As a researcher with a background in economics and a strong interest in cryptocurrencies, I find Gabor Gurbacs’ perspective on the potential role of Bitcoin as an alternative to fiat currencies for countries with depreciating currencies to be intriguing. His experience as a strategic advisor at Tether and VanEck has given him unique insights into the world of digital assets, and his advocacy for Bitcoin as a reserve currency is particularly noteworthy in today’s global economic landscape.
Gabor Gurbacs, a strategic advisor at Tether and VanEck, utilized the Global X social media platform to disseminate a significant note to nations experiencing currency depreciation. The focus of his communication revolves around the preeminent digital currency, Bitcoin.
No fiat currency can replace USD, but Bitcoin can, Gurbacs says
Gabor Gurbacs expressed his perspective on potential contenders to the US dollar as a leading currency among fiat currencies globally. According to him, there seems to be no superior option for nations whose own deprepreciating currency is their national fiat money.
As an analyst, I would recommend that countries considering the adoption of Bitcoin as part of their monetary system take inspiration from El Salvador’s trailblazing move in 2021. Instead of immediately making Bitcoin a legal tender on par with traditional currencies like the U.S. dollar, these nations could first establish Bitcoin as their reserve currency. By doing so, they would be building a solid foundation for integrating Bitcoin into their financial infrastructure and reducing potential risks. Once the necessary framework is in place, they can formally announce Bitcoin’s status as legal tender.
Among contemporary fiscal currencies, none can surpass the US Dollar as a superior alternative. However, Bitcoin stands out as the most viable contender in this regard. Countries grappling with depreciating fiat currencies may want to consider adopting Bitcoin as their reserve currency and eventually making it legal tender.
— Gabor Gurbacs (@gaborgurbacs) May 27, 2024
As a researcher studying the adoption of digital currencies in Latin America, I’ve been following El Salvador’s groundbreaking move to make Bitcoin legal tender. Now, Argentina is considering learning from their experience and potentially adopting Bitcoin as well. Recently, I’ve gathered that the Argentine National Securities Commission (NSC) held a meeting with El Salvador’s National Commission of Digital Assets (CNAD). During this discussion, they explored the ins and outs of Bitcoin adoption and regulation in Argentina, drawing inspiration from how El Salvador successfully implemented these initiatives.
“Not holding Bitcoin is irresponsible”
The representative from Tether and VanEck, who addresses an X audience, reiterated his long-standing support for Bitcoin, having advocated for its adoption by governments and central banks over the past ten years. He posits that integrating Bitcoin into their holdings would strengthen and broaden their existing reserve currencies.
As a forward-thinking crypto investor, I firmly believe that come the year 2024, it will be irresponsible for nations not to have Bitcoin in their reserves.
For the past ten years, I have strongly recommended that countries and central banks consider incorporating Bitcoin into their reserve assets as a means of strengthening and broadening their existing fiat currency reserves. In today’s financial landscape, it is no longer prudent for nations to forego holding Bitcoin, starting with a small percentage such as 0.5% and gradually increasing up to 5%.
— Gabor Gurbacs (@gaborgurbacs) May 27, 2024
Bitcoin plunges from $70,000 but begins to recover
As a crypto investor, I’ve noticed a shocking 4% drop in the value of what was once the world’s leading cryptocurrency. This sudden decline pushed the price below the $70,000 mark, which it had only recently reached. The cause? Mt. Gox, the beleaguered exchange, has been transferring massive amounts of Bitcoin to a new wallet.
Based on the latest information from Whale Alert, it appears that the initial Bitcoin exchange, Mt. Gox, has transferred approximately $5.1 billion worth of Bitcoin into circulation. This action is likely intended to distribute these funds towards the creditors who were negatively impacted by the Mt. Gox hack that occurred a decade ago.
Approximately three hours ago, Whale Alert identified seven significant Bitcoin transfers ranging from 4,000 to 34,138 Bitcoins in value.
By now, Bitcoin has managed to recover 1.26% as it is changing hands at $68,446.
Read More
- USD ZAR PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- CKB PREDICTION. CKB cryptocurrency
- EUR ILS PREDICTION
- WELSH PREDICTION. WELSH cryptocurrency
- TROY PREDICTION. TROY cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- PRIME PREDICTION. PRIME cryptocurrency
- SHI PREDICTION. SHI cryptocurrency
- USD COP PREDICTION
2024-05-28 14:58