Former US House Speaker Says Countries Should Use Bitcoin (BTC) as Inflation Hedge

Newt Gingrich, the Ex-Speaker for the US House of Representatives is back in news with his radically pro-Bitcoin suggestions to the authorities. Gingrinch, who is now an adviser at a new Israel-based firm, the International Bitcoin Advisory Corporation (IBAC) recently told the Financial Times that, countries should use Bitcoin as a hedge against inflation as well as against central banks.

He argued that more domestic Central Banks, with less global dominance, stand at “risk of the larger systems”. He used El Salvador Central Bank’s example in comparison to the globally dominant American or Chinese Central Banks.

“This is an opportunity for countries to hold part of their reserve in bitcoin as a hedge against inflation and against central banks… I think in particular when you have banks like the central bank of El Salvador that doesn’t do very much to influence worldwide financial behaviour. They’re ultimately at the risk of the larger systems — the Americans the Chinese, the Germans — changing the rules of the game. In its present cycle that’s clearly an inflationary direction…”

Newt Gingrich claims Bitcoin Global Dominance

Newt, who personally owns Bitcoin, also specified that Bitcoin is the most appropriate choice for a Hedge as it is also the most globally accepted virtual currency. Furthermore, he also believes that Bitcoin’s carbon output is substantially lower than that of the falsely marketed electric cars, which he defined as “one of the great hoaxes of all time”.

“I’m staying focused on bitcoin because I think it’s the most widely reported and the most widely held.”

Bitcoin Hits New All-Time High

Bitcoin (BTC) price crossed $67,000 hitting a new all-time high and further entering the price discovery zone yesterday. Even after a minor correction Bitcoin was trading slightly above $65K with a market cap of $1.23 trillion, at the time of reporting. Earlier today, CoinGape’s coverage caught Tesla CEO, Elon Musk’s response to this exceptional hike. Musk tweeted a “69-420” meme to define Bitcoin’s spike. Furthermore, Tesla’s BTC holdings also made massive profits, exceeding $1 billion.

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— Elon Musk (@elonmusk) October 21, 2021