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Being of censorship resistant nature, the cryptocoin could turn out to be the road of safety for many countries that are currently facing various financial issues and crises or set on negative-status for international trade, believes Nick Szabo – known and respected cryptographer.
Mr. Szabo added his thoughts on the current financial situation and how cryptocurrencies could fit in at the Uni of Tel Aviv on Jan 8th – Israel BTC Summit.
The influence and center stage that Bitcoin and its following are appreciating is immense even during a time of crypto-market bleeding.
According to Vladislav Ginko, a lecturer at Moscow's Russian Presidential Academy of National Economy and Public Administration, the Russian government could be considering the acquisition of 470 billion dollars in Bitcoins of its reserves from fiat to cryptocurrencies.
His estimates indicate that in this very quarter of the year, Putin's administration would be interested in purchasing at least 10 billion dollars.
Because of US sanctions, Russia's elite is forced to dump US assets and US dollars and invest hugely into Bitcoins. The central bank of Russia sits on $ 466 billion of reserves and has to diversify into homes.
Nick Szabo continued to pile up the positive sides of Bitcoin and the future promising future. He added that he / she will be able to change his / her interest in the case of central banks or foreign govs.
There is going to be some situations where a central bank can not trust a foreign central bank or government with their bonds for example. […] A solution that has been developed for the Swiss government to hold the trust minimized solution. Trust is minimized solution is cryptocurrency.
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