Bitcoin Might Replace Gold: Nick Szabo

According to popular cryptographer Nick Szabo, Central Banks might resort to cryptocurrency reserves as means of supplementing national gold reserves. The industry expert also thinks that countries with troubled economies will see an increase in cryptocurrency usage. Cryptocurrency Demand to Increase in Failing EconomiesAttending the Israel Bitcoin Summit at the University of Tel Aviv on January 8th, Nick Szabo laid down his thoughts on cryptocurrencies and their position in traditional economies.He holds that Bitcoin, as well as other censorship-resistant cryptocurrencies, will see increased demand in countries where economies are shaken from failing financial practices. The same will happen in countries which have been blacklisted from international trade.It’s easy to find reason in his words, especially after the events of late.Just a few days ago, Vladislav Ginko, a Russian university lecturer with ties to the government said that the country plans to invest in Bitcoin in order to circumvent US sanctions.Because…

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