The Crypto Weekly – October 4th, 2019
<Bitcoin as a Central Bank Reserve Asset>
According to Bloomberg, Venezuela is considering including Bitcoin in its central bank reserves and using it as a payment method. Venezuela’s recent interest in Bitcoin stems from the United States’ economic sanctions on the country and the collapse of its currency’s value. The world’s central bank’s foreign reserves are valued at USD 11.7t (61.6% and 20.4% of the dollar and euro, respectively, as of Q2 2019) and gold reserves are valued at USD 1.6t (USD 1,481 per ounce as of September, 2019). The Bolivar is plunging and Venezuela’s share of gold in the reserves is only 0.5%. Given the situation, including Bitcoin in the reserves can be a breakthrough move.
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