Coin Metrics co-founder says bitcoin getting advantages over gold: Russia Vs Ukraine
The co-founder of Coin Metrics explained how Bitcoin is getting better advantages because of the current financial sanctions on Russia on its assets.
Today is the 22nd day of the Russia vs Ukraine war. In this war effort, both countries are facing a financial crisis threat. In favour of Ukraine, few leading countries imposed sanctions on Russia, so that Russia can stop its invasions of Ukraine. In all these things, the crypto industry is getting huge traction because of its use case and also financial support from the crypto Industry to Ukraine armed forces.
On 16 March, Nic Carter, founder of Coin Metrics, recently appeared in an interview with “What Bitcoin did” on YouTube.
Carter said that the Russia vs Ukraine war and sanctions on Russia are giving some better positive situations for the crypto industry, in particular Bitcoin getting more positive support over gold.
According to Carter, Gold is associated with many types of limitations that can’t be ignored anymore because we have options. He said that the Russian government was lucky, for his gold assets, which were reserved in Moscow. Otherwise, the majority of the countries reserved their Gold assets in New York or London because that is the actual market of Gold. So by chance, Russia saved its $130 billion worth of Gold from the sanctions.
Carter noted that Gold is better but hard to move and that makes it hard to handle, which is the biggest disadvantage to have it. He added:
“Because gold is expensive to move and physically settle, it ends up getting concentrated in a handful of warehouses.”
Carter claimed that in these situations of Gold like assets, we can see Bitcoin as the best option because it is much better in many ways because it can easily transfer its physical form and also can verify ownership easily.
“easy to prove ownership to a third party, and so it’s easy to verify you have a certain quantity of it (for) cheap and effectively free.”
Read also: Canadian central Bank partners MIT: Research on CBDCs
