Newt Gingrich Advices Government To Use Bitcoin To Counter Inflation

OVERVIEW

  • Gingrich is involved in the Bitcoin industry, which is estimated to be worth $50 billion.
  • “Nations and central banks can use Bitcoin to hedge against inflation.”
  • Gingrich holds Bitcoin because “it is the most widely held” cryptocurrency.

Newt Gingrich, the 50th Speaker of the United States House of Representatives from 1995 to 1999, has joined the International Bitcoin Advisory Corporation (IBAC) as part of his Bitcoin pivot.

He plans to assist countries and central banks in holding Bitcoin as an inflation hedge.

FOUNDATION OF IBAC TO MANAGE DIGITAL ASSET FUNDS

Former banker Avi Ifergan launched IBAC, a new corporation based in Israel. Its purpose is to build a company that can assist central banks and wealth funds with all of their digital asset investment needs.

Another purpose is to assist governments in adopting Bitcoin and other cryptocurrencies.

Because central banks throughout the world have $30 trillion in AUM and another $8 trillion in sovereign wealth funds, the market for servicing government institutions’ investments in digital assets is projected to be worth more than $50 billion.

If banks and wealth funds invest at least 1.5 percent of their assets in cryptocurrency, the $50 billion number is correct.

Gingrich feels that Bitcoin has a significant edge over other assets in the case of El Salvador. He believes in Bitcoin because “it is the most extensively reported and held cryptocurrency.”

He posted a Tweet and appreciated Avik Roy President of the Foundation for Research on Equal Opportunity on his explanation on bitcoin.

As it turned out, he also owns Bitcoin. He’s had a “small amount” of Bitcoin for several years, but he claims it’s more than one Bitcoin.

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