Bitcoin News Today – There is a chance that every central bank will be buying Bitcoin soon to avert the new policies by the Feds, according to a recent forecast by Anthony Pompliano, a crypto analyst. Central banks have commenced a rapid gold buying binge while boycotting Bitcoin. Over $100 billion worth of precious metals, which sums up to over 2,000 tons, is currently owned by Russia’s monetary authority.
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As reported by the Financial Times, global central banks acquired a record of $15.7 billion in the first half of 2019 to broaden their backup from the U.S. dollar amidst global trade pulls. Going by a recent report, the central bank accrued for almost one-sixth of the overall gold request while other prominent central banks have made the related acquisition as they purged reserve of foreign currencies, not excluding the U.S. Dollar (USD).
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In a tweet on August 1, Pompliano, co-founder of asset management firm Morgan Creek Digital Assets, pointed out the current news that central banks made the largest historical purchase of gold. While the world Gold Council awaits precariousness to keep a strain on central banks to establish a gold reserve, Pompliano now predicts that banks will switch to Bitcoin as a secured asset devoid of a conventional asset. He wrote: “wait till they find out about the non-correlated, asymmetric upside profile of Bitcoin. Every central bank will be buying Bitcoin.” Pompliano states that these monetary monsters are trying to stall their bets on the U.S. Dollar, albeit the Dollar Index (DXY) continues to increase. Due to the higher interest rates, many fear that the U.S. could experience an adverse situation in the world’s economy, alongside the trade war going on with China and the surge of other currencies. Speaking to a large audience, Pompliano stated in contrast with gold’s supply, Bitcoin is consistent, expansive, and can be forecasted and traced with the artificial open nature of the blockchain.
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The new Bitcoin forecast follows a recent discussion on CNBC Africa between Pompliano and gold bug Peter Schiff, who said that Bitcoin had become some sort of ritual and that investors are only taking advantage of the profit they can get with their investment, while oblivious 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.
There also seem to be concerns of total macroeconomic risk, which is apparent by the crash in the European banking sector, outlaw autonomous debt, geopolitical strain, demonstration across the world, and other development as well as the surge of alternative money like Bitcoin. It is not only central banks that are worried about the USD risk.
JP Morgan in a recent report, admonished customers to reduce their USD allotment for gold. Speaking on the report, Bitcoin and gold bull Max Keiser said in a recent interview, that the USD could lose its reserve status.
Speaking from an investment perspective, Pompliano maintains that Bitcoin is a lot more reasonable. Outstanding out of the reason is the cryptocurrency’s asymmetric risk-return profile, this simply means that the currency has bloated possible upside for moderately downside.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.