Strategic advisor at Tether Gabor Gurbacs has commented on the recently published news about India moving its gold supply from the U.K. and then back again. Gurbacs’s tweet hints that this could have been done much easier if India had adopted BTC, or at least added the leading cryptocurrency to its balance sheet.
India moving gold back from U.K.’s central bank
One of Bitcoin’s “key selling points” is that it is easy to transact or transport if one uses a cold wallet and is much easier to store than physical gold.
The financial expert and Bitcoin maximalist shared a recently released article stating that the central bank of India has already transferred 100 tons of gold from the U.K. back to its own vaults. Within the coming month, it plans to transport even more gold.
Gurbacs pointed out that when geopolitical tensions take place, basic financial business can get difficult sometimes.
India’s central bank has moved around 100 tonnes gold from the United Kingdom back to its vaults in India and intends to move more in coming months.
Geopolitical tensions makes vaulting and basic financial business in non-neutral countries difficult.https://t.co/GL2kZe2zfX
— Gabor Gurbacs (@gaborgurbacs) May 31, 2024
India was driven to pledge part of its gold reserves back in 1991, when the country was going through a heavy foreign exchange crisis. Now, for the first time over the past 33 years, India has started to buy gold and then decided to move some of it out of the former British Empire. Besides, some of India’s gold has been stored in the Bank of England (a repository in London) since its independence. This purchase of gold signifies the strengthening of the Indian economy.
“Not holding Bitcoin is irresponsible”: Gurbacs
Earlier this week, Gabor Gurbacs published a tweet, in which he suggested Bitcoin as an alternative to the U.S. dollar for countries that are facing the depreciation of their national fiat currencies.
Gurbacs stated that not holding Bitcoin is irresponsible now for nation-states, as if offering them to follow the example of El Salvador, which adopted BTC as a national currency three years ago. Argentina now hopes to learn from El Salvador’s experience and perhaps also follow suit.
El Salvador is currently attracting wealthy individuals by offering them citizenship in exchange for $1 million worth of Bitcoin or Tether’s USDT. All altcoins are prohibited in this country. Max Keiser, a vocal BTC maximalist, has moved there and now works as the Bitcoin advisor to president Nayib Bukele.
