“As Citibank currency strategist Steven Englander observed in a research note this week, ‘with its inelastic supply and deflationary bias, [bitcoin] would look attractive to [central bank] reserve managers as a complement to gold, and in contrast to fiat currencies in unlimited supply.’ That makes the People’s Bank of China bitcoin’s biggest potential customer. Even if the limits to circulation will put a cap on China and other big reserve managers’ capacity to trade in this market, for now the sharp rally in bitcoin’s dollar-based valuation means that it could theoretically absorb a much bigger portion of their current reserves.”
Related posts:
Police Officer Faces Charges In Fatal DUI Crash
Wave of dozens of player arrests continues to plague NFL
UN attempts to install another central government in Somalia
Witness: Interior Secretary Salazar threatened Colorado reporter
L.A. County Sheriff Awards Carry Permits to Friends, Donors
Massachusetts man arrested for wiretapping after filming police officer
Cops In Texas Seize Millions By 'Policing for Profit'
Microsoft joins FBI in 'major assault' on one of world’s largest cyber crime rings
Douglas Engelbart, inventor of computer mouse, dies at 88
Lawmakers travel the world on lobbyists’ dime
Millions of U.S. license plates tracked and stored – and it’s not just government agencies
Investors hungry for riskier bonds
HSBC won't give me more than £1k of my own cash over the counter
Banking group warns there’s too much ‘easy money’ in global economy
Biden’s ‘good friend,’ donor receives $20M federal loan to open foreign luxury car dealership in Ukr...