What do you guys think of the slow accumulation of gold by non-US central banks? It seems that they believe (as do many of us) that the dollars reserve currency role is unsustainable and that gold will return to its former role as sound high-powered money. Ive thought that in light of Bitcoin and Monero the central bankers were betting on the wrong horse. Is it possible that it is we not them who are out of touch? What is most likely, a return to the gold standard, adoption of a cryptocurrency standard, or coexistence of both standards?
To expect right now for central banks to start buying Bitcoin would be a bit to optimistic. They should be and are most conservative investors. They are aware that era of USD as world reserve currency standard is ending so they have to diversify and be as least dependent to it as possible. Safest way is through Gold. CNY was designated for new reserve currency, but brings more risks then Gold. Bitcoin or Monero brings a lot lot lot more risks. Central banks try to secure existing wealth and not risk to make more profit. Over time Bitcoin and Monero will be more acceptable. Upcoming economic crisis will help drastically to that mental switch. In next 10 or even 20 years crypto, gold and fiat will coexist. None of them will vanish as many speculate.