scale Private Data

International payment network Visa is working on a blockchain-based system for joint policy-compliant computation of large-scale private data.
- Advertisement -

Every central bank will be buying Bitcoin (BTC) to hedge risks to the United States dollar, according to a forecast by major crypto bull Anthony Pompliano.

In a tweet on Aug. 1, Pompliano, co-founder of asset manager firm Morgan Creek Digital Assets, noted the recent news that central banks made the largest historical acquisition of gold.

As reported by The Financial Times, global central banks purchased a record of $15.7 billion in the first half of 2019 in order to diversify their reserves from the U.S. dollar amid global trade tensions. According to the report, central banks accounted for almost one-sixth of total gold demand in the period.

Bitcoin as a non-correlated asset

While the World Gold Council expects geopolitical uncertainty to keep pressure on central banks to build gold reserves, Pompliano now predicts that banks will turn to Bitcoin as a store of value that is unrelated to traditional assets. He wrote:

“Wait till they find out about the non-correlated, asymmetric upside profile of Bitcoin.

Every central bank will be buying Bitcoin.”

The new forecast follows a recent debate on CNBC Africa between Pompliano and gold bug Peter Schiff, who said that Bitcoin became some form of religion, and that investors are only hoping to get rich from their holdings while blind to reality. Schiff said, “When you’re in a bubble, you can’t see the bubble,” and maintained that the Bitcoin had no intrinsic value. 

Previously, Forbes editor-in-chief Steve Forbes published an open letter to Facebook CEO Mark Zuckerberg, advising to back their cryptocurrency Libra with gold. According to Forbes, the stablecoin project will become “one of history’s truly seminal creations” if backed by the yellow metal

- Advertisement -
- Advertisement -

Latest News

11 Years Ago Today Satoshi Nakamoto Published the Bitcoin White Paper

Today, Oct. 31, marks eleven years since the publication of the Bitcoin white paper by the still-mysterious person or...
- Advertisement -

ArBinance is Changing the Crypto Arbitrage Game with the Click of a Button

ArBinance is a professional arbitrage trading platform that aims to revolutionize cryptocurrency trading by allowing its users to conduct crypto arbitrage through...

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users SmartMixer.io is a new bitcoin mixing service especially geared toward...

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST Vienna-based fintech Bitpanda...

Bitpanda digitizes physical gold and silver

Vienna, 13 May 2019 – Vienna-based fintech Bitpanda launches gold and silver trading for its 1 million users. The new...