BTC Should Be Used As A Hedge Against Inflation, Says Former US House Speaker
Newt Gingrich, the former Speaker of the United States House of Representatives, has made headlines again with his strongly pro-Bitcoin recommendations to government officials. A recent interview with the Financial Times revealed that Gingrinch, who is now a consultant at the International Bitcoin Advisory Corporation (IBAC), a major Israel-based organization, believes that nations should utilize Bitcoin to protect themselves against inflation, including against monetary authorities.
He suggested that more regional Monetary Authorities, with less global influence, are in “danger of being swallowed up by the larger systems.” He used the Monetary System of El Salvador as an example of the worldwide powerful Monetary Authorities of the United States and China.:
“To protect themselves from inflation and central banks, governments should consider storing a portion of their reserves in BTC. Once you have institutions like the Monetary Authority of El Salvador, which does not have a significant impact on global financial behavior, I believe that is particularly true in this case. Finally, they are vulnerable to changes in-game rules brought forth by larger systems such as American, Chinese, and German interests. At this point in the cycle, it is apparent that inflation is on the rise…”
According to Newt Gingrich, There is A Bitcoin’s Worldwide Supremacy
Newt, who privately holds Bitcoin, also stated that Bitcoin is by far the most ideal digital currency for use in a hedge because it is the most generally recognized decentralized cryptocurrency in the world. “I’m concentrating on BTC because I believe it is the most extensively reported on and the most generally held cryptocurrency.” As an added bonus, according to him, Bitcoin’s carbon footprint is significantly lower than the carbon footprint of the falsely touted electric vehicles, which he calls “one of the great scams of all time.”
Bitcoin Has Reached A New Record High
Yesterday, the value of Bitcoin (BTC) exceeded the $67,000 mark, setting a new record high and moving farther into the price exploration zone. Although Bitcoin had had a modest drop, it was still trading somewhat above $65,000 with a market capitalization of $1.23 trillion at the time of publication. CoinGape’s coverage of Elon Musk, the CEO of Tesla, captured his response to this extraordinary spike earlier today. Musk used the hashtag “69-420” to describe the rise in Bitcoin’s value. Additionally, Tesla’s Bitcoin (BTC) holdings generated enormous gains, amounting to more than $1 billion.
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