Cryptheory: NFT, Play-to-Earn, Crypto News

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

BTC in central bank reserves? The former speaker of the House sees this realistically

2 min read


Newt Gingrich, who served as the 50th Speaker of the US House of Representatives from 1995 to 1999 and ran for US President in 2012, became a “Bitcoiner” and said that in the future, BTC would be part of the reserves of every major central bank.

Newt Gingrich confirmed its interest in supporting the adoption of BTC by joining BTC Intercontinental BTC Advisory Corporation (IBAC), an association based in Israel that aims to help central banks and investment funds with all the needs associated with their investment in digital assets.

According to IBAC, the market for “servicing government investments in digital assets” has a potential value of more than $ 50 billion because central banks hold worldwide 30 trillion dollars in own report (AUM) and others 8 trillion in sovereign wealth funds. They derived $ 50 billion from the assumption that they would invest about 1.5% of their assets in cryptocurrencies.

Gingrich believes that the time when central banks and government institutions begin to take the issue of potential investment in BTC really seriously is fast approaching. In his opinion, the IBAC will be able to help them in this regard.

A former spokesman for the US House of Representatives noted that El Salvador currently has a great advantage over other countries by making BTC legal tender. 

This week, a respected Czech economist also speculated about the possibility that BTC could become part of central bank reserves Lukas Kovanda from Trinity Bank when it responded to reports that the Fed perceived BTC as electronic gold.

What is Avalanche?

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published.