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11% of Central Bankers Consider 'Cryptocurrencies Like Bitcoin' Gold Alternatives: UBS Survey

Cryptocurrency

By Yes Mobile

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11% of Central Bankers Consider 'Cryptocurrencies Like Bitcoin' Gold Alternatives: UBS Survey

11% of Central Bankers Consider 'Cryptocurrencies Like Bitcoin' Gold Alternatives: UBS Survey

A UBS survey finds that central bankers see advantages in investing in cryptocurrencies like bitcoin. 28% see advantages from cryptocurrency being an uncorrelated asset and “11% would think about it as a substitute for gold.”

Central Bankers See Advantages in Investing in Cryptocurrencies Like Bitcoin

The 27th Annual Reserve Administration Seminar Survey by UBS explores the prospects of cryptocurrencies as investments for central banks. This survey, performed between April and June, questioned central bankers from near 30 central banks in all areas globally, UBS defined. In line with Switzerland’s largest financial institution, this survey “is among the many most authoritative depictions of official reserve administration actions accessible.”

Central bankers have been requested what the motivation for central banks to take a position in cryptocurrencies like bitcoin could be. The most well-liked reply was “Studying/ build up data about crypto investing course of and funding administration.” UBS described, “83% of contributors imagine that the educational course of itself of investing and managing this new asset class could be precious for his or her establishment.”

The second hottest reply was “Uncorrelated asset.” The third was “Signaling technical progress of the establishment.” One other frequent reply was “Gold various (independence from Western monetary system).” UBS wrote:

28% of contributors see advantages coming from cryptocurrencies as an uncorrelated asset, and an extra 11% would think about it as a substitute for gold.

UBS’ 27th Annual Reserve Administration Seminar Survey. Supply: UBS

Central bankers have been additionally requested particularly whether or not they see cryptocurrencies displacing gold as a protected haven asset in the long run. Amongst respondents, 84% stated no, 0% stated sure, and 16% stated they didn’t know. “A majority of 84% of contributors don’t imagine that cryptocurrencies will displace gold as a protected haven,” UBS famous.

The survey additionally requested central bankers about central financial institution digital currencies (CBDCs). 46% of respondents indicated that CBDCs and cryptocurrencies will co-exist, noting that bitcoin and different cryptocurrencies is not going to be displaced by central financial institution digital currencies. In the meantime, 33% imagine that CBDCs will displace cryptocurrencies.

What do you concentrate on this survey? Tell us in the feedback part under.


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Yes Mobile
Yes Mobile is the senior mobile blog writer and technology expert. Our aim provides the best information about mobile technology and latest mobile prices in Pakistan new mobile news video reviews issues etc. And how to use software easy ways. and much more.

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