Nick Szabo: Central Banks May Turn to Cryptocurrency Reserves Over Gold

At the Israel Bitcoin Summit at Tel Aviv University on Jan. 8, veteran cryptographer Nick Szabo explained that the use of censorship-resistant cryptocurrencies will rise in countries sanctioned from trade and economies suffering from failed monetary planning. Szabo also argued that the world’s central banks might turn to cryptocurrency reserves in the future in order to supplement national gold reserves.

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Nick Szabo Strongly Believes Distraught Economies and Sanctioned Countries Will Seek Refuge In Cryptocurrencies

Veteran cryptographer Nick Szabo.

Cryptographer Nick Szabo is an interesting character and a well known figure in the cryptocurrency community. Long before Satoshi Nakamoto introduced Bitcoin, Szabo designed the Bitgold concept back in 1998. Two years before that, Szabo’s writings forecasted the use of smart contract technology and autonomous organizations. On Jan. 8, Szabo spoke at the Israel Bitcoin Summit at Tel Aviv University and gave the crowd a history lesson on the use of currencies worldwide. During the talk, Szabo explained to attendees that he believes countries blacklisted from trade and regions dealing with hyperinflation will turn to digital assets. Over the last two years, cryptocurrencies like BTC and BCH have been gaining traction in areas like Venezuela, Zimbabwe, and Iran.

According to attendees at Tel Aviv University’s cryptocurrency event, Szabo’s keynote was in response to comments made by Avi Simhon, senior economic policy advisor and Israel’s head of the National Economic Council. Simhon remarked at the summit that Bitcoin technology is “intrinsically inefficient” and “will disappear.” Moreover, the economic policy advisor for the prime minister explained that using the technology on a global scale would waste “trillions of dollars of actual cost in energy.”

Szabo on stage with the renowned cryptographer David Chaum.

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The post Nick Szabo: Central Banks May Turn to Cryptocurrency Reserves Over Gold appeared first on BlockBoard.

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