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Bitcoin instead of gold? So much BTC would have to huddle states

Hardly the Bitcoin price rises, the wildest bitcoin forecasts spread. The investment fund Blocktown Capital has now investigated how many bitcoins the states and organizations with the largest gold reserves need to replace them currently.

Blocktown Capital, a mutual fund, has forecasted in a Twitter post how many bitcoins the top 22 governments and organizations needed to buy gold to replace their current gold reserves. Blocktown Capital m is an investment fund that claims to adopt a multidisciplinary approach to Digital Asset Management. Following the website of Blocktown Capital, the company uses fundamental analysis, momentum strategies, statistical arbitrage, and an asymmetric flow of information for its medium to long-term asset positions. Founded in 2018 by three crypto enthusiasts, Blocktown has since focused exclusively on blockchain companies, digital currencies, and application tokens.

How many Bitcoins would be needed?

If one believes the investment fund’s assumptions on Twitter, the following states and organizations would have to hold the following amount of bitcoins to replace their gold reserves:

    USA: 913,388 BTC
    Germany: 378,416 BTC
    IMF: 316,011 BTC
    Italy: 275,336 BTC
    France: 273.562 BTC
    Russia: 232,033 BTC
    China: 206,923 BTC
    Switzerland: 116,791 BTC
    Japan: 85,931 BTC
    Netherlands: 68.783 BTC
    India: 66,481 BTC
    ECB: 56.689 BTC
    China: 47,570 BTC
    Portugal: 42,954 BTC
    Kazakhstan: 38,788 BTC
    Saudi Arabia: 36,284 BTC
    United Kingdom: 34,846 BTC
    Lebanon: 32,207 BTC
    Spain: 31,623 BTC
    Austria: 31,444 BTC
    Belgium: 25,537 BTC
    Philippines: 22,224 BTC

Bitcoin as gold of the future?

Comparisons between BTC and gold have been the subject of much debate. Many advocates believe that the digital currency is apt to become an alternative to the precious metal. Enthusiasts such as the Winklevoss brothers estimate that Bitcoin’s future market capitalization can exceed $ 5 trillion. In her opinion, this number is based on a comparison with the worldwide gold market of seven trillion US dollars.

The Winklevoss hold Bitcoin according to own statement always for the gold 2.0. Gold is short, BTC is limited. Bitcoin also has the advantage, according to the brothers, that it is much more portable and more often divisible. Many renowned economists and bankers, however, see Bitcoin as a gold substitute critical. For example, Norbert Häring, economic journalist and former economist of the German bank, literally states on his website: “One thing is clear: If something goes wrong and the system collapses, the accumulated Bitcoins are only worthless zeros and ones.” Who is right is still standing in the stars. At present, no major industrialized nations and organizations – at least in public – seem to be considering buying Bitcoin as a gold reserve.

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