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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.