Gemini exchange CEO wants central banks to hold crypto instead of gold
Tyler Winklevoss, the co-CEO of the Gemini exchange thinks the Bank of England should hold BTC instead of gold in its vault.
The conversation came about after the Bank of England apparently refused to release Venezuela's gold from its vaults.
Venezuela has relied on the U.K.’s central bank for tens of years to store its gold reserves which are said to be worth over USD 1 trillion, but getting access to its theft-proof vaults proved to be extremely difficult, of course.
Both the American and British governments consider President Nicolas Maduro an illegitimately elected official, the BoE isn’t rushing to hand the gold over to the socialist dictator whose crazy policies caused an economic disaster in Venezuela.
Winklevoss is said to believe that Venezuleula’s legal spat with the BoE could make banks ‘rethink’ their gold strategies in favour of Bitcoin, a decentralized and unconfiscatable cryptocurrency.
Although this theory is far out there who knows what the future will bring. The Bank of England's former governor was open to the idea of a Central Bank Digital Coin (CBDC), So far the new governor Andrew Bailey has not mentioned cryptocurrencies in great detail. In the future of cryptocurrencies and the Bank of England may be murky but it would be good to hear from them regarding the subject some time soon.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
