G7 Inadvertently Makes the Case for Bitcoin with New Gold Move
The Group of 7 (G7) countries are inadvertently making the case for Bitcoin (BTC), as gold’s shortcomings are becoming more obvious after a new move to ban imports of Russian gold.
The move to ban gold imports from Russia was announced by the US, UK, Japan, and Canada during the G-7 meeting that started in Germany on Sunday. According to a statement from the UK government, the move will have “global reach, shutting the commodity out of formal international markets.”
And while analysts said the move is mostly symbolic, given that the London Bullion Market Association (LBMA) already in March removed Russian gold refiners from a list of accredited companies, it still shows how Bitcoin is better as an asset on a global scale than gold is.
According to Anthony Pompliano, a Bitcoin proponent and investor, the move to block Russian gold exports is just another step in an ongoing “weaponization of currencies.”
“[…] this is another major milestone in the decades-long trend of attempted weaponization of currencies by developed nations leading to degrading trust in those very same currencies,” Pompliano wrote in his newsletter on Monday.
Pompliano went on to quote Danny Diekroeger, a software engineer at Jack Dorsey’s company Cash App, as saying that the move could make physical gold far more difficult to get hands on in Western markets, potentially leading to a divergence in the price between ‘paper gold’ and the physical commodity.
“Even a bitcoin [maximalist] like myself can see this potential shock coming to the gold markets, and I can’t resist riding the wave. Got some physical gold coins secured in storage, hoping to sell for bitcoin when the panic hits,” Diekroeger was quoted as saying.
Pompliano added that if this scenario plays
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