I calculated the Bitcoin circulating supply equivalent of Central Bank gold reserves.pic.twitter.com/lSTvK7Szkh
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I calculated the Bitcoin circulating supply equivalent of Central Bank gold reserves.pic.twitter.com/lSTvK7Szkh
Allows for fun comparisons, e.g.: The MtGox Trustee currently controls 137,891 BTC, which is bigger in terms of market share than the gold reserves of the Swiss central bank.
Sources: http://www.lbma.org.uk/good-delivery-explained …, https://en.wikipedia.org/wiki/Gold_reserve …, https://www.goldmoney.com/images/media/Files/Old_GM_WP/theabovegroundgoldstock.pdf …, https://www.blockchain.com/en/charts/total-bitcoins …, https://www.cryptoground.com/mtgox-cold-wallet-monitor/ …
If the Dutch Central Bank wanted to hold as much weight in the Bitcoin world as it does in the Gold world, it could do that by investing $250M in BTC today.pic.twitter.com/OE6Hb78P0j
Weight or control is not why central banks hold gold, and it wouldn't be why they'd buy Bitcoin.
A central bank holds gold because they need a portion of their reserves that is trust-minimized and therefore a fallback to and anti-correlated with trust-based assets like government bonds and foreign currencies.
I thought it was tradition ¯\_(ツ)_/¯https://www.youtube.com/watch?v=2Dj9v9s9buk …
Central banks have no great love for tradition, their history is filled with trampling on monetary traditions, from seducing people to switch from trust-minimized money to IOUs, to reneging on those IOUs, to treating vast economies as guinea pigs for their recent QE experiments.
If they didn't still find gold very useful they would have long ago sold it all.
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