According to Eurgéne Etsebeth it will. Etsebeth is a former central banker at the South Africa Reserve Bank. He was the head of the 'virtual currency and distributed ledger working group'. With his expertise, he predicts that central banks around the world will be forced to buy cryptocurrencies in 2018, they will have no other choice.
Behind closed doors central banks buy, sell and stock currencies, marketable assets, special drawing rights and gold every day. With these reserves, central banks must safeguard the liquidity, trade and security of national financial interests. But in 2018, cryptocurrencies will also be added, according to Etsebeth.
The central banks around the world hold huge reserves of each other's coins. In addition, they also have safes full of gold and use special drawing rights (SDR) from the International Monetary Fund as an international currency. These SDRs consist of the US dollar, the euro, the Japanese yen, the British pound and the Chinese yuan.
But the most interesting thing is that at a price above $ 17,600 Bitcoin is larger in size than all SDRs. According to Eurgéne Etsebeth, this will compel the global central banks to include Bitcoin and possibly other cryptocurrencies in their national reserves.
Crypto revolution
In 2017, Christine Lagarde already announced that cryptocurrences can cause a massive disruption in the international financial landscape. The big central banks can no longer ignore the biggest international currency which is Bitcoin at that point. Bitcoin is also the only international currency that is traded 24/7.
According to the former Central Banker of South Africa, Bitcoin and possibly other cryptocurrencies will first be added as marketable assets. Central banks will then purchase cryptocurrencies through external fund managers. But ofcourse they will try to keep this a secret for as long as possible.
Buy crypto before the banks do?
I hope everyone who is reading this post has a little cryptocurrency portfolio, bulltimes are coming back as the correctiontrend is broken, in a few months coins will probably be back at ATH and even set new records! If the banks are really finally going to buy crypto, you will not want to miss out on this moon! HODL and ride the waves.
Disclaimer: I am not a financial adviser nor am I giving financial advice. I am sharing my biased opinion based off speculation. You should not take my opinion as financial advice. You should always do your research before making any investment. You should also understand the risks of investing. This is all speculative based investing.
What are your thoughts on this?
Upvote, comment or resteem if you are excited to see cryptocurrencies recover and set new highs in the coming weeks!
Thank you for reading, I greatly appreciate your support... :-)
Cheers,
MAXIDIGI
I Think the banks and others in power may have actually caused this last “crash” so they could get a lower cost foothold.
I think the banks and governments are concerned about what crypto and blockchain ultimatly means to them (loss of control)
I am also not completely convinced that we are out of the woods from a crash stand point, there are some people or probably entities / groups that have large amounts of funds that are triggering mass almost instant sell offs in the billions (just happened late last night goin from 520 MC down to 490 in less than 30 min). People like me who have a very small stake in this game are very much at the whim of a few I fear.
Long term, I think this will all get worked out, as more money comes in the volatility and spikes will smooth out. As more people use these for every day applications it will stabilize. So to your point, now is a great time to get in the game !
Good points. I feel like this in FOREX and in crypto. I am like a flee just hanging on for the ride and hope I don't lose my shirt.
Banks are currently buying crypto by the 100s of millions and filing blockchain patents.
Thank you for your detailed response. I'm not really sure if the money of the banks has already been invested in crypto, I assume not. Personally I think we have seen the bottom and we will continue a slow bulltrend up with higher highs and higher lows, well that's what I'm hoping for.
There is also a lot of trading going on so I think it's pretty normal in the cryptocurrency market that we can go up billions and also go down billions in a very short amount of time.
When comparing the cryptocurrency market graphs with previous years, we can dare to say we have seen the bottom and predict that the bullrun is now getting warmed up to bring us to the moon.
i want the moon ! :)
I am a holder not a day trader, I am honestly basing my guess on feelings of watching this market for the past year .... I know I said it to you before, I will be more than happy to be wrong and i will always give you props for your insight! :) !!!
I know this market is going to explode and moon, and I do believe that it is going to move a ton in 2018 .... but I am not sold that right now and the next quarter or so is going to be the big event we are all looking for.
I am looking for a shift in societal views and desire for trust and privacy. Its coming, and when it does, and people see how blockchain can help make that happen its a game changer for this space
The moon is coming! :) BTC pushing to 12k now, there will be great resistance at that level but we will probably break that one too and look for next target. This are ofcourse just my assumptions but it is obvious that the correction trend is broken and we can only look up from here! Lets gooo!
When I imagine the strategy of a banker/ hedge fund manager, I would definitely want to invest into crypto. I would implement bots to consistently scan and take 2-3% profits thousands of times per day with million dollar accounts. I would pay anyone who could design this for me whatever they wanted and I would eventually (if not initially) integrate AI. Despite what they say publicly, how can money experts ignore the daily potential for explosive gains in crypto?
Experts who were not seeing it and ignoring the rise of crypto will soon have to step up there game and get involved in this space. :-)
Ofcourse central banks are beginning to realize that cryptocurrency is real and its here to stay,looking at the market capitalisation, its enough reasons why banks will have to either secretly or openly invest in crypto, its just a mattet of time before crypto saturates the overall economy of the world....too many advantages to prove crypto is here....the next set of world richest men are gonna be crypto investors.. Nice post tho keep it up @maxdigi
Thank you and I like your vision; I also hope it turns out that way but there are still many barriers to breach. As long as new people learn about crypto and this market keeps expanding our theory will probably be correct... Let the central banks buy, I'm ready!
@maxdigi thanks for the suggestion of buying cryptocurrencies. Certainly the world economy is changing at an accelerated pace and cryptocurrencies are becoming an interesting financial mechanism. Its value is given by the interest of investors. The central banks of the different countries will adapt to this reality. Waiting for my humble opinion to be of use to you. Best regards
Thanks for your reply Felix! Central banks are already adapting and on the verge of buying or creating their own cryptocurrencies. 2018 will be another great year for crypto, I'm pretty sure of this :)