More

    Poland Purchased 100 Tons of Gold – Would Bitcoin Be A Better Purchase?

    The use of gold as a store of value may no longer be the best way for individuals to store their value. With a recent purchase of gold by Poland, the country seems to think that it is proving its strength, but could Bitcoin be a better option?

    • Poland now owns approximately $121.9 billion in gold.
    • The Bank of England previously refused to return gold to Venezuela, citing insurance-related concerns.

    When it comes to making smart investments, there are many debates over what that actually means. Poland, for example, seems to be preserving their funds with an investment in gold, purchasing 100 tons of the precious metal from the Bank of England. In doing so, the country has become the 22nd biggest holder of gold in the world, but a recent article from BeInCrypto suggests that the investment may be better off in Bitcoin.

    Adam Glapinski, the Central Bank Governor, recently told reporters with BNN Bloomberg that their new reserves show their “strength of the country.” The purchase comes around the same time that the idea of a downturn in the economy is being discussed, which has frequently been a point that the crypto community has used to support their own potential, versus the use of traditional assets.

    Poland purchased 126 tons of gold in 2018, and the recent purchase puts the country at 228.6 tons in total. The total value is approximately $121.9 billion, considering they acquired the most gold in the Eastern European Union region.

    In November last year, Venezuela pushed for the Bank of England to refund 14 tons of gold. However, as BeInCrypto points out,

    “even if a country could repatriate its gold, what guarantee is there if the holding party refuses to return it?”

    In the situation between Venezuela and the Bank of England, the latter stated that there were insurance-related matters that prevented the return, and the bank wanted to know what would be done with the gold, in the event it was returned.

    As the economy and political landscape continue to change, cryptocurrency is becoming even more important as they become a safe asset for consumers. The movement made by Poland isn’t exactly keeping up with the progress of the economy, but there are other countries that has taken a less progressive path as well.

    In Germany, a bank started implementing negative interest rates, specifically targeting consumers that make small deposits. A negative interest rate would charge customers for being the owner of a bank account, which most negatively impacts consumers that don’t have this kind of money to spare. Negative interest rates were originally introduced to the European Central Bank five years ago.

    With the economic turmoil in Venezuela, there are many people who have been impacted, leaving consumers unable to even provide for the basic needs of their family. At this time, cryptocurrencies provide an opportunity for individuals to possess their own funds in a provable way. With the portability and practicality that cryptocurrency provides, it is clear that it is an easier asset to deal with.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,262FansLike
    2,712FollowersFollow
    4,095FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Uzbekistan Gov't And Cardano’s Emurgo Partner On Blockchain Task Force For STO Regulations

    Emurgo, Cardano’s blockchain commercial wing, has inked a partnership deal with the Uzbekistan government to help with setting up a task force which will...

    Binance Adds 2nd Fiat To P2P Trading Platform, Vietnamese Dong VND-To-Crypto Now Open

    Binance crypto exchange announced the second fiat currency on their peer-to-peer (P2P) platform on Monday, January 20, 2020. The Vietnamese Dong (VND) was...

    Fed’s “Not” QE Pushing Dow and S&P 500 to ATH makes Investors Nervous, Driving them into Bitcoin

    Buy Bitcoin today while the US Stocks markets stay closed in observance of Martin Luther King Jr. Day Federal Reserve Chairman Jerome Powell might...

    Crypto Payment Processor BitPay Adds XRP Support On Apple iOS And Android

    BitPay, a crypto payment service which provides users a wallet as well as gift cards which can be bought using different coins, is now...

    $7 Trillion AUM Giant Fidelity Posts Job Opening For Bitcoin Mining Engineer

    Fidelity is looking to expand operations and as a result, is hiring a Bitcoin (BTC) mining engineer to help with the design, maintenance, and...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.