'While we do not yet have clear examples of central banks embracing crypto, it’s not far off. And the U.S. dollar only has itself to blame,' writes NoelleInMadrid. Opinion.
by the World Gold Council revealed that third-quarter gold purchases had jumped 18% year on year, with central banks accounting for a quarterly record of 400 tonnes . Central bank purchases for the year to date reached 673 tonnes at the end of September,But it is no secret that even gold reserves are vulnerable. The New York Federal Reserve building holds the, much of which belongs to foreign central banks. Access to gold reserves, whether physical or paper, is not 100% guaranteed.
It’s even possible the embrace of bitcoin by emerging economy central banks could be with U.S. support. The alternative is U.S. lending to high-risk countries, which carries a domestic political cost; the expansion of non-dollar swap agreements, such as with China; or the collapse of some emerging and frontier economies. Apart from the human tragedy, many are key commodity exporters.
We are also likely to see a domino effect: Where one goes, so will others. And with this, the world will witness an asset that started retail-first, from the ground up, ending up as a support for not just central banks but also the resilience of entire nations.
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