The Group of 7 (G7) countries are making the case for Bitcoin (BTC), as gold’s shortcomings are becoming more evident after a new move to ban imports of Russian gold.
The move to ban gold imports from Russia was notified by the US, UK, Japan, and Canada during the G-7 meeting that started in Germany on Sunday. According to a statement from the UK government, the activity will have global reach, locking the commodity out of formal international markets.
And while analysts said the move is mainly symbolic, given that the London Bullion Market Association (LBMA) already in March dismissed Russian gold refiners from a list of accredited companies, it still shows how Bitcoin is more reasonable as an asset on a global scale than gold is.
According to Anthony Pompliano, a Bitcoin supporter and investor, the move to block Russian gold exports is just another step in the constant weaponization of currencies.
Pompliano went on to cite Danny Diekroeger, a software engineer at Jack Dorsey’s company Cash App, as expressing that the move could make physical gold far more challenging to get hands-on in Western markets, potentially leading to a deviation in the price between ‘paper gold’ and the physical commodity. In addition, Pompliano also mentions that if Danny’s theory pans out, then there will be ramifications to gold, bitcoin, and varied fiat currencies.
Internet Cites the ban as an Advertisement for Bitcoin
Several Reddit users on the internet highlighted that the ban on Russian gold in reality works as an advertisement for Bitcoin.
One of the users remarked: ” It’s like the world economic forum is guiding Russia to bitcoin step-by-step”.
The user also comments about the paradox of importing Russian energy while having few if any traditional payment methods available to pay for it.
Here is the comment: “Blocks gold at the border, but still lets oil flow”
Many users seem to agree with this assessment. In fact, one user also mentions that the G7 ban is just another way of weaponizing the US Dollar and other fiat currencies. Since the Ukraine War commenced gold has been down by 4% and Bitcoin by 44% so it raises some concerns about the intent behind the ban.
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