With global central banks’ balance sheet showing trillions of dollars in assets, it reflects grievous risk to the global markets and economies. As put by analysts, there would be repercussions and they would be ugly. However, this is only strengthening the faith of Bitcoin enthusiasts in the leading cryptocurrency.
Danger Incoming: Central Banks’ Balance Sheets Showing Great Risk
Recently, we reported how Bitcoin advocate and author, Andreas Antonopoulos talk about the global banking cartel being bigger than the oil cartel. Another grave problem can be seen reflecting in the balance sheets of the global central banks.
Gabor Gurbacs, digital asset strategist and director at the investment management firm, VanECK shared data of central banks stockpiling on assets,
— Gabor Gurbacs (@gaborgurbacs) December 4, 2018
Mati Greenspan, the senior analyst at eToro has more to add to these skyrocketing figures,
“Add to that fractional reserve banking and we’re looking at several quadrillions in created capital over a decade. There will be repercussions.”
In response, Gurbacs commented, “Didn’t want to go there yet…but unfortunately spot on! It’ll likely be ugly.” He further added,
“…money velocity is broken currently, but infinite money printing can’t go on forever. 100 years from now we will reflect on this period as an outlier/bubble.”
A Bitcoin enthusiast added, “Completely agree. At some point, structural western deficits will cause problems, then countries must decide to tax, cut spending, or print. I am guessing they will choose a little tax and cut, and a lot of print. That is why I bitcoin.”
In its latest report, Yardeni Research Inc. released the updated data about the total assets in the vaults of central banks.
“Give me control of a nation’s money and I care not who makes its laws,” the words reportedly said by Mayer Amschel Rothschild signifies the power central banks posses by controlling trillions of dollars worth of value. With such an exorbitant amount of money concentrated among the central banks, they have the power to crash the markets.
This is what has been further driving the Bitcoin enthusiasts and maximalists to not lose their faith in the leading cryptocurrency.
One crypto enthusiast shares,
🔥🔥Bank are crooks 🔥🔥 Bank Of America alone pays as much fine for fraud and misconduct as the entire market cap of Bitcoin. #bitcoin #BitcoinCash #BitcoinBull #BTCUSD #Ethereum #eth #Crypto #cryptocurrency #cryptocurrencies #LTC #EOS #HODL #hodling #banks pic.twitter.com/wgcHdRIgvo
— Cryptogazing (@cryptogazing) November 30, 2018
Another one has this quirky remark on central banks’ money printing power,
I always carry around a 10 Trillion dollar bill, it reminds me, what happens when our banks fk up.
— Elixium Crypto 🎄 (@ElixiumCrypto) December 5, 2018
Moreover, recently in G20 meeting, nations decided to regulate cryptos in order to fight money laundering issues, to which analyst and investor, Joseph Young commented,
“Banks are strictly regulated. Yet, in 2018, we’ve seen Danske Bank’s $227 billion and Deutsche Bank’s $350 million money laundering scandals.
Obviously, regulations haven’t been very effective. When G20 says it will “regulate” crypto for anti-money laundering, it’s laughable.”
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com