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26 January 2021

Michael Casey: Bitcoin vs. Gold Is a Battle of Narratives - CoinDesk

Michael Casey: Bitcoin vs. Gold Is a Battle of Narratives - CoinDesk

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From a survey of the 12 largest economies in the world, Finbold found the central banks of U.S., China, Russia and India had accumulated a whopping 208.34 tons of gold between March and early-December this year.

Their combined tally dwarfs an aggregate liquidation of 12.78 tons by the eight other countries in that list. It’s not clear where Finbold got its data from and it should be noted that central bank gold reserve information is notoriously difficult to confirm.

China might just make an announcement saying ‘Oh, by the way, our real gold reserve is actually 4,000 tons.’” (According to Finbold, China’s total holdings currently stand at 2,196 tons.) That would give the new digital currency a solid basis, which may encourage other countries to use it.

The problem, Frier writes, is that “tiny glitches or misfires of this system can take down innocent users, who then have to hope a real human sees the mistake and resolves it.

US Lawmakers Introduce Bill That Would Require Stablecoin Issuers to Obtain Bank Charters.

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