• Former US House Speaker suggests that countries use Bitcoin (BTC) as an inflation hedge

  • Newt Gingrich, the former Speaker of the United States House of Representatives, is back in the news for his vehemently pro-Bitcoin recommendations to authorities. Gingrinch, who is now an adviser at the International Bitcoin Advisory Corporation (IBAC), a new Israel-based firm, recently said that countries should use Bitcoin as a hedge against both inflation and central banks.

    He argued that more domestic Central Banks, with less global dominance, put the larger systems at risk. In comparison to the globally dominant American or Chinese Central Banks, he used El Salvador’s Central Bank as an example.

    “This is an opportunity for countries to keep a portion of their reserves in bitcoin as a hedge against inflation and central banks… I believe this is especially true when it comes to banks such as El Salvador’s central bank, which does little to influence global financial behavior. They are ultimately vulnerable to larger systems — Americans, Chinese, and Germans — changing the rules of the game. That is clearly an inflationary direction in its current cycle…”

    Newt Gingrich asserts Global Bitcoin Dominance

    Newt, who personally owns Bitcoin, also stated that Bitcoin is the best choice for a Hedge because it is the most widely accepted virtual currency worldwide. Furthermore, he believes that Bitcoin’s carbon footprint is significantly lower than that of falsely marketed electric vehicles, which he refers to as “one of the great hoaxes of all time.”

    “I’m sticking with bitcoin because I believe it’s the most widely reported and held.”

    Bitcoin has reached a new all-time high.

    Yesterday, the price of Bitcoin (BTC) crossed $67,000, setting a new all-time high and entering the price discovery zone.

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